Business Standard

IT drags benchmarks lower for 3rd day; Sensex dips 159pts, Nifty near 17600

CLOSING BELL: Infosys, TCS and HCL Technologies, down 1.3 - 2.4 per cent, collectively accounted for a loss of 156 points on the BSE Sensex.

Image SI Reporter New Delhi
stock brokers, BSE, NSE, Sensex, Nifty

Stock Market Highlights: The key benchmark indices consolidated with a negative bias for the third straight day, amid a fresh round of selling in IT shares. On the other hand, select auto and metal stocks attracted buyers, while financial shares experienced a mixed trading session on Wednesday.

The S&P BSE Sensex opened at the day’s high at 59,746, up 19-odd points, but soon slipped into red. The BSE benchmark slipped to a low of 59,453, and eventually ended 159 points lower at 59,568. In the process, the Sensex has declined 863 points in the last three trading sessions.

The NSE Nifty 50 dipped to a low of 17,580, before settling with a loss of 41 points at 17,619.

Infosys, TCS  and HCL Technologies, down 1.3 – 2.4 per cent, collectively accounted for a loss of 156 points on the BSE Sensex. IndusInd Bank, Wipro, NTPC, Asian Paints, Tech Mahindra, SBI, UltraTech Cement and Sun Pharma were the other prominent losers. On the positive front, Bharit Airtel, Mahindra & Mahindra, Axis Bank and HDFC gained up to 1 per cent.

The broader indices pared gains and ended on a mixed note towards the end of the day. The BSE Midcap index was down 0.2 per cent, while the Smallcap index managed to hold a 0.1 per cent gain.

4:02 PM

Tech View :: 'Both Bulls and Bears are trying to defend their respective boundaries'

The Nifty opened on a flat note and drifted lower for most part of the day. It closed down ~40 points for the day. It traded within the range 17,863 – 17,574 of the penultimate trading session. The hourly Bollinger bands are contracting on account of the sideways price action and is also suggesting rangebound price action. Both Bulls and Bears are trying to defend their respective boundaries. The ideal strategy to trade this sideways consolidation is to take a contrarian view at the extremes of the range. So, traders should look for signs of strength around 17500 and go long. During this phase of consolidation, we can expect sector rotation and stock specific price action. The range of consolidation is likely to be 17,500 – 17,800 for the next few trading sessions.

Source: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
4:00 PM

Comment :: 'Dark clouds of weak Q4 numbers are haunting markets'

The dark clouds of weak Q4 numbers are haunting the domestic market leading to a consecutive third fall in the week. IT stocks continued their selling spree ahead of the release of earnings from other tech majors. Tepid cues from the global peers are also creating havoc as the market prices in the possibility of another rate hike by the Fed. The biggest risk for the market today is a downgrade in the corporate earnings forecast.

Views by: Vinod Nair, Head of Research at Geojit Financial Services
3:59 PM

Currency check :: Rupee ends at 82.23/$ against Tuesday's close 82/$

3:58 PM

Market Insights :: YES Bank sets record for most shareholders

Source: SAMCO Securities

3:57 PM

Market Insights :: Most Mukesh Ambani-led companies slide in FY23

Source: SAMCO Securities

3:55 PM

BSE Stats :: Market breadth nearly 1:1


3:53 PM

Buzzing stock :: KTRBL leaps 12% amid reports that global rice shortage may be highest in 20 years in 2023

>> Chaman Lal Setia Exports jumps 8.7 per cent, L&T Foods 8 per cent, and Kohinoor Foods hits 5 per cent upper circuit,  

3:48 PM

Buzzing stock :: BEML Land Assets stays locked in 5% lower circuit post debut


3:47 PM

Buzzing stock :: HCL Tech ends 2% down ahead of Q4 result on Thursday


3:45 PM

Buzzing stock :: Prism Johnson leaps 11%, hits highest level since December 2022


3:42 PM

Buzzing stock :: Mirza International freezes at 20% upper circuit aid heavy volumes


3:40 PM

Sector check :: Metal stocks outperform in a weak market as global prices drop


3:39 PM

Sector check :: IT stocks bleed for 3rd straight session; Coforge, LTIM worst hit


3:38 PM

Broader markets :: Smallcaps shine bright amid broad-based selling


3:36 PM

Sectoral trends :: Most indices reverse gains in fag-end; metal, pharma buck trend


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First Published: Apr 19 2023 | 7:51 AM IST

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