Sensex snaps 8-day winning run, ends 161 pts lower ahead of Fed outcome

CLOSING BELL: The NSE Nifty 50 settled with a loss of 58 points. IT, metal and energy stocks slipped, while FMCG shares ended on a firm note.

Stock Market Highlights: The key benchmark indices exhibited weakness on Wednesday tracking negative cues from the overseas markets, ahead of the US Federal Reserve policy outcome later tonight. In the broader market, Adani Group and airline stocks were in focus owing Q4 earnings and Go First woes.

The S&P BSE Sensex ended 161 points lower at 61,193, after having hit a low at 61,024. In the preceding eight straight trading sessions the BSE benchmark had rallied 1,788 points. The NSE Nifty settled with a loss of 58 points at 18,090. 

Also read: Earnings Preview - Price hikes to favor Hero Moto's Q4 revenues

Among the 30-share index, Bharti Airtel and Tech Mahindra slipped 1.5 per cent each. Axis Bank, Bajaj Finance, Larsen & Toubro, TCS, Sun Pharma, SBI and Reliance Industries were down over a per cent each. Whereas, Hindustan Unilever added 1.5 per cent. Asian Paints, Tata Motors, UltraTech Cement and ITC were the other prominent gainers.

In the broader market, shares of airline companies logged smart gains after non-listed firm Go First filed for bankruptcy. InterGlobe Aviation (IndiGo) soared 4.5 per cent. Jet Airways rallied 5 per cent, and SpiceJet gained 1.5 per cent. Analysts believe Go First insolvency plea could trigger a 'momentum rally' in shares of rival airlines. READ MORE

That apart, shares of MRF zoomed over 5 per cent after the company reported strong Q4  earnings and declared Rs 169 per share dividend. The tyre-maker’s net profit more-than-doubled to Rs 410.66 in the quarter ended March 2023 when compared with Rs 156.78 crore in Q4FY22.

Meanwhile, the BSE Midcap and Smallcap indices outperformed and finished with marginal gains of 0.4 per cent and 0.2 per cent, respectively. The overall breadth was tad negative, with 1,781 stocks declining v/s 1,716 shares advancing on the BSE.

On the flip side, shares of Adani Group stocks, Adani Enterprises and Adani Wilmar plunged over 4 per cent each. Adani Ports, Adani Power, Adani Green, Adani Transmission, Ambuja Cement and Adani Total Gas dropped 2- 3 per cent each.

Manappuram Finance slumped over 12 per cent after reports said the Enforcement Directorate (ED) conducted searches at the company's premises in a money laundering investigation. READ MORE

4:03 PM

Tech View :: Here're the key levels to watch on Nifty50

On the daily charts we can observe that the Nifty is trading around the 18100 mark since the past two trading sessions. The level coincides with the 61.82% Fibonacci retracement level of the fall from 18889 – 16828 and thus making it a crucial level from short term perspective and could be one of the reasons for the consolidation since past couple of trading sessions. The hourly Bollinger bands are contracting, and the hourly momentum indicator is having a negative crossover which also suggests a consolidation is likely. Overall, the uptrend is still intact, and this consolidation should be taken as an opportunity to create fresh long positions. On the downside crucial support zone is placed at 18000 – 17960 while gap area formed today between 18115 – 18130 shall act as an immediate hurdle zone. 

 

Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

4:00 PM

Tech View :: Decisive move above 18,200, may take Nifty towards 18,500

Nifty remained mostly rangebound, following a timid start as the investors await Fed rate decision. On the daily chart a small red bodied candle has formed. The sentiment remains positive as the index has sustained above 18,000. Over the short term, the index is likely to remain in the range of 18,000 and 18,200. A decisive move above 18,200, may take the index towards 18,500.

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

3:59 PM

Comment :: US Fed outcome, weekly F&O expiry to keep markets choppy on Thursday

With all eyes on the US Fed, we will see the reaction in early trades on Thursday. Besides, the scheduled weekly expiry would further add to the choppiness. Some consolidation can’t be ruled out in the index but the tone is likely to remain positive till Nifty manages to hold 17,850 levels. We thus reiterate our view to focus on stock selection. 

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

3:50 PM

Currency check :: Rupee ends at 81.82/$ against Tuesday’s close of 81.88/$

3:49 PM

Buzzing stocks :: Adani Wilmar slides 4% post weak Q4 numbers

3:47 PM

Buzzing stocks :: MRF rallies 5% post strong Q4 results; other stocks rally too

3:45 PM

Buzzing stocks :: Manappuram Finance tanks 12% on reports of ED raid

3:43 PM

Buzzing stocks :: IndiGo gains 5% as Go First files for bankruptcy

>> SpiceJet adds 1%, Jet Airways 5%

3:41 PM

Broader indices shine even as benchmark indices languish in red

3:40 PM

Sectoral trends :: Most indices end in red; FMCG, pvt banks buck trend

3:39 PM

Sensex Heatmap :: Airtel, tech M, Axis Bank drag the 30-pack index

3:37 PM

CLOSING BELL :: Nifty ends below 18,100

3:35 PM

CLOSING BELL :: Sensex slips over 150 pts ahead of US Fed decision

3:23 PM

Bitcoin trading volume tanks massively by 58% to $492.9 billion in April

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3:12 PM

Godrej Properties sees 15% rise in FY24 bookings value after Q4 profit jump

The company expects bookings of 140 billion rupees for the current fiscal, higher than the 123.32 billion rupees in fiscal 2023, which beat its own forecast. READ MORE