Sensex ends 304 pts lower at 60,353, Nifty below 18K; Bajaj Finance down 7%

CLOSING BELL: Broader markets, meanwhile, outperformed benchmark indices as Nifty MidCap 100 and Nifty SmallCap 100 indices rose up to 0.4 per cent

CLOSING BELL

Domestic markets closed lower for the second consecutive day after traders digested hawkish minutes from the US Federal Reserve's December meeting. Read top reasons behind the fall in markets

Though benchmark indices opened with marginal gains in Thursday's trade, it later nosedived into negative territory. While the S&P BSE Sensex cracked over 600 points to hit day's low of 60,049 levels, renewed buying across metals, auto, pharma stocks helped the benchmark trim losses to close at 60,353 levels, down 304 points or 0.5 per cent. 

The NSE Nifty, on the other hand, closed at 17,992 levels, down 50 points or 0.28 per cent.

Broader markets, meanwhile, outperformed benchmark indices as Nifty MidCap 100 and Nifty SmallCap 100 indices rose up to 0.4 per cent.

Sectorally, Nifty Pharma, Nifty FMCG, Nifty Auto, and Nifty Metal indices were the top performers, as they surged up to 1 per cent. However, Nifty Financial Services and Nifty IT indices were subdued in trade, declining up to 1 per cent.

Among individual stocks, Bajaj Finance was the top laggard on the Sensex index, down over 8 per cent, after the consumer finance reported that assets under management (AUM) grew by 27 per cent year-on-year (YoY), lower than market expectations, to Rs 2.30 trillion as of December 31, 2022. READ MORE

GLOBAL MARKETS

After a hawkish reading of minutes from the US Federal Reserve's meeting, which indicated no rate cuts in 2023, the US equity futures slipped on Thursday. Dow Jones Futures, the S&P 500 Futures, and NASDAQ Futures fell up to 0.2 per cent.

European markets, too, were tepid in today's trade as DAX, Stoxx 600, FTSE 100 indices declined up to 0.2 per cent.

COMMODITIES CHECK
The domestic currency jumped 31 paise to provisionally close at 82.51 against the US dollar. The dollar index, meanwhile, which gauges the greenback’s strength against a basket of six currencies, fell 0.04 per cent to 104.21.

In the oil markets, prices of Brent Crude and WTI Crude climbed up to 2 per cent to trade at $79 per barrel, and $74 per barrel, respectively.

4:11 PM

NIFTY VIEW: Index likely to continue consolidation near 17,800-18,300

The Nifty opened gap up on Thursday only to attract selling pressure near the key hourly moving averages.

Thereon the index tumbled sharply. It went on to breach 18000 however received support near 17900. From there, the index had a swift bounce towards the end of the session.

The weekly chart shows that the index is getting support near the 20 WMA. Also, it has support from multiple technical parameters, which are near 17800. Thus, the overall structure shows continued consolidation near 17800-18300.

Views by Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas.

4:09 PM

COMMENT: Investors digesting FOMC minutes that affirm Fed's aggresive stance

Globally, investors are digesting the FOMC minutes, which revealed that the Fed is determined to tame inflation by maintaining its aggressive stance.

Financials led the losses in the domestic market following dismal business numbers from NBFC leaders. Oil prices recovered after falling sharply on fears of a worldwide recession as investors remain optimistic about long-term demand. 

Views by Vinod Nair, Head of Research at Geojit Financial Services.

4:04 PM

Castrol defies weakness; co in talks with domestic & global OEMs to supply EV fluids

4:02 PM

Godrej Cons gains 3%; sees double digit sales growth in Q3

3:58 PM

Bajaj Finance cracks 7% as Q3 AUM grows slower than expected

CLSA said the company recorded lower loan growth despite the festive season and the stocks still remains unjustifiably expensive.

3:56 PM

Marico lifts FMCG pack, sees margin improvement in Q3

Consolidated revenue in the quarter grew in low single digits on a year-on-year basis. Operating profit likely to have grown modestly.

 

3:52 PM

Suryoday SFB slips 2% despite firm Q3 update

The bank's Q3 deposits rose 48% YoY to Rs 46.84 billion, loans grew 11% YoY

3:47 PM

Rupee ends at 82.56/$ against Wednesday’s close of 82.80/$

3:45 PM

SECTORS: Financials sole drags; Pharma, FMCG, Metals, Oil & Gas surge 1%

3:41 PM

Midcap gains led by ABB, MRF, BHEL, Policybazaar

3:40 PM

Broader market defies weakness; Midcaps outperform

3:39 PM

ICICI Bank, Infosys, Titan other Nifty laggards

3:37 PM

Cipla, Bajaj Auto, JSW Steel additional winners on Nifty

3:36 PM

HEATMAP: Bajaj Twins sink up to 7%; FMCG majors aid recovery

3:34 PM

CLOSING BELL: Nifty gives up 18K; most stocks end with gains