Sensex sinks 389 pts, Nifty below 18,500; IT, PSBs crack; HCL Tech down 7%

CLOSING BELL: Sectorally, defensive indices like the Nifty FMCG and Pharma held gains as they rose 0.8 per cent and 0.4 per cent

CLOSING BELL

Stock market highlights: Bucking the global trend, domestic equity markets fell on Friday bogged down by profit booking in IT stocks, and heavyweights like Reliance Industries, L&T, and financials. The S&P BSE Sensex, which started about 100 points higher, erased gains and dropped over 700 points from the day's high to hit a low of 61,889.

The index, eventually, closed at 62,182, down 389 points or 0.62 per cent. The Nifty50, meanwhile, breached below the 18,500-mark and ended at 18,497, down 113 points or 0.61 per cent. It hit a low of 18,410 during the day.

ALSO READ: Here are 3 reasons why Sensex slumped nearly 700 pts in Friday's trade

In the broader markets, the MidCap and SmallCap indices shed 0.45 per cent and 1 per cent, respectively.

Sectorally, defensive indices like the Nifty FMCG and Pharma held gains as they rose 0.8 per cent and 0.4 per cent. On the downside, the Nifty IT index crashed 3.16 per cent. Credit Suisse has warned of a 10 – 27 per cent valuation-led correction in tech-related stocks amid US macro headwinds. READ MORE

The Nifty PSU Bank and Realty indices were other top laggards which tumbled 1.7 per cent and 1.5 per cent, respectively. 

4:12 PM

Here are 3 reasons why Sensex slumped nearly 700 pts in Friday's trade

The BSE Sensex slumped 682 points to the day’s low of 61,889, while the NSE Nifty shed 304 points to 18,410 in intra-day trade on Friday, before recouping losses towards the close. READ MORE

4:11 PM

Nifty view: Trend may remain negative; crucial resistance seen at 18,670

"The Nifty remained volatile before closing lower (down more than 100 points). On the daily chart, the index slipped below the recent consolidation, suggesting a rise in pessimism. Besides, the bulls failed to protect the 18,500. Going forward, the trend may remain negative with support placed at 18,350/18,200. At the higher end, 18,670 may act as crucial resistance."

 

- Rupak De, Senior Technical Analyst at LKP Securities

4:10 PM

COMMENT:: IT, PSBs suffered heavy sell-off

"Today's downfall in the domestic market was sparked by IT stocks extending their losses after warning of a potential slowdown in business on global recession fears. This was further aggravated by banks losing their grip as PSBs suffered heavy sell-offs. However, global bourses were largely positive, although the Fed is expected to raise interest rates by 50 basis points next week."

 

- Vinod Nair, Head of Research at Geojit Financial Services.

4:08 PM

HCL Tech plunges nearly 7% as management cautious on revenue growth for FY23

At its investor meeting held in New York on December 8, the management said the revenue growth guidance for FY23 is likely to come in at the lower end of its 13.5-14.5 per cent. READ MORE

4:06 PM

Paytm surges 7% on share buyback plan; board to meet on Dec 13

The company in a release to the exchanges said that the management believes that given the company's prevailing liquidity/ financial position, a buyback may be beneficial to the shareholders. READ MORE

4:05 PM

HUL hit new 52-week high on foray into health & wellbeing category

The company will be buying a majority stake in Zywie Ventures, promoter of brand OZiva, for Rs 264.28 crore and up to 20 per cent stake in Nutritionalab for Rs 70 crore. READ MORE

4:03 PM

YES Bank vaults 11% on heavy volume, stock hits 2-year high in weak market

Shares of YES Bank vaulted 11 per cent on Friday on the back of massive volumes at the counter as 12.80 crore shares changed hands on the BSE. READ MORE

3:58 PM

Kalpataru Power advances 2% on board nod for Rs 99-crore fund raise via NCDs

Shares of Kalpataru Power Transmission (KPTL) rallied nearly 9 per cent to an intra-day high of Rs 566 per share on Friday as the company's board approved a fund raise plan. In a filing on Thursday, the company said its board has approved raising Rs 99 crore via the issuance of non-convertible debentures (NCDs). READ MORE

3:56 PM

Vadilal Inds gains 4% on board nod to buy 'Vadilal' brand from promoter co

The company's board on Thursday approved the purchase of the "Vadilal" brand from its promoter group entity Vadilal International. The stock had zoomed over 10 per cent in intra-day deals to a high of Rs 2,739. READ MORE

3:53 PM

Digispice Technologies slumps nearly 10% as CEO Chandrachur Ghosh resigns

Digispice Technologies' shares cracked 9.7 per cent to Rs 26.10 on the BSE after the company said its chief executive officer (CEO), Chandrachur Ghosh, has tendered his resignation. Ghosh will be serving his notice period till January 31, 2023. READ MORE

3:51 PM

Rupee ends marginally firmer at 82.27 versus $

Source: Bloomberg

3:50 PM

Market Breadth fairly negative; 136 stocks hit new 52-week high on BSE

3:48 PM

Nifty Metal index dips 1%; Jindal Steel sheds 2.5%

3:47 PM

Nifty Realty index slips 1.5%; Indiabulls Real Estate tanks over 7%

3:45 PM

Nifty IT index tanks over 3% on valuation worries