Sensex sinks 800pts on global worries; Bharti Hexacom up 43% on debut; Maruti, Sun Pharma crack 3%

Market wrap on April 12, 2024: The NSE Nifty50 tumbled over 200 points to end near 22,500 levels. The broader indices - BSE MidCap and SmallCap indices declined around 0.5 per cent each.

3:53 PM

Brent crude at $90.73 per bbl

3:49 PM

Tech View: Nifty experiences consolidation breakdown in the lower timeframe

Nifty slipped lower as it experienced a consolidation breakdown in the lower timeframe. The sentiment appears somewhat negative for the short term. However, there is observed support at 22500 on a closing basis.

As long as it maintains above 22500 on a closing basis, we do not anticipate a significant correction in the market. Sustained trading above 22500 could potentially push the index towards 22650-22700 once more. Conversely, a drop below 22500 might initiate a correction of 200-250 points on the downside.

View By: Rupak De, Senior Technical Analyst, LKP Securities

3:47 PM

Comment: Bank Nifty experiences bearish momentum

The BankNifty index experienced significant selling pressure, marking a return of bearish momentum after a prolonged period. The index is currently facing strong resistance at the 49,000 mark, and only a decisive close above this level could revive the upward trend towards the 50,000 mark.

Immediate support for the index is established at 48,000, where the highest open interest on the put side has been observed. A breach below this level could intensify the selling pressure.

Comment By: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

3:45 PM

View: Investors questioning Fed rate cut feasibility

US inflation soared by 0.4 per cent MoM, surpassing expectations and triggering a spike in US Treasury yields. Investors are questioning the feasibility of the US Fed's anticipated 3 rate cuts this year, leading to underperformance in EMs. Meanwhile, European markets excelled as the ECB maintained policy rates but hinted at a potential rate cut soon.

Indian markets consolidated amidst worries over delayed US rate cuts, escalating Middle East tensions driving oil prices up, and subdued Q4 earnings projections.

View By: Vinod Nair, Head of Research, Geojit Financial Services

 

3:42 PM

Nifty Healthcare, Nifty FMCG lead sectoral losses

3:40 PM

Broader market check

3:38 PM

Divis Labs, Bajaj Auto gain on NSE

3:34 PM

Sun Pharma, Maruti among top losers on BSE

Sun Pharma, Maruti among top losers on BSE

3:33 PM

Closing Bell: Nifty ends 1% lower on Friday

3:31 PM

Closing Bell: Sensex slumps 814 pts, settles at 74,224

3:21 PM

COMMENT:: Gold prices extend rally on rising Iran-Israel tension

Gold prices surged by over Rs 1c000 to reach Rs 72,700, largely driven by escalating tensions between Iran and Israel amidst the ongoing Middle East crisis. This geopolitical uncertainty has fueled a rush into safe-haven assets, propelling gold prices up by 1.6 per cent. Despite this sharp increase, the overall trend in gold remains bullish, with strong support seen at Rs 70,000.

 

- Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

 

3:10 PM

Global check:: UK stock futures rally up to 1%; US mixed

2:56 PM

Hindustan Zinc hits new high in weak market; zooms 49% thus far in April

Silver recorded the highest volume in FY24 in line with management's operational & financial strategy, at 24.0 moz up 5 per cent YoY. READ MORE

2:43 PM

Asian Market Update: Hang Seng sheds 2%; Nikkei holds fort

2:30 PM

MF trends: Small-caps take a hit, investors bit on large and mid-cap funds

Debt mutual funds saw the maximum outflows in March, with a total of Rs 1.98 lakh crore being withdrawn. Liquid funds, which are a type of debt fund that can be easily converted to cash, had the highest outflows of Rs 1.57 lakh crore. READ MORE