Sensex drops 208 pts, Nifty below 18,300; metal, financial stocks weak

CLOSING BELL: Adani Enterprises fell over 6 per cent, while Adani Ports, Tata Motors, HDFC, HDFC Bank, ICICI Bank, Reliance Industries, HUL, and Asian Paints declined up to 2 per cent

Stock market highlights: The penultimate day before the monthly F&O expiry ended with decent cuts as investors sold metal, financial, and Adani group shares. Moreover, an impasse over debt-ceiling negotiations in the US, too, weighed on the sentiment.

The S&P BSE Sensex dropped 208 points, or 0.34 per cent, to 61,774 levels on Wednesday, while the Nifty50 shut shop at 18,285 levels, down 62 points or 0.34 per cent. 

Adani Enterprises fell over 6 per cent, while Adani Ports, Tata Motors, HDFC, HDFC Bank, ICICI Bank, JSW Steel, BPCL, Hindalco, Bjajaj Finserv, Reliance Industries, HUL, Kotak Bank, and Asian Paints declined in the range of 0.5 per cent to 2 per cent.

The broader markets, however, managed to eke out gains with the BSE MidCap and SmallCap indices rising up to 0.13 per cent.

Among sectors, the Nifty Metal index declined 1.58 per cent, followed by the Nifty Financial Services index (0.8 per cent) and the Nifty Bank index (0.66 per cent). On the upside, the Nifty Pharma index added 1 per cent. 

4:22 PM

COMMENT:: Stalled US debt talks, hawkish Fed comments weigh on global markets

"The domestic market experienced a short-lived rally that was overshadowed by subdued global market sentiment. US Treasury yields rose due to concerns over stalled US debt ceiling talks and hawkish comments from US Fed officials, which reduced the chances of a rate pause. European markets also declined, triggered by higher-than-expected UK inflation figures that bet on more rate hikes by the BoE."

 

- Vinod Nair, Head of Research at Geojit Financial Services

 

4:21 PM

VIEW:: Watch out for breakout from the 18,200 - 18,400 range on Nifty

"The Nifty index has been firmly held by bears, indicating their strong control over the market. The index is currently facing significant resistance at the level of 18,400, which has proven to be a challenging barrier to overcome. The ongoing battle between bulls and bears has resulted in the index trading within a consolidated range between 18,200 and 18,400 levels. However, a break above or below this range has the potential to trigger trending directional moves in the market. Traders and investors should closely monitor the index for a potential breakout or breakdown, as it may indicate a shift in market sentiment and the beginning of a new trend."

- Kunal Shah, Senior Technical Analyst at LKP Securities

4:20 PM

VIEW:: Resistance for Bank Nifty seen at 43,700 - 44,000

"The Bank Nifty closed with selling pressure, breaking below the previous consolidation level. The Relative Strength Index (RSI) is in a bearish crossover, indicating a negative sentiment. The support level is placed at 43,500; a fall below 43m500 may trigger further correction in the Bank Nifty. Resistance levels are situated at 43,700 and 44,000, where call writers are waiting with their positions." 

- Rupak De, Senior Technical Analyst at LKP Securities

 

4:16 PM

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4:14 PM

Mahindra CIE surges 9%, hits 52-week high after large block deal

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Dreamfolks Services hits record high; rallies 16% in two days on healthy Q4 results

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4:05 PM

Gains in Delhivery dependent on a sustained improvement in margins

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4:03 PM

WPIL gains 4%; stock has zoomed over 170% in 4 months

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4:00 PM

Nifty Consumer Durables index advances 1.4%; Dixon, Amber rally up to 7%

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3:57 PM

Nifty Pharma index gains 1%; Laurus Labs jumps 6%; Sun Pharma, Granules shine

3:54 PM

Market Breadth was negative; Nearly 1,800 stocks declined v/s 1,677 advancing shares on the BSE

3:52 PM

BSE Smallcap Heatmap:: Schneider Electirc, Deep Inds zoom up to 13%; Rel Power tanks 7%

3:49 PM

BSE Midcap Heatmap:: Deepak Nitrite, Laurus Labs shine; Cummins, Rajesh Exports whine