Sensex rises 96 pts after range-bound trade; Pvt banks weak, IT strong

CLOSING BELL: Meanwhile, the rupee will fall further against the US dollar over the rest of the year, a Reuters poll showed. It slipped to a record low of 83.21 today, and ended at 82.75/$

CLOSING BELL

Stock market highlights: Bargain buying at the fag-end of the session helped benchmark indices erase losses end higher on Thursday. The S&P BSE Sensex closed at 59,203, up 96 points or 0.16 per cent, while the Nifty50 shut shop at 17,564, up 52 points or 0.3 per cent.

HCL Tech, Tech M, PowerGrid, TCS, Bajaj Finserv, NTPC, Nestle India, TCS, Infosys, and Bharti Airtel rose between 1 per cent and 2 per cent, while IndusInd Bank, Asian Paints, Ultratech Cement, HDFC, Titan, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Bank fell in the range of 0.5 per cent to 4.7 per cent. 

In the broader markets, the BSE MidCap index underperformed peers as it fell 0.18 per cent. The BSE SmallCap index, meanwhile, settled unchanged. 

Among sectors, the Nifty Private Bank index declined the most, down 1 per cent. On the contrary, the Nifty PSU Bank index and IT indices climbed over 2 per cent, and 1.4 per cent, respectively.

New Listing

Shares of Tracxn Technologies (Tracxn) jumped 25 per cent to Rs 100 as against its issue price of Rs 80 on the National Stock Exchange (NSE) after making a quiet debut on Thursday. The stock of the data processing services company listed at Rs 84.50, a 6 per premium to its issue price. At close, it settled at Rs 94.2. READ MORE

Rupee's free fall to continue

The Indian rupee will fall further against the US dollar over the rest of the year, a Reuters poll on Thursday showed, setting up the currency for its steepest annual decline in at least nine years due to a widening domestic trade balance and surging US interest rates. The rupee slipped to a record low of 83.2150 in the morning trade on Thursday, before settling at 82.7538 per US dollar. READ MORE

Global markets drop

European markets were lower on Thursday morning as investors assessed new German economic data, a sharp rise in bond yields, and political chaos in the UK. The Stoxx 600 index was down 0.4 per cent with most sectors and major bourses in negative territory. Earlier in Asia, Nikkei, Kospi, and ASX 200 slipped around 1 per cent each, and Hang Seng edged 1.4 per cent lower. 

On Wall Street, futures linked to main indices eased in the range of 0.08 per cent to 0.8 per cent. 

4:20 PM

Bank Nifty view: Bias to remain positive as long as 39,800 is held

"The Bank nifty index formed a Doji candle on the daily chart which indicates indecisiveness in the market. The bulls are trying to defend the support around the 40,000-39,800 level and the bears are selling at higher levels. The index broad range is intact between 39,800-40,600 and a break on either side will lead to trending moves. The bias remains on the buy side as long as the mentioned support of 39,800 is held."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities 

4:16 PM

Tech view: Nifty seems on course to test 17,700

"The Nifty remained volatile during the session as the NSE benchmark recovered from the day's low to close around the high. The 50-EMA remained below the index value on the daily chart, confirming the ongoing uptrend. The momentum indicator on the daily chart remained in the bullish crossover. The short-term trend remains positive with the potential to take the Nifty towards 17,700. On the lower end, support is visible at 17,400."

- Rupak De, Senior Technical Analyst at LKP Securities

4:02 PM

COMMENT:: Markets bounce back on hopes that RBI will be less aggressive on rate hikes

"The sharp increase in US yield, global market weakness, and unexpected drop in INR promoted selling pressure in the domestic market. Globally, investors expect the Fed to stay aggressive, raising interest rates by 75 basis points in the next two policy sessions, bringing the fed rate as high as 4.50% to 4.75%, by the end of  the year. The strong domestic market, on the other hand, regained its losses as the RBI is expected to be less aggressive as domestic inflation is thought to have peaked. However, FPI inflows are anticipated to remain volatile in the short-term due to elevated US yields."
 

- Vinod Nair, Head of Research at Geojit Financial Services

4:00 PM

Tracxn Tech surged nearly 17% on market debut

Shares of Tracxn Technologies (Tracxn) jumped 25 per cent to Rs 100 as against its issue price of Rs 80 on the National Stock Exchange (NSE) in early deals this morning. The stock eventually ended at Rs 93.35 on the BSE. READ MORE

 

3:56 PM

Asian Paints' Q2 net up 33%; stock declines over 2%

3:54 PM

IndusInd Bank sheds 5% post Q2 results

Shares of IndusInd Bank tanked 5 per cent on profit booking after the bank reported a healthy 57 per cent year-on-year (YoY) growth in July-September (Q2FY23) standalone net profit to Rs 1,805 crore driven by a healthy rise in loan disbursement and net interest income. READ MORE

3:51 PM

Delhivery plunges 15% on business slowdown worries

Shares of Delhivery plunged over 15 per cent in Thursday's trade after the logistics solution provider said it anticipates a moderate growth in shipment volumes through the rest of financial year 2023. (FY23). READ MORE

3:46 PM

Market Breadth at 2:1 was extremely positive; 119 stocks hit new 52-week high

3:43 PM

Nifty PSU Bank index soars nearly 2%; Canara Bank surges 4% on strong Q2 show

3:42 PM

Nifty IT index advances 1.3%; steady gains seen across

3:40 PM

Midcap, Smallcap indices underperform in trades on Thursday

3:38 PM

Sensex 30 Heatmap:: IT, Power, FMCG stocks gain; Banks, Asian Paints slip

3:36 PM

Nifty 50:: Top FIVE gainers and losers

3:35 PM

NSE Nifty 50 adds 52 points, settles at 17,564

3:33 PM

Closing Bell:: Sensex ends 96 pts higher at 59,203

The S&P BSE Sensex ended 96 points higher at 59,203 on Thursday led by gains in IT, FMCG and Power stocks.