Sensex tumbles 931 pts, Nifty holds 21,150; SmallCap index sheds 3.4%

Closing Bell on Wednesday December 20: Sectorally, the Nifty Media index tumbled 4.86 per cent, the Nifty PSU Bank index 4.2 per cent, the Nifty Metal 4 per cent

Stock market highlights: After hitting record highs in morning deals, equity markets turned sharply lower in the later half of the session. 

The S&P BSE Sensex, which hit a record high of 71,913 in the morning deals, sunk to a low of 70,303 before closing at 70,506, down 931 points or 1.3 per cent.

The Nifty50, too, dropped to a low of 21,087 before ending at 21,150, down 303 points or 1.41 per cent. It hit a record high of 21,593 earlier today. 

All the 30 Sensex stocks, and 46 of 50 Nifty stock settled in the negative zone led by Adani Ports (down 6.4 per cent), Adani Enterprises, UPL, Coal India, Tata Steel, M&M, HDFC Life, HCL Tech, Eicher Motors, Tata Motors, NTPC, SBI, Grasim, Apollo Hospitals, Hindalco, Tech M, L&T, and Bajaj Finance (down 2 per cent). 

The broader markets, too, clocked their biggest one-day loss since October 2023 with the BSE MidCap and SmallCap indices falling 3.3 per cent and 3.4 per cent, respectively.

Sectorally, the Nifty Media index tumbled 5.11 per cent, the Nifty PSU Bank index 4 per cent, the Nifty Metal 3.8 per cent, and the Nifty Realty index 2.43 per cent. 

 

4:00 PM

Tech View :: 'There might be a consolidation phase for the Nifty in the near term'

The Nifty experienced a sharp correction as bearish sentiment persisted. It failed to sustain above 21,500, resulting in increased call writing at the 21,500 strike, subsequently leading to a significant downturn.

At its lowest point, the Nifty dropped just below 21,100 before recovering to close above that level.

Looking ahead, there might be a consolidation phase for the Nifty in the near term. Resistance is expected around 21,500, while support is anticipated at 21,100.

Views by: Rupak De, Senior Technical Analyst at LKP Securities

3:57 PM

Comment :: 'It is too early to conclude the uptrend has faded'

This is the first serious slide in the Nifty index after the seven weeks of up move and it may result in further dip.

However, it is too early to conclude the uptrend has faded until the Nifty breaks 20,700 i.e. 20 EMA on the daily chart.

We reiterate our preference for index majors and suggest accumulating quality names during this phase.

At the same time, the pressure could be higher in the midcap and smallcap space so participants should reduce their positions and maintain strict stop losses in remaining trades.

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

3:51 PM

Comment :: What led to the sudden fall in markets?

The domestic market saw a sharp and abrupt sell-off in the second half, despite the positive trend in global peers.

This is attributable to profit booking from the recent sharp rally stretching valuations of mid- and small-cap stocks. The recent uptick in crude prices prompted investors to book profits.

Most of the sectors witnessed decline, with the least fall in FMCG, banking, and IT.

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

3:48 PM

Currency check :: Rupee ends flat vs USD

3:44 PM

SmallCap Heatmap : Index drops 3.4% after hitting record high of 42,649 intraday

3:43 PM

MidCap Heatmap :: Index ends 3% lower after hitting record high of 36,483 intraday

3:42 PM

Sectoral trends :: All indices bleed; Media crashes 5%, PSB 4%

3:40 PM

Nifty Heatmap :: Only 4 stocks end higher on Nifty; Adani Ports drops 6%

3:38 PM

Closing Bell :: Nifty slides to 21,150

>> Index hit record high of 21,593 intraday

3:36 PM

Closing Bell :: Sensex cracks 931 pts after hitting record high intraday

>> Index swings 1,610 points intraday

>> Hit record high of 71,913

3:26 PM

ICICI Bank faces Rs 7.47 cr GST demand from Maharashtra department

Starting December, the Maharashtra GST department has issued notices to multiple banks concerning the taxability of custodial services provided to foreign portfolio investors (FPIs), according to a report by the Hindu Businessline. The state GST authorities assert that the custodial services offered by SEBI-registered custodian banks do not qualify as zero-rated supplies for export purposes.READ MORE

3:16 PM

Sector check :: All sectors bleed; Media index crashes 5%

3:04 PM

Global check:: US, UK stock futures down up to 0.5%

Source: Investing.com

2:53 PM

At Rs 3.79 trn, PSU capex hits 52% of budget target by September end

Capital expenditure by central public sector enterprises touched about 52 per cent of the Budget target at Rs 3.79 lakh crore in the first half of current fiscal, the finance ministry said. READ MORE

2:42 PM

ALERT:: DCB Bank, Easy Home Finance ink co-lending tie-up; stock down 4%

DCB Bank and Easy Home Finance have entered a co-lending business alliance to offer affordable home loans in the country.