Business Standard

Sensex falls 260 pts, Nifty nears 18,650; Adani Ent crashes 7%, RIL, SBI 1%

Closing Bell on June 23, 2023: Among sectors, the Nifty Metal index fell 2.5 per cent, followed by the Nifty Media index (2.13 per cent), the Nifty IT index (0.89 per cent)

Image SI Reporter New Delhi
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Stock Market Highlights: Any attempt by the market bulls to recoup losses met with heavy sellng pressure by bears of Friday. The S&P BSE Sensex, after swinging 367 points in the negative zone intra-day, settled 260 points lower at 62,979 level.

The Nifty50, meanwhile, shut shop at 18,666, down 106 points or 0.56 per cent.

Adani Enterprises took the hardest knock, falling 7 per cent, followed by Adani Ports (4.4 per cent), BPCL Grasim, Divis Labs, Hero MotoCorp, Reliance Industries, Infosys, HDFC Life, and SBI.

In the broader market, the BSE MidCap and SmallCap indices underperformed the benchmark indices for the second straight day, falling over 1 per cent each.

Among sectors, the Nifty Metal index fell 2.5 per cent, followed by the Nifty Media index (2.13 per cent), the Nifty PSU Bank index (1.3 per cent), and the Nifty IT index (0.89 pe cent). The Nifty Pharma was the only gaining index, rising 0.15 per cent. 
4:11 PM

COMMENT:: Domestic markets may not experience a significant correction

"Global central banks are currently focused on addressing inflation and have reiterated their commitment to reaching their target levels, as evidenced by the hawkish commentary from Powell and the unexpected rate hike by the Bank of England. The downward revision of earnings guidance by a major US tech company Accenture has raised concerns about potential earnings downgrades in the Indian IT sector, resulting in pressure on IT stocks. However, the domestic market is not expected to experience a significant correction due to favourable domestic economic indicators and correction in international commodities prices to sustain earnings growth on a QoQ basis."
- Vinod Nair, Head of Research at Geojit Financial Services
4:10 PM

VIEW:: Support for Nifty visible at 18,500

"The Nifty has shown weakness recently, as it has experienced a decline for two consecutive days. On a smaller time frame, the index slipped further. Additionally, the Relative Strength Index (RSI) indicates negative divergence, indicating a weakening bullish momentum. Looking at the support levels, there is visible support at 18,500, and if the index breaks below this level, it could potentially drop towards 18,200. On the other hand, there is resistance at 18,800 on the higher end of the index."
- Rupak De, Senior Technical Analyst at LKP Securities
4:08 PM

VIEW:: Bias for Bank Nifty likely to remain bearish below 44,000 level

"The Bank NIFTY index witnessed an ongoing battle between the bulls and bears throughout the week. The index faces resistance at the 44,000 level, where the highest open interest is built up on the call side. On the other hand, support is observed at the 43,500PE level, where put writers are active. A break on either side of this range is likely to result in a directional move for the index. However, the overall sentiment remains bearish as long as the index stays below the 44,000 level."
- Kunal Shah, Senior Technical Analyst at LKP Securities
4:04 PM

Adani Group shares tumble amid reports of US regulatory scrutiny

The US Attorney's Office in Brooklyn, New York, has sent inquiries in recent months to institutional investors with large holdings in the India conglomerate, report. READ MORE


4:02 PM

Accenture's lowered guidance spells more trouble for IT sector: Analysts

Brokerages have maintained a cautious to negative stance on the Indian IT sector given Accenture's muted deal bookings, lagging demand in key verticals, and emerging pricing pressure. READ MORE

As attrition rises, Wipro to hit campuses to hire record 30,000 freshers

4:01 PM

ICICI Securities surges 7% to hit 7-month high on strong growth prospects

Analysts anticipate the broking revenue to remain stable in FY24, while expect strong growth in the distribution business and in interest income, led by strong growth in the MTF book. READ MORE


3:59 PM

IKIO extends rally post strong listing; zooms 67% over issue price

Shares of IKIO Lighting (IKIO) hit a new high of Rs 477.15, surging 7 per cent on the BSE in Friday's intra-day trade, in an otherwise weakj market, after strong listing gains last week. READ MORE


3:57 PM

Tube Investments hits new high in intra-day deals on healthy business outlook

The stock of auto components & equipments company has gained near about 14 per cent in the last four trading sessions. READ MORE


3:54 PM

Voltas sheds 4%, nears 52-week low on concerns of tepid growth in RAC biz

As per management, the Room Air Conditioner business did well in April, but Voltas saw below-expected volume growth in the key month of May due to unseasonal rain. READ MORE


3:52 PM

Market breadth fairly negaitve for 2nd straight day; declining stocks outnumber advances in nearly 2:1 ratio


3:50 PM

Nifty Auto index slip 1%; Balkrishan Inds, Motherson dip over 2%


3:48 PM

Nifty Metal index top sectoral loser, down 2.5%


3:47 PM

Nifty Consumer Durables index slumps over 1.5%; Rajesh Exports, Voltas top laggards


3:45 PM

BSE Smallcap Heatmap:: 63Moons, Antony Waste zoom up to 20; Dish Tv, HCC crack 6%


3:43 PM

BSE Midcap Heatmap:: Adani Power, Primal Enterprises, Rajesh Exports fall around 5%


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First Published: Jun 23 2023 | 7:49 AM IST

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