Sensex sinks 434 pts in fag-end, Nifty holds 22,050; ZEE tanks 14%
Stock market highlights on February 21, 2024: In the broader markets, the BSE MidCap index fell 1.27 per cent, while the BSE SmallCap index declined 0.84 per cent
 "Sensex sinks 434 pts in fag-end, Nifty holds 22,050; ZEE tanks 14%")
Closing Bell on February 21, 2024: After trading range-bound for most part of the day, equity markets turned sharply lower in fag-end dragged by IT, financial, and pharma shares.
The S&P BSE Sensex dropped 434 points, or 0.59 per cent, to end at 72,623 levels, while the Nifty50 shut shop at 22,055, down 142 points or 0.64 per cent.
The indices hit intraday lows of 72,451, and 21,998, respectively.
Power Grid, NTPC, Wipro, Infosys, Tech M, L&T, HCL Tech, Bajaj Finance, Bajaj Finserv, HDFC Bank, Kotak Bank, Titan, ITC, and TCS were the top laggards, down between 1 per cent and 3 per cent.
In the broader markets, the BSE MidCap index fell 1.27 per cent, while the BSE SmallCap index declined 0.84 per cent.
Among sectors, the Nifty Media index tumbled 4.8 per cent, the Nifty IT index 1.7 per cent, and the Nifty Pharma index 0.5 per cent. On the upside, the Nifty Realty index gained 1.96 per cent.
3:51 PM
Tech View :: Key levels to watch on Nifty Bank
Bank Nifty fell less compared to Nifty which was down ~75 points. The Bank Nifty faced resistance from the gap area formed on the 17th Jan in the range 47,200 – 48,000. We expect it to retrace the rise it has witnessed from 44,630 – 47,364. Crucial Fibonacci retracement levels are placed at 46,720 – 463,20.
Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
3:48 PM
Tech View :: 'Nifty may see pause in on-going rally'
The Nifty has formed a bearish engulfing pattern on the daily chart, indicating a potential pause in the ongoing rally.
The momentum indicator RSI is showing a bearish crossover, signaling weakness in the near term.
Immediate support is positioned at 22,000; a decisive drop below this level could lead the index towards 21,700. On the upside, resistance is identified at 22,160.
Views by: Rupak De, Senior Technical Analyst, LKP Securities
The momentum indicator RSI is showing a bearish crossover, signaling weakness in the near term.
Immediate support is positioned at 22,000; a decisive drop below this level could lead the index towards 21,700. On the upside, resistance is identified at 22,160.
Views by: Rupak De, Senior Technical Analyst, LKP Securities
3:44 PM
Comment :: 'Premium valuation capping rally at higher levels'
The Indian market is facing stiff resistance at higher levels; the valuation of a broader index is at a significant premium, leading to an unfavourable risk reward, which influences investors to book profits.
Global markets treaded cautiously awaiting the US FED minutes, while Chinese markets were buoyed by policy interventions. Concerns lingered since investors were heavily betting on a US FED rate cut, which is put at risk by January's higher-than-expected inflation.
Views by: Vinod Nair, Head of Research, Geojit Financial Services.
Global markets treaded cautiously awaiting the US FED minutes, while Chinese markets were buoyed by policy interventions. Concerns lingered since investors were heavily betting on a US FED rate cut, which is put at risk by January's higher-than-expected inflation.
Views by: Vinod Nair, Head of Research, Geojit Financial Services.
3:42 PM
Currency check :: Rupee settles flat vs US dollar
3:39 PM
Broader markets :: MidCap index declines over 1%, SmallCap 0.8%
3:38 PM
NIFTY HEATMAP :: IT, Energy stocks weigh on benchmarks
3:36 PM
CLOSING BELL :: Nifty holds 22,050
3:35 PM
CLOSING BELL :: Sensex drops over 400 pts
3:21 PM
ALERT :: Benchmarks stage mild recovery
3:04 PM
Global check:: US stock futures marginally down; UK mixed
Source: Investing.com
Topics : Sensex Stock Market MARKET LIVE MARKET WRAP Markets Markets Sensex Nifty stock markets S&P BSE Sensex Nifty50 MARKETS TODAY Nifty Bank Nifty Market news
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First Published: Feb 21 2024 | 7:59 AM IST