Sensex plunges 901 pts, Nifty nears 18,850 as sell-off enters 6th day
Closing Bell on October 26, 2023: In the broader market, the BSE MidCap index shed 0.94 per cent, and the BSE SmallCap index fell 0.19 per cent
Stock market highlights: Market sell-off entered sixth day Thursday as tensions in West Asia, coupled with sticky US Treasury yields at around 5 per cent, triggered risk-off sentiment among investors. Back home, mixed Q2Fy24 results, thus far, are doing little to trim the slide.
At the headline level, the S&P BSE Sensex tumbled 901 points, or 1.41 per cent, to end at 63,148. The index hit an intra-day low of 63,114 during the day.
The NSE's Nifty50, meanwhile, ended the October F&O series at 18,857, falling 265 points or 1.41 per cent. It hit an intraday low of 18,843.
26 of the 30 Sensex stocks and 46 of the 50 Nifty stocks nursed losses led by M&M, Bajaj Finance, UPL, Bajaj Finserv, Tech M, Nestle India, Asian Paints, Titan Company, BPCL, Adani Enterprises, HDFC Bank, Kotak Bank, ONGC, Apollo Hospitals, SBI, Dr Reddy's Labs, Bharti Airtel, HDFC Life, Coal India, and Bajaj Auto. All these stocks cracked between 1.5 per cent and 4 per cent.
In the broader market, the BSE MidCap index shed 0.94 per cent, and the BSE SmallCap index fell 0.19 per cent.
Sectorally, the Nifty Financial Services index fell the most in this broad-based selling. The index dropped 1.5 per cent, followed by the Nifty Metal index (down 1.5 per cent), and the Nifty Private Bank index (down 1.27 per cent).
4:06 PM
Tech View :: 'Nifty, Bank Nifty may see pullback rally'
Nifty50
Over the last three trading sessions, the Nifty has corrected 700 points and is appearing oversold on the hourly time frame chart. The Nifty has now reached the support cluster of 18,860 – 18,740 where support in the form of the 40-week moving the weekly lower Bollinger band is placed. Considering that Nifty has reached a support zone and is appearing oversold on the hourly charts, we can expect a pullback till 19,000 – 19,050. However, it is likely to be only a temporary pause in the overall downtrend.
On the downside, the Nifty is likely to drift towards 18,500 levels in the short term and the intermediate pullbacks should be used as a selling opportunity. In terms of levels, 18,700 – 18,650 shall act as a crucial support zone while 19,000 – 19,050 is the immediate hurdle zone.
Over the last three trading sessions, the Nifty has corrected 700 points and is appearing oversold on the hourly time frame chart. The Nifty has now reached the support cluster of 18,860 – 18,740 where support in the form of the 40-week moving the weekly lower Bollinger band is placed. Considering that Nifty has reached a support zone and is appearing oversold on the hourly charts, we can expect a pullback till 19,000 – 19,050. However, it is likely to be only a temporary pause in the overall downtrend.
On the downside, the Nifty is likely to drift towards 18,500 levels in the short term and the intermediate pullbacks should be used as a selling opportunity. In terms of levels, 18,700 – 18,650 shall act as a crucial support zone while 19,000 – 19,050 is the immediate hurdle zone.
Nifty Bank
Bank Nifty is heading towards the psychological support of the 42,000. The fall has been very sharp and is appearing oversold which increases the probability of a pullback. The pullback can be expected till 42,500 – 42,600. However, it is unlikely to result into a trend reversal. Overall, the trend is negative and we expect it to target levels of 40850 from short term perspective.
Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
3:56 PM
Comment :: 'India Inc Q2 results below par'
Till date, the actual domestic Q2 results are below par in comparison to the excited earnings forecasted. Similar disappointments are visible in developed economies. Downgrade in earnings and valuation is arising due to risk of further slowdown of the economy due to geopolitical and elevated interest rates. Also selling pressure intensified due to expiry-led volatility influencing investors to stay cautious.
Views by: Vinod Nair, Head of Research at Geojit Financial Services
Views by: Vinod Nair, Head of Research at Geojit Financial Services
3:53 PM
Bond Market :: 10-year yields on G-Sec hardens
3:51 PM
Currency check :: Rupee ends 4 paise weaker at 83.23/$
3:49 PM
IPO Update :: Blue Jet Healthcare fully subscribed on day 2
3:48 PM
Jio Financial soars around 3% amid report of stake hike by RIL
3:46 PM
Sonata Software leaps around 9% on 1:1 bonus issue plan
3:45 PM
Tech M hits 2-month low intraday as Q2 results disappoint
3:44 PM
Axis Bank rises 2% in weak market on robust Q2 show
3:43 PM
IRM Energy ends over 6% lower against issue price
3:41 PM
Broader markets :: Mid, SmallCap indices end sharply off lows
3:40 PM
Sectoral trends :: Sea of red sweeps markets; Metla index down 1.6%
3:38 PM
Sensex Heatmap :: 26 of 30 stocks sink; M&M, Bajaj twins slide up to 4%
3:37 PM
Closing Bell :: Nifty ends near 18,850
3:36 PM
Closing Bell :: Sensex plunges 900 pts
Topics : Stock Market MARKET LIVE MARKET WRAP Markets Markets Sensex Nifty Midcaps Smallcap Dalal Street Crude Oil Price Q2 results Tech Mahindra Axis Bank
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First Published: Oct 26 2023 | 7:35 AM IST