Sensex drops 378 pts, Nifty holds 20,900; realty, pharma slide; metals up
Closing Bell on December 12, 2023: Sun Pharma, Maruti Suzuki, Titan, NTPC, Reliance Industries, L&T, M&M, IndusInd Bank were some of the top large-cap losers
 "Sensex drops 378 pts, Nifty holds 20,900; realty, pharma slide; metals up")
Stock market highlights: A near broad-based selling pulled benchmark indices lower during the second half of the session with the S&P BSE Sensex ending 378 points lower at 69,551 levels, and the Nifty50 shutting shop 91 points lower at 20,906.
Sun Pharma, Maruti Suzuki, Titan, NTPC, Reliance Industries, L&T, M&M, IndusInd Bank, Infosys, HDFC Bank, Tata Motors, Bharti Airtel, and Tech M were some of the top large-cap losers, down up to 2 per cent.
The broader markets, too, gave up their gains with the BSE MidCap and SmallCap indices settling 0.4 per cent and 0.27 per cent lower, respectively.
Among sectors, all but the Nifty Metal and Media indices closed in the negative territory led by the Nifty Realty index (down 1.95 per cent), the Nifty Auto index (down 0.7 per cent), and the Nifty Pharma index (down 0.45 per cent).
3:48 PM
Tech View :: 'Nifty to remain sideways to negative in near-term'
The Nifty has formed a bearish engulfing pattern on the daily chart, suggesting a possibility of a bearish reversal.
On the higher end, call writers have built a heavy position at 21,000. On the lower end, put writers are heavily present at 20,800 and 20,900.
The Nifty is likely to remain mostly sideways to negative as long as it remains below 21,000.
Only a decisive move above 21,000 might induce a resumption of the uptrend. Support is placed at 20,800, below which the index may consolidate further.
Views by: Rupak De, Senior Technical analyst at LKP Securities
On the higher end, call writers have built a heavy position at 21,000. On the lower end, put writers are heavily present at 20,800 and 20,900.
The Nifty is likely to remain mostly sideways to negative as long as it remains below 21,000.
Only a decisive move above 21,000 might induce a resumption of the uptrend. Support is placed at 20,800, below which the index may consolidate further.
Views by: Rupak De, Senior Technical analyst at LKP Securities
3:47 PM
Comment :: 'Investors stayed on sidelines ahead of Nov inflation data'
Following the recent impressive surge, the Nifty50 underwent a consolidation phase today due to anticipated elevated November inflation in India, driven by rising food prices, which may potentially delay RBI policy cuts.
In contrast, the US inflation outlook remains stable, which could influence the upcoming US Fed policy.
The Nifty Mid and Small indices, with robust rallies of 42% and 49% on a YTD basis, now carry a 25% premium to their long-term averages, signalling potential valuation concerns.
Though the domestic growth outlook remains strong, the risk of El-Nino is expected to keep the market under pressure.
Views by: Vinod Nair, Head of Research at Geojit Financial Services.
In contrast, the US inflation outlook remains stable, which could influence the upcoming US Fed policy.
The Nifty Mid and Small indices, with robust rallies of 42% and 49% on a YTD basis, now carry a 25% premium to their long-term averages, signalling potential valuation concerns.
Though the domestic growth outlook remains strong, the risk of El-Nino is expected to keep the market under pressure.
Views by: Vinod Nair, Head of Research at Geojit Financial Services.
3:44 PM
Currency check :: Rupee ends flat vs Monday's close of 83.39/$
3:43 PM
SmallCap Heatmap :: Index slips 0.27%; Inox Green, MSTC outperform
3:41 PM
MidCap Heatmap :: Index ends 0.4% down; check top gainers and losers of the day
3:39 PM
Nifty Heatmap :: HDFC Life, Ultratech settle as top gainers; Sun Pharma, Apollo Hosp sink
3:37 PM
Closing Bell :: Nifty holds 20,900
3:36 PM
Closing Bell :: Sensex falls nearly 400 pts
3:27 PM
ALERT :: HDFC Life receives favourable orders from Customs, Excise & Service Tax Appellate Tribunal, Bangalore
3:13 PM
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Topics : Stock Market Sensex MARKET LIVE MARKET WRAP Indian stock markets Markets Gift Nifty S&P BSE Sensex Nifty50 stock market trading Market news Tata Motors Life Insurance Corporation US Fed monetary policy PowerGrid Markets Sensex Nifty
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First Published: Dec 12 2023 | 7:45 AM IST