Sensex drops 379 pts, Nifty nears 21,650 amid Covid scare; pharma stocks up

Closing Bell on January 2, 2024: Among sectors, the Nifty Pharma index zoomed 2.5 per cent, followed by the Nifty Media index (0.43 per cent), and the Metal index (0.26 per cent)

Stock market highlights: Domestic equities declined on Tuesday as investors took home profit after solid gains in 2023, rising Covid-19 cases in the country, and mixed trends in Asia.

The S&P BSE Sensex ended at 71,892 levels, falling 379 points or 0.53 per cent, while the Nifty50 shut shop at 21,666, down 76 points or 0.35 per cent.

22 of 30 Sensex stocks and 31 of 50 Nifty stocks ended in the negative zone weighed by Eicher Motors, M&M, Ultratech Cement, L&T, Kotak Bank, LTI Mindtree, Wipro, ICICI Bank, IndusInd Bank, HUL, Tech M, Infosys, Grasim, and HCL Tech. 

In the broader markets, the BSE MidCap and SmallCap indices fell over 0.5 per cent in the intraday trade before recouping losses to end flat with a negative bias.

Among sectors, the Nifty Pharma index zoomed 2.5 per cent, followed by the Nifty Media index (0.43 per cent), and the Metal index (0.26 per cent). All other indices dropped in trade led by the Nifty Auto (down 1.26 per cent), the Nifty IT (1.17 per cent), and the Nifty Bank (1 per cent). 

3:59 PM

Comment :: Here's why markets fell on Jan 2

The market extended Monday's last hour’s sell-off, taking negative cues from Asian peers due to weak Chinese manufacturing data and mounting tensions in the Red Sea, which has the potential to disrupt global trade and crude supplies.

Ahead of the impending results season, investors are adopting a profit booking strategy.

Auto stocks declined on below-expected volume numbers, while pharma stocks were the standout due to catch-up in the US economy.

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

3:47 PM

Tech View :: 'Breach below 47,600 my intensify selling in Nifty Bank'

The Bank Nifty witnessed sustained bearish pressure throughout the trading day, leading to a close below the crucial support level of 48,000.

To resume the upward trend and regain positive momentum, the index needs to achieve a breakout above the resistance at 48,300, targeting levels of 49,000/50,000.

The immediate support for the index is positioned at 47,600, coinciding with its 20-day moving average (20DMA).

A decisive breach below this level could intensify the downward momentum.

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

3:45 PM

Tech View :: 'Nifty to stay bearish as long as it remains below 21,750'

A bearish candle has emerged on the daily Nifty chart, indicating a potential bearish trend in the near future.

Sentiment is expected to stay bearish as long as it remains below 21,750.

Any upward movement toward 21,750 could encounter selling pressure.

However, a clear breakout above 21,750 could shift sentiment in favor of the bulls.

Support is established at 21,500 on the lower end.

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

3:43 PM

Currency check :: Rupee ends 8 paise weaker

3:42 PM

SmallCap Heatmap :: Index dips 0.03%; VST Ind zooms 20%

3:40 PM

MidCap Heatmap :: Index slips 0.08%; Vi, Lodha top laggards; ABFRL surges 7.5%

3:38 PM

Nifty Heatmap :: IT, Auto stocks see most profit taking; pharma bucks trend

3:37 PM

CLOSING BELL :: Nifty nears 21,650 amid rising Covid-19 cases

3:35 PM

CLOSING BELL :: Sensex drops nearly 400 pts on Jan 2

3:31 PM

ALERT :: M&M Fin Services reports total disbursements of Rs 4,900 crore in Dec 2023

>> This is 5% growth over previous year.

>> The Q3FY2024 disbursements is at about Rs 15,500 crore, up 7% Y-o-Y

>> YTD December disbursement estimated at approximately Rs. 40,950 crore, up 15% Y-o-Y

>> Business Assets at the end of H2FY24 are at around Rs 96,850 crore, growth of about 17% over March 2023 and approximately 25% over December 2022.

>> The collection efficiency was at 98% for December 2023, 
 

3:23 PM

Easy Trip Planners gets board nod for raising funds up to Rs 1,000 cr

The company further said that the board's in-principle approval pertains to "identifying the optimum combination of equity shares and/or warrants convertible into equivalent number of equity shares of the company to be issued on preferential basis for raising funds up to Rs 1,000 crore." The exercise will be on such terms and conditions as may be determined by the board in accordance with SEBI regulations and other applicable laws and to identify the list of proposed allottees for the aforesaid purpose, it added. READ MORE

3:08 PM

Rupee may rise to 81/$ by 2024 end amid robust inflow hopes: Goldman Sachs

India's external balances remain favourable, with a combination of low current account deficit, strong public market capital flows, adequate forex reserves and low external debt. READ MORE

2:59 PM

VST Industries freezes in 20% upper circuit as 3% equity changes hands

As of 12:04 PM; as many as 449,389 equity shares, representing 2.9 per cent of total equity of VST Industries, changed hands on the BSE, exchange data showed. READ MORE

2:46 PM

ALERT:: Vedanta inks MoU with GACL for exploring biz prospects; stock up 0.5%

Vedanta in an exchange filing that the company has signed a Memorandum of Understanding (MoU) with Gujarat Alkalies and Chemicals (GACL) for exploring various business opportunities in the areas of Caustic-Chlorine and other allied businesses. 

 

2:34 PM

Rally in tech stocks in India faces earnings test as growth worries linger

While the rally was initially driven by a global rebound in tech stocks, the Federal Reserve's dovish pivot at the December policy meeting turbocharged the run. READ MORE