Sensex slips for 3rd day, drops 379 pts, Nifty defends 15,100; ONGC up 8%

Stock market updates: Caution after one of the longest bull-runs since 2003 continued to weigh on investor sentiment on Thursday as market participants booked profits in cyclical outperformers. That apart, expiry of the weekly F&O contracts also added to the volatility. 

Among key indices, the benchmark S&P BSE Sensex tanked 379 points today to settle at 51,325 levels. From the day's high of 51,904, the index skid over 700 points to hit a low of 51,187. At close, Bajaj Finance, Nestle, M&M, ICICI Bank, and HDFC, down up to 2.5 per cent, ended the day as the top losers.

On the upside, ONGC remained the outperformer, up 8 per cent on the BSE, after the government announced Rs 7.5 trillion infrastructure plan in the oil and gas sector over the next 5 years. Besides, NTPC, Asian Paints, Power Grid, Tech M, and IndusInd Bank were the other top gainers.

NSE's Nifty50, on the other hand, slipped below the 15,150 levels to end at 15,119, down 90 points or 0.6 per cent. The advance to decline ratio remained neck and neck with 27 stocks declining on the Nifty against 23 stocks that advanced.

Gains in the broader market stocks, however, supported the overall market breadth. The S&P BSE SmallCap index moved closer to record high levels today as it soared on the back of gains in Indian Overseas Bank, Central Bank of India, Bank of Maharashtra, OnMobile Global, Goldiam International, Magma Fincorp, Adani Total Gas, Shankara Building Products, and Majesco. The index, which hit a high of 20,128, ended 0.66 per cent higher today at 20,015 levels.

The S&P BSE MidCap, on the other hand, closed at 20,376 levels, up 0.7 per cent.

Sectorally, the Nifty PSU Bank index jumped another 5.6 per cent today, while the Nifty CPSE and Energy indices settled up to 4 per cent higher. On the downside, the Nifty Financial Services, Auto, and Private Bank indices slipped up to 1.5 per cent each.

Global markets

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.42 per cent, Australian stocks rose 0.01 per cent, while Japan’s Nikkei fell 0.14 per cent.

However, in signs that global sentiment were still buoyant, Euro Stoxx 50 futures were up 0.22 per cent, German DAX futures were up 0.15 per cent, and FTSE futures rose 0.3 per cent.

(With inputs from Reuters) 

   

4:17 PM

MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive VP, Equity Technical Research at Kotak Securities

On the day of the weekly expiration of Index options, the benchmark index witnessed profit booking. Post muted opening the market registered selling pressure. The Nifty/Sensex opened at 15238.70/ 51903.86 and due to constant selling pressure, erased over 100 / 400 points. Among sectors, financial services, Auto and private banks witnessed selling pressure, while Nifty PSU Banks gained the most, rallied over 5.50 per cent. We are of the view that the market likely to continue the narrow range activity and PSU Banks and selective midcap and small-cap stocks will outperform in the near future. Technical, on daily charts index, maintain higher bottom series formation and the texture of the market suggests uptrend likely to continue if the Nifty/ Sensex succeed to trade above 15050/51000. Above the same, we can expect one more leg of the up move, up to 15250, 15330/ 51900, 52300. On the flip side, dismissal of 15060 would result in further weakness and in that case Nifty/Sensex could retest previous lows of 14970/50840. However, the strategy should be to buy between 15000/50900 and 14950/50700 and for that keep a stop loss at 14900/50600 levels. The focus should be on the large-cap companies as the market is approaching the major support area

4:09 PM

TECH VIEW :: Rohit Singre, senior technical analyst at LKP Securities

One more negative session witnessed on the street as the index closed at 15117 with loss of 0.60 percent and formed a bearish candle for a third consecutive session on the daily chart. Index consecutively breaking every support and now final strong support is placed at 15k mark any close below said levels can push the index to more dipper level of 14750 zone, strong resistance is coming near 15250 fresh upside-only possible if index managed to sustain above 15250 zone

3:58 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research, CapitalVia Global Research

Indian stock indices turned negative, with Sensex and Nifty trading with notable losses. Domestic optimism was influenced by pessimistic hints from other Asian markets. Nifty is currently trading at 15107, down by 131 points or -0.86 % after trading in a range of 15250 and 15084. the traders are advised to refrain from building a new buying position until further improvement and breakout of 15370.

3:57 PM

MARKET CLOSING COMMENT :: S Ranganathan, Head of Research at LKP Securities

While Indices ended in the red on Thursday, the under ownership in PSU stocks was evident today also as several of them across sectors posted smart gains. The PSU bank index which rose 6% yesterday recorded huge gains for the second day in a row led by privatisation hopes. In the broader market, Non-Life Insurers & Paper stocks saw keen interest among investors

3:57 PM

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Market remained in the mood for consolidation for the third day, impacted by negative cues from Asian markets. Globally, markets are showing weakness due to spike in US bond yield while improving corporate earnings and continued inflow of foreign funds is providing support to the domestic market. Bearish rally in the market was led by private banks and auto stocks while PSU Banks continued its outperformance on hopes of privatisation

 

3:50 PM

Market stats :: Market breadth favours bulls

3:48 PM

S&P BSE SmallCap index nears record peak of 2018

3:47 PM

Oil and Gas stocks surge on Rs 7.5-trillion infra push

3:43 PM

Sectoral trends on NSE at Close

3:41 PM

Sensex Heatmap:: Financials drag markets

3:35 PM

CLOSING BELL

Among key indices, the benchmark S&P BSE Sensex tanked 379 points today to settle at 51,325 levels. From the day's high of 51,904, the index skid over 700 points to hit a low of 51,187. 

 

NSE's Nifty50, on the other hand, slipped below the 15,150 levels to end at 15,119, down 90 points or 0.6 per cent. 

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BS Podcast :: Sebi's new free float norms and what it means for LIC IPO

The Securities and Exchange Board of India (Seb) has eased the listing norms for large companies. The regulator said large companies can now divest a minimum 5 per cent in the IPO, instead of 10 per cent.

 

How and who will the Sebi move benefit? Listen to this podcast to know more.

 

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