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Stock Market Highlights: Sensex tanks 1,062 pts, Nifty below 22k; Mid, SmallCap indices fall 2%

Stock Market Highlights on Thursday, May 09: Weighing on the benchmarks was selling in heavyweights like L&T, HDFC Bank, Reliance Industries, ITC, Asian Paints, ICICI Bank, and Bajaj Finance

Bs_logoImageSI Reporter New Delhi
Bs_logoStock Market LIVE: Nifty near 22,150; TBO Tek IPO subscribed 2x, Aadhar Housing Finance 68%

1 min read Last Updated : May 09 2024 | 4:00 PM IST

Key Events

4:00 PM

Tech View :: What are the make-or-break levels for Nifty, Bank Nifty

Nifty50
On the daily charts we can observe that the Nifty has reached the lower end of the rising channel (21,950 – 21,900) which if breached on the downside can lead to a sharp decline towards 21,270. So Nifty is at a Make-or-Break level.
 
Nifty Bank
The Bank Nifty is also approaching the lower end of the rising channel placed at 47,200 – 47,000. The 20-week average is placed at 47,244. So the Bank Nifty is approaching multiple support levels which can help to restrict the fall. Overall, the Indices have been falling and now approaching crucial make or break levels.

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

3:53 PM

Comment :: 'Market weakness to continue in the near-term'

The broader market witnessed volatility, underscoring caution on account of Q4 earnings and general election uncertainties, which led investors to stay on the sidelines. We expect the trend to continue in the short term as the market slid below the physiological level of 22,000. The global indices are trading with mixed cues ahead of the BOE policy meeting later today and US inflation figures due next week.

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

3:43 PM

Currency check :: Rupee ends at 83.51/$

3:42 PM

Broader markets :: Mid, SmallCap indices fall 2% each

3:40 PM

Sector Watch :: Metal index falls up to 3%, Bank 1%; Auto bucks trend

3:39 PM

Sensex Heatmap :: Only 5 stocks edge higher led by TaMo, M&M

3:37 PM

Closing Bell :: Nifty breaks below 22,000

3:35 PM

Closing Bell :: Sensex plunges over 1,000 pts

3:25 PM

HPCL Q4 result: Net profit falls 25% to Rs 2,709 cr on low refining margins

The firm earned $ 6.93 on turning every barrel of crude oil into fuel in the quarter against the $ 8.50 per barrel refining margin in the preceding quarter. READ MORE

3:16 PM

Comment :: Why are markets falling?

The key Indian indices continue to extend their losing streak, with Nifty and Sensex falling to their weakest level in the last three weeks.

The fall in the market is primarily attributed to the prevailing uncertainty surrounding the general elections. This uncertainty has significantly bolstered India's volatility gauge, the India VIX, reaching its 52-week high at 19, indicative of market apprehension. 
 
Moreover, the muted cues from the Q4 earnings of large-cap companies have further dampened investor sentiment. In the global context, a subdued sentiment has developed due to the hike in crude oil prices, which has aggravated inflationary concerns. This escalation comes amidst the US Federal Reserve's decision to undertake any interest rate cuts, which could potentially contribute to further market decline.

Additionally, Nifty prices are currently trading below their 55-day EMA which has served as key support in the past.

Views by: Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.
 

3:04 PM

Tata Motors Q4 Preview: Robust sales, low commodity prices to aid earnings

Analysts anticipate robust results for Tata Motors, propelled by the advantages of operating leverage, favourable commodity trends and strong volume growth across its various segments. READ MORE

 

2:55 PM

Brokerage recommends buying these 3-stocks having upside up to 26%

According to analysts, one such stock that will keep its upward momentum going is Credit Access Gramin, having an upside of 26 per cent on its current market price of Rs 1,429 as of May 8. READ MORE


2:45 PM

Cipla Q4 Results Preview: Profits may jump up to 75% on higher volumes

Cipla may show a 3-10 per cent jump in its topline year-on-year (Y-o-Y), registering revenues in the range of Rs 5,939 crore and Rs 6,292 crore. READ MORE




2:36 PM

Nifty can crash 1,200 points if this key level is broken. Details here

Earlier on April 19, 2024, the Nifty 50 had tested the 100-DMA support, and then staged a smart rally of 4.7 per cent, or 1,017 points, to hit the new peak of 22,794.70. READ MORE




2:24 PM

Auto index hits new high in weak market; TVS Motor, Hero MotoCorp surge 6%

Thus far in the calendar year 2024, the BSE Auto index has rallied 23 per cent as against 1.1 per cent gain in the S&P BSE Sensex. READ MORE

Closing Bell on May 9: Persistent FII selling, coupled with nervousness around the Lok Sabha election results, broke the back of market bulls on Thursday. The S&P BSE Sensex crashed 1,062 points, or 1.45 per cent, to end at 72,404. The Nifty50, too, settled below the crucial 22,000-mark at 21,958, down 345 points or 1.55 per cent.

The indices hit intraday lows of 72,334 (down 1,132 points) and 21,932.4 (down 370 points), respectively.

Weighing on the benchmarks was selling in heavyweights like L&T, HDFC Bank, Reliance Industries, ITC, Asian Paints, ICICI Bank, and Bajaj Finance which dropped in the range of 1 per cent to 7 per cent.

Percentage-wise, L&T, Asian Paints, ITC, JSW Steel, IndusInd Bank, NTPC, Bajaj Finance, HDFC Bank, Tata Steel, Bajaj Finserv, Power Grid, Reliance Industries, and Sun Pharma fell between 2 per cent and 6 per cent.

In the broader markets, the BSE MidCap index declined 2 per cent, and the BSE SmallCap index erased 2.4 per cent.

Among sectors, the Nifty FMCG, Metal, Pharma, and Realty indices shed over 2 per cent each. The Nifty Auto index was the sole winner, up 0.8 per cent. 

Topics :MARKET LIVEMARKET WRAPIndian stock exchangesQ4 ResultsIndian stock marketMarkets Sensex NiftyBSE SensexNSE Nifty50 benchmark indexNifty50MARKETS TODAY

First Published: May 09 2024 | 7:36 AM IST