HDFC Bk, HUL help Sensex cut losses, index sheds 286 pts; Nifty below 19450

Closing Bell on October 4, 2023: Nestle India, HDFC Bank, HUL, Infosys, and TCS rallied between 0.6 per cent and 3 per cent. Axis Bank was the biggest laggard, down 5 per cent

Stock market highlights: Equity markets roiled under heavy selling pressure on Wednesday as US Treasury yields hit fresh 16-year highs overnight, triggering risk averse sentiment. The benchmarks, however, ended off lows amid buying in IT and FMCG stocks.

The S&P BSE Sensex ended at 65,226, down 286 points or 0.44 per cent, while the Nifty50 shut shop at 19,436 levels, falling 93 points or 0.47 per cent. The indices hit intraday lows of 64,879 and 19,334, respectively.

Axis Bank was the biggest laggard on the bourses, down 4.7 per cent. Besides, SBI, IndusInd Bank, NTPC, Ultratech Cement, Tata Steel, Maruti Suzuki, Bajaj Auto, Bajaj Finserv, SBI Life, Tata Steel, L&T, Bajaj Finance, Sun Pharma, Apollo Hospitals, and Grasim were the other top draggers, down between 1.5 per cent and 3 per cent.

In the broader markets, the BSE MidCap index dropped 1.5 per cent, while the BSE SmallCap index fell 0.9 per cent.

Among sectoral indices, the Nifty PSU Bank index declined 2.8 per cent, followed by over 1 per cent decline in the Nifty Auto, Media, Metal, Pharma, and Realty indices. 

Buzzing stocks

Adani group: Shares of Adani Group companies were trading firm and rallied up to 9 per cent on the BSE in Wednesday’s intra-day trade in an otherwise weak market after Abu Dhabi conglomerate International Holding Company (IHC) on Tuesday said it increased its stake in Adani Enterprises (AEL) to more than 5 per cent.

Nestle India: Shares of Nestle India surged 4 per cent to Rs 23,333.65 on the BSE in Wednesday’s intra-day trade in an otherwise weak market after the company announced that the board will meet on October 19 to consider a stock split proposal. The board will also consider declaration of second interim dividend for the year 2023, if any.

Avenue Supermarts: Shares of Avenue Supermarts, which owns and operates DMart stores, rallied 5 per cent to Rs 3,899 on the BSE in Wednesday's intraday trade, in an otherwise weak market, after the company reported an 18.51 per cent year on year (YoY) increase in its standalone revenue from operations at Rs 12,308 crore in the September quarter (Q2-FY24). 

4:03 PM

Tech View :: 'Nifty Bank will fall 2% if 43,800 is broken on the downside'

The bears in the Bank Nifty maintained their control, causing the index to break below the support at 44,200. The next immediate support level is positioned at 43,800, and a breach below this level could trigger aggressive selling pressure, potentially leading to a further 2% correction in the index.

On the upside, the immediate resistance is in the range of 44,250 to 44,300. A breakout above this range may incite some short-covering moves in the index

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

4:01 PM

Tech View :: 'Nifty trend to remain bearish below 19,500'

The Nifty exhibited volatility throughout the day but managed to recover from the lowest point of the day before closing. The overall market trend remains bearish, with the Nifty trading below critical moving averages.

Looking ahead, the market may continue to follow a bearish trend as long as it remains below 19,500, with initial support likely around 19,330, a fall below the said level might take the Nifty towards 19,250-19,200.

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

3:59 PM

Comment :: Decoding sectoral trends on the bourses

Strong US job data is reinforcing Fed's hawkish stance and multi-year high US bond yields is signalling an impending interest rate hike. Globally, investors are adopting risk-averse strategies.

And in India, despite a robust economy, premium valuations of midcaps and recent rally is augmenting consolidation.

Interest-rate-sensitive sectors like real estate, banking, and metals are the most impacted category, while the FMCG sector is more optimistic in expectation of near-normal monsoon & festival demand. Auto is consolidating amid mixed growth numbers and in this weak period, large-cap are a trading safe to hold on.

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

 

3:58 PM

Comment :: 'Mid, SmallCaps showing sings of exhaustion'

We may see some respite in the index after the recent slide but the upside seems capped citing feeble global cues. On the other hand,  the broader indices are now showing early signs of exhaustion, which may prompt fresh fall in the midcap and smallcap space. We thus recommend focusing more on trade management and maintaining positions on both sides. 

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

3:56 PM

Bond market :: Yield on 10-year G-Sec ends higher

3:55 PM

Currency check :: Rupee ends 4 paise weaker

3:54 PM

BSE Stats :: Market breadth firmly favours bears

3:52 PM

Buzzing stock :: HDFC Bank ends sharply off lows on healthy Q2 business update

3:51 PM

Buzzing stock :: Bajaj Finserv ends 2% lower on tax notice against insurance arm

3:50 PM

Buzzing stock :: MCX slips over 1% as Madras HC to hear CFMA case on Nov 29

3:48 PM

Buzzing stock :: Sobha plunges 5% on criminal case against co

3:47 PM

Buzzing stock :: Updater Services ends 5% lower on debut day

3:46 PM

Sector check :: Realty Index falls 2% led by Sobha, Lodha

3:44 PM

Sector check :: PSBs witness broad-based selling; Punjab Sind Bank sink 5%

3:43 PM

Sector check :: Select IT stocks gain ahead of Q2 earnings season