Financial, IT shares drag Sensex 453 pts, ends below 60K; Nifty near 17,850

Closing Bell: Nifty IT fell 2 per cent followed by 0.7-1 per cent cuts each in Bank, Financial, Metal, Realty and Pharma indices. FMCG and Consumer Durables outperformed with fractional gains

CLOSING BELL

STOCK MARKET HIGHLIGHTS

Weakness gripped Dalal Street on Friday as equity markets declined for a third straight session registering their first weekly loss of 2023. Investors remained on the sidelines as they awaited a key jobs report in the US due for release later today. 

The jobs data will likely dictate market trend in the US as strong job additions could mean continued monetary tightening by the Federal Reserve. 

The BSE Sensex sank 683 points to the day's low of 59,670 before closing 453 points lower at 59,900. The NSE Nifty touched a low of 17,796 and eventually pulled back to end 133 points lower at 17,859. 

The top laggards that weighed on the benchmark indices were financial and IT shares. TCS, IndusInd Bank, Bajaj twins, Tech M, Kotak Bank, Infosys, Airtel, Tata Motors, Titan and Wipro led losses on Sensex, shedding 1-3 per cent, while JSW Steel was the top Nifty loser. 

Handful of index winners included M&M, Reliance, Nestle, ITC, L&T, Britannia, BPCL and ONGC, which closed up to 1 per cent higher. 

Besides, broader markets also could not escape the selloff and declined in line with benchmarks. The BSE Midcap and Smallcap indices slipped 0.7 per cent each.  

Losses were equally spread across sectors. Nifty IT fell 2 per cent followed by 0.7-1 per cent cuts each in Bank, Financial, Metal, Realty and Pharma indices. FMCG and Consumer Durables outperformed with fractional gains. 

Among buzzing stocks, IDBI Bank ended the day with a 8 per cent gain after SEBI allowed the government's stake in the lender to be reclassified as public after divestment. Read here

Shares of Sigachi Industries soared 20 per cent after the pharmaceutical company announced that its board will meet on January 10, 2023 to mull fund raising via preferential issue. Read here

BS Special: Bajaj twins need to sustain these key levels to prevent extended selloff

Bajaj Finance reported its strongest-ever loan book growth in the recently concluded December quarter. Despite this, its share price took a hit and extended losses into Friday’s trade as the assets under management (AUM) growth came below expectations. The broader trend in Bajaj Finance and Bajaj Finserv stocks has turned weak and if both these stocks fail to rebound and overcome key levels, the sell-off could intensify. Read here

4:13 PM

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

Bears continue to have the upper hand as the benchmark index Nifty has been posting red candles for the last three days. The Nifty found support around the previous swing low on the daily timeframe. The momentum indicator RSI (14) is in bearish crossover, suggesting weak price momentum for the near term. Going forward, 17,770 is likely to act as support for the falling Nifty; a decisive fall below the said level may take the index towards 17,500. On the higher end, resistance is visible at 18,000, above which a recovery may come.

4:08 PM

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

Investor risk sentiment took a blow post the release of the FOMC meeting minutes, which indicated further rate hikes in 2023 to tame inflation. Upcoming key US jobs data is expected to be encouraging which would influence the next Fed’s policy. The market already remains sensitive to FIIs selling and IT stocks traded with deep cuts ahead the release of corporate earnings next week as the growth is anticipated to be muted.

4:04 PM

GLOBAL CHECK: Mixed trade for European markets

3:59 PM

GLOBAL CHECK: US equity futures mixed ahead of jobs data

3:54 PM

Over 1,400 stocks advanced, while 2,075 declined

3:50 PM

Nifty IT index slips 2%, losses led by TCS, Tech Mahindra

3:47 PM

Broader markets subdued; India VIX advances in green

3:45 PM

Barring Nifty FMCG index, all sectors drown in the sea of red

3:43 PM

JSW Steel, TCS, IndusInd Bank top Nifty50 laggards

3:39 PM

Britannia, RIL, M&M top Nifty50 gainers

3:36 PM

SENSEX HEATMAP: Only 5 out of 30 index constituents remain in green

3:34 PM

CLOSING BELL: Nifty50 closes below 17,900 levels, down 132pts

3:33 PM

CLOSING BELL: Over 450pts fall for Sensex, slips below 60,000-mark

3:25 PM

Maruti Suzuki launches two CNG powertrain options of SUV Grand Vitara

The Grand Vitara S-CNG can also be owned through Maruti Suzuki Subscribe at an all-inclusive monthly subscription fee starting from ₹30,723, the company stated. READ MORE

3:15 PM

Indian shares drop 1% on earnings as US data indicates rise in Fed rate

Indian shares declined across the board on Friday, with investors nervous ahead of the earnings season after recent warnings by some major companies and as strong U.S. data indicated the Federal Reserve could keep hiking rates. Read more