Sensex ends lower for third straight day, slips 129 pts; SBI, ITC dip 2%

CLOSING BELL ON MAY 18: The NSE Nifty 50 slipped 52 points to 18,130 as weekly expiry also weighed on the sentiment.

Stock Market Highlights: The key benchmark indices extended losses for the third straight trading session on Thursday, partly weighed down by profit-taking and weekly Nifty expiry. The selling intensified in late deals, after index heavyweights SBI and ITC announced Q4 results.

The S&P BSE Sensex, which, rallied to a high of 61,956 dropped to a low of 61,349 in latter half of the trading session. The BSE benchmark eventually ended the day with a loss of 129 points at 61,432. In the process, the 30-share index has declined 914 points in the last three straight days.

The NSE Nifty 50 declined from a high of 18,297, to a low of 18,105, before signing off the day at 18,130 – down 52 points.

SBI was the major loser among the Sensex 30 stocks, it slipped over 2 per cent even as the PSU Bank reported a strong 83.2 per cent YoY growth in Q4FY23 net profit at Rs 16,695 crore. 

Similarly, ITC was down nearly 2 per cent after posting 21 per cent YoY growth in Q4 standalone net profit at Rs 5,086.90 crore. Titan, Mahindra & Mahindra, PowerGrid Corporation, Larsen & Toubro, Tata Motors, Hindustan Unilever and UltraTech Cement were the other major losers.

In the broader market, the BSE Midcap index shed 0.7 per cent, while the Smallcap index was down 0.3 per cent.

4:07 PM

Tech View :: 'Nifty is approaching crucial support of 18,079; stay stock specific'

On the hourly charts, we can observe that the Nifty has faced resistance around the key hourly moving averages and faced selling pressure. Going ahead 18,300 – 18,350 shall act as a stiff resistance. On the way down the Nifty is approaching the crucial support of 18,079 which coincides with the 20 day moving average and below that lies the psychological support level of 18,000. So, on the downside, there are multiple support parameters which shall provide cushion and restrict a deep correction. Stock specific action can take place over the next few trading sessions. The daily momentum indicator has a negative crossover which is a sell signal. Thus, considering the above we have changed our outlook to sideways and the range of consolidation is 18,400 – 18,000. 

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

 

 

3:55 PM

Comment :: 'Prudent to stay light and accumulate quality stocks'

Markets traded volatile on the weekly expiry day and ended marginally lower. Firm global cues triggered a gap up start however profit taking in the select index majors trimmed the gains as the day progressed. Consequently, the Nifty index settled at 18129.95 levels; down by 0.28%. Mostly sectoral indices ended lower wherein realty, pharma and FMCG were among the top losers however some resilience in banking and financials capped the damage. The broader indices too witnessed profit taking and shed nearly half a percent each.

 

It is healthy consolidation so far however volatility across sectors is keeping traders on their toes. We feel it’s prudent to stay light and utilize this phase to gradually accumulate quality stocks from top performing sectors viz. banking, financials, FMCG and auto. 

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

3:50 PM

Comment :: 'India VIX staying at lower levels indicates market stability'

Positive developments in debt-ceiling negotiations in the US had a favourable impact on global market sentiments. However, the domestic market experienced a subdued mood in the latter half, mainly attributed to the mixed earnings reported by sector majors. India's VIX at lower levels indicates market stability, instilling confidence in investors and encouraging long-term investment.

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

3:46 PM

Currency check :: Rupee ends near 6-week lows of 82.60/$

3:45 PM

Buzzing stock :: JK Tyre cracks 9% post Q4 results

3:43 PM

Buzzing stock :: Jindal Saw ends off highs, still 6% on solid Q4, plan to sell UK arm

3:41 PM

Buzzing stock :: Restaurant Brands Asia zooms 13% on Everstone stake sale buzz

3:40 PM

Buzzing stock :: Jubilant FoodWorks ends off lows

3:39 PM

Buzzing stock :: ITC falls 2% as Q4 numbers miss estimates

3:37 PM

Broader market :: MidCaps underperform peers, index down 0.67%

3:36 PM

Sector check :: Realty, PSB indices fall 2%, financial services buck trend

3:35 PM

Sensex Heatmap :: ITC, SBI drop 2% each post Q4 results, drag benchmarks

3:34 PM

CLOSING BELL :: Nifty ends below 18,150

3:32 PM

CLOSING BELL :: Sensex drops over 600 pts from days high, ends lower for 3rd day

3:22 PM

ALERT:: GNFC Q4 net dips 48%; stock slumps 10%

GNFC today reported a sharp 48 per cent fall in Q4 net profit at Rs 334 for the quarter ended March 2023 as against Rs 643 crore in the quarter ended March 2022. Total income was down 15.5 per cent YoY at Rs 2,394 crore.