Sensex sinks 826 pts, Nifty ends below 19,300; SmallCap index slides 4%

Closing Bell on October 23, 2023: The broad-based losses were led by PSU banks, metals, real estate, and IT stocks. Their respective indices, thus, fell 3.89%, 3.3%, 3.14%, and 2% on the NSE

Stock market highlights: Markets continued to reel under selling pressure for fourth straight day, gaining steam in the second half of the session. The S&P BSE Sensex tumbled 826 points to end at 64,572 levels, while the Nifty50 shut shop at 19,282, lower by 261 points, as US Treasury yields hit 5-per cent mark, while tensions continued to simmer in the Middle East. Both the indices fell around 1.3 per cent each.

The benchmarks were dragged by LTIMindtree, Adani Enterprises, Hindalco, UPL, Adani Ports, JSW Steel, Tata Steel, TCS, Tata Motors, HDFC Life, IndusInd Bank, Wipro, Grasim, SBI Life, Hero MotoCorp, SBI, and L&T as they declined in the range of 2 per cent to 4 per cent. 

The broad-based losses were led by PSU banks, metals, real estate, and IT stocks. Their respective indices, thus, fell 3.89 per cent, 3.3 per cent, 3.14 per cent, and 2 per cent on the National Stock Exchange (NSE). 

Individually, Central Bank of India, Bank of India, Bank of Maharashtra, Indian Overseas Bank, Uco Bank, Hindustan Copper, Welspun Corporation, NMDC, Mahindra Lifespace, DLF, Macrotech Developers, LTIMIndtree, TCS, Wipro, Mphasis, and LTTS crashed between 2 per cent and nearly 10 per cent. 

In the broader markets, the sell-off was sharper with the BSE MidCap and SmallCap indices dropping 2.5 per cent and 4.18 per cent, respectively.

3:58 PM

Tech View :: Weakness to continue in near-term; check key levels on Nifty, Bank Nifty

Nifty50
On the daily charts, we can observe that the Nifty has breached the previous swing low of 19,333 it touched in first week of October and has closed below that indicating a breakdown. Weekly, daily and hourly momentum indicator has a negative crossover which is a sell signal.

Thus, both price and momentum indicator is suggesting a further decline. On the downside, the Nifty is likely to drift towards 19,000 from a short-term perspective. On the way up, 19,500 - 19,530 shall act as an immediate hurdle zone as per the principle of role reversal.

 

Bank Nifty

Bank Nifty also witnessed a sharp fall. It broke below the 43,500 zone and witnessed a sharp decline. On the way down, 43,000 is the psychological level and below that it can slip towards 42,490. Today, there has been a breakdown and hence the weakness is likely to persist over the next few trading sessions

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

 

3:55 PM

Comment :: 'Period of consolidation will be shaped by global events'

Despite the healthy performance of private banks and marginal reductions in oil prices, investor confidence remained pessimistic, and a widespread consolidation persisted in the domestic markets.

The global markets echoed the same trend as the unrest in West Asia has the potential to spiral further. Increased apprehensions surrounding prolonged elevated interest rates fuelled a continued upward movement in the US 10-year yield.

Amid worries over moderation in growth on account of elevated interest rates and higher energy prices, heightened risk aversion was witnessed in the Indian mid- & small-cap space, banks, metals, and energy stocks.

While a period of consolidation in the short term seems certain, the extent of this phase will be shaped by global factors

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

3:50 PM

Commodity check :: Oil prices off lows, Brent holds above $90/bbl

3:48 PM

US Treasury Yield hits 5% for the first time since 2007

3:46 PM

Bond market :: Yields on 10-year G-Sec climb amid risk averse sentiment

3:45 PM

Broader markets :: BSE SmallCap index falls the most in 2023

3:43 PM

Sectoral trends :: Broad-based selling clouds markets; PSBs, Metals bleed the most

3:41 PM

Sensex Heatmap :: 28 stocks tank led by JSW Steel, Tata Motors, Tata Steel

3:39 PM

Closing Bell :: Nifty ends below 19,300

3:37 PM

Closing Bell :: Sensex falls for 4th day, drops 826 pts

3:27 PM

BSE SmallCap index tumbles 3.5% in second sharpest single-day fall of 2023

At 02:17 PM: the S&P BSE Smallcap index, the top loser among broader indices, was down 2.93 per cent or 1,117 points at 37,081.82. In comparison, the S&P BSE Sensex was down 0.45 per cent and the S&P BSE Midcap index down 1.4 per cent. READ MORE

3:17 PM

Bond market :: 10-year yield at day's high

3:07 PM

Global check:: US stock futures down around 0.4%

Source: investing.com

2:59 PM

Market check:: Sensex slides over 500 pts; IT, metals weigh

2:53 PM

4% inflation focus may not signal 'higher for longer' rates: MPC members

India's monetary policy committee's (MPC) decision to reinforce the 4% retail inflation target follows inflation returning to its 2%-6% comfort zone, but does not necessarily signal rates will remain higher for longer, two external members of the committee told Reuters. READ MORE