Mid, SmallCap indices sink up to 4% ahead of CPI inflation; benchmarks flat

Closing Bell on September 12, 2023: Among sectors, the Nifty Media index declined nearly 4 per cent, the Nifty Metal index nearly 3 per cent, and the Nifty PSU Bank and Auto indices up to 2.5 per cent

Stock market highlights: Equity markets were volatile and ended mixed on Tuesday as investors chose to stay on the sidelines ahead of the release of the consumer price index (CPI)-based inflation data later today, and amid profit booking. 

The S&P BSE Sensex hit an intraday high of 67,539 and a low of 66,948, before ending at 67,221, up 94 points or 0.14 per cent. The Nifty50, on the other hand, shut shop at 19,993, down 3 points or 0.02 per cent. The index claimed a new lifetime high of 20,110 in intra-day trade.

The broader markets, meanwhile, saw their steepest one-day decline this calendar year with the BSE MidCap and SmallCap indices shedding 3 per cent and 4 per cent, respectively, at close.

Among sectors, the Nifty Media index declined nearly 4 per cent, the Nifty Metal index nearly 3 per cent, and the Nifty PSU Bank and Auto indices up to 2.5 per cent. On the upside, the Nifty IT and Pharma were the only indices that eked out gains today, rising up to 1 per cent. 

Buzzing stocks

Auto stocks: Shares of auto companies, mainly diesel vehicle makers, slipped in intra-day deals on Tuesday, after Nitin Gadkari, Minister of Road Transport and Highways of India, said he planned to approach the Finance Minister Nirmala Sitharaman with an additional tax proposal on diesel vehicles of 10 per cent. READ MORE

4:05 PM

Tech View :: 'Use correction to buy around 19,800'

We believe that the Nifty index is due for consolidation after a sharp rally in the last seven trading sessions. the range of consolidation is likely to be 20100 – 19800. Momentum indicators on the daily and hourly time frame are providing divergent signals which could lead to sideways consolidation. Thus, both price and momentum indicator suggest that there could be consolidation over the next few trading sessions. Overall, the short-term outlook is positive and this consolidation is likely to be used as a buying opportunity. In terms of levels, 19,865 – 19,810 is the crucial support zone while 20200 – 20,250 shall act as an immediate hurdle zone.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

4:03 PM

Comment :: Call writers on Bank Nifty have increased OI at this level

After a remarkable upward movement over the past week, the market experienced selling pressure from higher levels. Call writers have significantly increased open interest at the 46,000CE strike on Bank Nifty, which is now acting as a strong resistance level. On the downside, key support is seen at 45,200, and if it manages to hold this support, we could witness some recovery towards 45,600 or 45,800 levels.

Views by: Kunal Shah, Senior Technical & Derivative analyst at LKP Securities

4:01 PM

Comment :: 'Cautious trend can prevail in the short-term'

The level of pessimism has risen in the stock market leading to a precautionary approach to book profits on a notion that the valuation has extended beyond the rationale. The correction is happening on midcaps while large caps are maintaining their strength. This cautious trend can prevail in the short-term, but the end-game is on the rise of the domestic economy, surprising upside in corporate earnings, and change in domestic investment patterns, which is expected to continue on a long-term basis.

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

3:59 PM

ALERT :: 10-year bond yields ease slightly ahead of CPI inflation data

3:56 PM

Currency check : Rupee ends higher at 82.92/$

3:55 PM

ALERT :: Investors poorer by nearly Rs 5 trillion as broader markets bleed

>> BSE m-cap drops to Rs 319 trillion

>> VIX rose 3%

3:53 PM

BSE Stats :: Less than 1,000 stocks gained vs nearly 3,000 losing stocks

3:50 PM

Fertilizer shares crack amid reports of Russia stopping export of discounted urea to India

3:48 PM

Auto stocks swim in losses as Gadkari sparks tax concerns

>> Nitin Gadkari said if the industry doesn't move towards EVs, he will consider proposing additional 10% tax on diesel vehicles

>> He later clarified there is no active discussion on the same

3:45 PM

SmallCap indices tumbles 4%; Texmaco rail slides 14%

3:43 PM

MidCap index drops 3% led by BHEL, SJVN, JSW Energy

3:42 PM

Broader markets drown in losses amid profit booking

3:41 PM

Sectoral trends :: Media, Metal stocks sink; IT outshines

3:39 PM

Sensex Heatmap :: TCS, L&T, Infy lend support to 30-pack index

3:37 PM

CLOSING BELL :: Nifty holds 19,950