Sensex tumbles 581 pts from record peak, ends 214 pts down; Nifty holds 17K

The Nifty Realty index jumped 5 per cent today while the Nifty Metal index slipped 1.8 per cent

Stock market updates: Bears had the last laugh on Dalal Street on Wednesday as profit booking in metal and IT stocks, coupled with select heavyweights like HDFC, M&M, ITC, and Kotak Bank, dragged markets in the red. Besdies, applicability of 100 per cent peak margin norms also affected trading activity.

The benchmark S&P BSE Sensex ended at 57,338 levels, down 214 points or 0.37 per cent while the Nifty50 index shut shop at 17,076, down 56 polints or 0.33 per cent. Earlier in the day, the indices had hit new lifetime highs of 57,919 and 17,226 levels, respectively.

The broader markets, on the flipside, outperformed and ended higher. The BSE MidCap index added 0.9 per cent on the BSE and the BSE SmallCap index rose 0.22 per cent.

4:04 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Index witnessed some profit booking after showing a gap up opening and closed a day at 17076 with loss of half per cent forming a bearish candle on the daily chart. The index has formed a strong base near the 17k mark & holding above said level overall structure will be positive, going forwards 17k will act as a make or break level any break below can see more profit booking comes in & we may see the index dragging towards 16900-16800 zone and on the higher side immediate hurdle is formed near 17150 zone followed by 17220 zone.

4:03 PM

MARKET QUOTE :: Vinod Nair, Head Of Research at Geojit Financial Services

Despite a strong opening due to favourable GDP data, domestic indices failed to hold onto its early gains due to profit booking strategy from the recent rally. India’s GDP rose due to the low base effect and was powered by private consumption expenditure & investment. The auto sector showed a flattish trend as sales for August saw a decline following supply constraints.

3:55 PM

BHEL climbs 4% on Rs 10,800 crore order win

>> BHEL secures largest ever order worth Rs 10,800 Crores from NPCIL for EPC of Turbine Island for 6 units of 700 MWe.

3:52 PM

AU Small Finance gains 2% after clarification on managerial exits

3:50 PM

Oberoi Realty rallies 10% on inclusion in F&O segment

3:48 PM

Likhita Infra climbs 4% on Rs 146 crore order win

3:46 PM

NIFTY REALTY surges over 5%, all constituents in the green

3:45 PM

All stocks in the NIFTY IT pack settled in the red

3:43 PM

NIFTY METAL index tumbles 1.79%, snaps 3-day winning run

3:43 PM

Sector Watch :: Nifty IT, Metal pack witness profit taking

3:41 PM

Broader markets outperform benchmark

>> BSE Midcap scaled a new high today

3:39 PM

Heatmap | 18 of 30 Sensex stocks decline

>> TOP GAINERS: Asian Paints, Nestle India, Axis Bank

>> TOP LOSERS: M&M, Tata Steel, Bajaj Finserv

3:36 PM

CLOSING BELL :: Sensex cracks 600 pts from day's high, ends 214 pts down; Nifty holds 17,050

The benchmark indices witnessed profit taking at higher levels as investors assessed a mixed set of macroeconomic data. The BSE barometer Sensex declined 580 points from all-time high of 57,919 touched on Wednesday to end at 57,338, down 214 points. Meanwhile, the NSE Nifty closed the day at 17,076, down 56 points. The index had touched a new high of 17,226 in intraday session.

3:22 PM

OPEC+ raises 2022 oil demand growth forecast as US pushes to hike output

OPEC+ revised up its 2022 oil demand forecast ahead of a meeting of the oil producing group on Wednesday, amid U.S. pressure to raise output more quickly to support the global economy. Two OPEC+ sources said the group's experts revised the 2022 oil demand growth forecast to 4.2 million barrels per day (bpd), up from the previous forecast of 3.28 million bpd. READ MORE

(Bloomberg)

3:20 PM

Vedanta's acquisition of Videocon assets may get derailed after NCLT order

The lenders of Videocon Industries, consisting of public sector banks, are staring at a huge loss after the NCLT Mumbai bench ordered attachment of the company and its promoters’ the Dhoot family and top officials assets. Bankers say the Vedanta plans to buy Videocon’s India assets will derail due to fresh litigation around the company. READ MORE