Business Standard

Sensex drops 208 pts, Nifty below 18,300; metal, financial stocks weak

CLOSING BELL: Adani Enterprises fell over 6 per cent, while Adani Ports, Tata Motors, HDFC, HDFC Bank, ICICI Bank, Reliance Industries, HUL, and Asian Paints declined up to 2 per cent

Image SI Reporter New Delhi
Traders, brokers, markets, stocks, shares, investments, funds

Stock market highlights: The penultimate day before the monthly F&O expiry ended with decent cuts as investors sold metal, financial, and Adani group shares. Moreover, an impasse over debt-ceiling negotiations in the US, too, weighed on the sentiment.

The S&P BSE Sensex dropped 208 points, or 0.34 per cent, to 61,774 levels on Wednesday, while the Nifty50 shut shop at 18,285 levels, down 62 points or 0.34 per cent. 

Adani Enterprises fell over 6 per cent, while Adani Ports, Tata Motors, HDFC, HDFC Bank, ICICI Bank, JSW Steel, BPCL, Hindalco, Bjajaj Finserv, Reliance Industries, HUL, Kotak Bank, and Asian Paints declined in the range of 0.5 per cent to 2 per cent.

The broader markets, however, managed to eke out gains with the BSE MidCap and SmallCap indices rising up to 0.13 per cent.

Among sectors, the Nifty Metal index declined 1.58 per cent, followed by the Nifty Financial Services index (0.8 per cent) and the Nifty Bank index (0.66 per cent). On the upside, the Nifty Pharma index added 1 per cent. 
4:22 PM

COMMENT:: Stalled US debt talks, hawkish Fed comments weigh on global markets

"The domestic market experienced a short-lived rally that was overshadowed by subdued global market sentiment. US Treasury yields rose due to concerns over stalled US debt ceiling talks and hawkish comments from US Fed officials, which reduced the chances of a rate pause. European markets also declined, triggered by higher-than-expected UK inflation figures that bet on more rate hikes by the BoE."
 
- Vinod Nair, Head of Research at Geojit Financial Services
 
4:21 PM

VIEW:: Watch out for breakout from the 18,200 - 18,400 range on Nifty

"The Nifty index has been firmly held by bears, indicating their strong control over the market. The index is currently facing significant resistance at the level of 18,400, which has proven to be a challenging barrier to overcome. The ongoing battle between bulls and bears has resulted in the index trading within a consolidated range between 18,200 and 18,400 levels. However, a break above or below this range has the potential to trigger trending directional moves in the market. Traders and investors should closely monitor the index for a potential breakout or breakdown, as it may indicate a shift in market sentiment and the beginning of a new trend."

- Kunal Shah, Senior Technical Analyst at LKP Securities

4:20 PM

VIEW:: Resistance for Bank Nifty seen at 43,700 - 44,000

"The Bank Nifty closed with selling pressure, breaking below the previous consolidation level. The Relative Strength Index (RSI) is in a bearish crossover, indicating a negative sentiment. The support level is placed at 43,500; a fall below 43m500 may trigger further correction in the Bank Nifty. Resistance levels are situated at 43,700 and 44,000, where call writers are waiting with their positions." 

- Rupak De, Senior Technical Analyst at LKP Securities
 
4:16 PM

Ceat hits new summit; zooms over 46% so far this May on strong Q4 results

The management is hopeful that the coming quarters will see further uptick in growth, as commodity prices remain stable, and the global inflation slows down. READ MORE

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4:14 PM

Mahindra CIE surges 9%, hits 52-week high after large block deal

Mahindra & Mahindra on Wednesday announced selling its entire 3.195 per cent stake in Mahindra CIE via block deal. In a filing, the company said that the sale has been executed at a gross price of Rs 447.65 per equity share. READ MORE

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4:11 PM

Dreamfolks Services hits record high; rallies 16% in two days on healthy Q4 results

The stock hit a record high of Rs 592.15 in intra-day today, and was trading 82 per cent higher against its issue price of Rs 326 per share. READ MORE

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4:09 PM

Strong order book, indigenisation to keep defence stocks steamy: Analysts

Shares of Hindustan Aeronautics (HAL), Mazagon Dock Shipbuilders, MTAR Technologies, Bharat Electronics (BEL), and Bharat Dynamics (BDL) have skyrocketed up to 160 per cent in a year. READ MORE

HAL

4:07 PM

Deepak Nitrite soars 6% as subsidiary plans Rs 5,000-cr capex in Gujarat

Deepak Chem Tech, a wholly-own subsidiary of Deepak Nitrite, has signed MoU with the government of Gujarat with an intent to invest around Rs 5,000 crore over the next 4 years. READ MORE

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4:05 PM

Gains in Delhivery dependent on a sustained improvement in margins

Logistics services provider Delhivery posted a mixed set of results in the March quarter (Q4FY23). While its operating profit was marginally in the green, its net losses widened compared to the year ago quarter. Overall revenues, which were in line with estimates, fell 10 per cent year-on-year (YoY), dragged down by a sharp fall in business-to-business revenues. READ MORE

Delhivery

4:03 PM

WPIL gains 4%; stock has zoomed over 170% in 4 months

Shares of WPIL hit a new high of Rs 3,076 on Wednesday, extending its past two months' rally which ensued after the company reported a stellar set of numbers for the quarter ended March 2023 (Q4FY23). READ MORE

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4:00 PM

Nifty Consumer Durables index advances 1.4%; Dixon, Amber rally up to 7%

Shares of household appliances and consumer electronics companies traded firm on Wednesday. READ MORE

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3:57 PM

Nifty Pharma index gains 1%; Laurus Labs jumps 6%; Sun Pharma, Granules shine

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3:54 PM

Market Breadth was negative; Nearly 1,800 stocks declined v/s 1,677 advancing shares on the BSE

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3:52 PM

BSE Smallcap Heatmap:: Schneider Electirc, Deep Inds zoom up to 13%; Rel Power tanks 7%

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3:49 PM

BSE Midcap Heatmap:: Deepak Nitrite, Laurus Labs shine; Cummins, Rajesh Exports whine

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First Published: May 24 2023 | 7:10 AM IST

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