Sensex sinks 770 pts, Nifty gives up 17,550 amid global sell-off; PSBs soar

CLOSING BELL: Reliance Industries tanked 3 per cent today, contributing nearly 30 per cent of the losses on the Sensex

CLOSING BELL

Stock market highlights: Equities and commodities fell on Thursday as global growth concerns weighed on investor sentiment. Besides, a weaker-than-expected domestic Q1FY23 GDP (gross domestic product) data, along with marginal downtick in Manufacturing PMI for August, worried market participants.

The S&P BSE Sensex fell 1,014 points intra-day before closing at 58,766.5, down 770.5 points or 1.29 per cent. The Nifty50, too, hit a low of 17,468 before ending 216.5 points, or 1.22 per cent, lower at 17,543.

ALSO READ: Top factors behind Thursday's crash

Reliance Industries tanked 3 per cent today, contributing nearly 30 per cent of the losses on the Sensex. Other losers included TCS, Sun Pharma, Tech M, HUL, Infosys, NTPC, HDFC, Bajaj Finance, Tata Steel, Power Grid, and ICICI Bank. All these shares shedded over 1.5 per cent each.

The broader markets, however, remained relatively resilient. The S&P BSE MidCap and SmallCap indices settled 0.5 per cent higher each. Given this, the overall advance-decline ratio remained in the favour of buyers as 1,961 stocks advanced on the BSE as against 1,469 stocks that fell on the bourses.

Among sectors, the Nifty Realty index added 1 per cent, followed by the Nifty PSU Bank index (up 0.7 per cent). On the downside, the Nifty IT index declined 1.9 per cent, followed by the Nifty Pharma index (down 1.12 per cent).

ALSO READ: Are falling growth rates the next big worry for Indian equity markets?

Global cues

European markets made a negative start to the new trading month as traders grapple with fears of higher interest rates and a looming economic downturn. The pan-European Stoxx 600 fell 1.7 per cent by mid-morning, while FTSE 100 slipped 1.46 per cent.

On Wall Street, futures linked to the main Wall Street indices were down between 0.6 per cent abnd 1.3 per cent, indicating a fifth straight day of declines.

In the commodities market, Brent crude futures eased 2 per cent to trade below $100 per barrel-mark amid fears of weak demand.    

4:19 PM

TECHNICAL VIEW: Kunal Shah - Senior Technical & Derivative Analyst at LKP Securities

The Bank Nifty index witnessed volatility throughout the day and ended negatively. After a gap-down opening, the index managed to hold the support of 38,800-38,500 on the downside, indicating the bias remains on the positive side. The immediate hurdle on the upside is placed at 39,500 and once taken out will see a sharp move on the upside towards 41,000 levels.

4:17 PM

COMMODITIES CHECK: Brent Crude extends slide, down 2.3%

source: oilprice.com

4:14 PM

GLOBAL CHECK: Muted trade for European markets

4:10 PM

GLOBAL CHECK: US equity futures on a slippery slope; Dow Futures down 150pts

4:07 PM

Sensex drops over 1,000 pts intra-day: Top factors behind Thursday's crash

Index heavyweights, Reliance Industries and Tata Consultancy Services contributed the most to the sharp cuts as they slipped between 2-3 per cent. READ MORE

4:02 PM

TECHNICAL VIEW: Rupak De, Senior Technical Analyst at LKP Securities

Nifty remained sideways during the day before ending 1% lower. After starting to gap down on the back of a weak global cue, the Nifty failed to recover fully and traded within a range for the day. The momentum indicator is in a bearish crossover indicating a bearishness. On the lower end, 17400 may continue to act as crucial support, below which the index may become weak again. On the higher end, resistance is visible at 17700.

3:55 PM

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

Domestic indices moved in line with peers while prospects of higher rate hikes, elevated inflation and a slowing economy put pressure on stock markets around the world. Although India’s Q1 GDP was reported below the RBI’s estimate of 16.2%, the strong growth seen in manufacturing activity during Q2 so far indicates a strong recovery in the domestic market. Additionally, ongoing support from FIIs will obscure the weakness, helping domestic indices to stay resilient.

3:51 PM

Hindalco, Reliance, ONGC top Nifty50 losers

3:48 PM

Tata Consumer, Bajaj Finserv, Asian Paints top Nifty50 winners

3:45 PM

Broader markets outperform benchmark; India VIX climbs 6%

3:42 PM

Nifty IT, Nifty Pharma indices end as worst sectoral performers

3:37 PM

SENSEX HEATMAP: Only 7 out of 30 index constituents close positive

3:34 PM

CLOSING BELL: Bears takeover D-street as Nifty50 slips below 17,550

3:32 PM

CLOSING BELL: Sensex slips below 59,000, closes 750 points lower

3:19 PM

Dish TV shares surge 20% as chairman set to exit after YES Bank tussle

YES Bank, which holds an about 25% stake in Dish TV, has been pushing for a board reconstitution, including the removal of Goel, Narang and other members, citing corporate governance issues and alleging that the board was "purportedly acting at the behest of certain minority shareholders". READ MORE