Sensex dips 116 pts; Broader indices shine; PSB, metal stocks rally

Closing Bell on October 16, 2023:JSW Steel, Tata Steel, Axis Bank, HCL Tech, Power Grid, M&M, Power Grid, Titan, and NTPC were the top Sensex gainers, up between 0.5 per cent and 1.7 per cent

Stock market highlights: Investors chose to stay on the sidelines on Monday, oscillating between gains and losses, amid geopolitical tensions in Israel. The S&P BSE Sensex ended at 66,167 levels, down 116 points, while the Nifty50 settled at 19,732, down 19 points. 

JSW Steel, Tata Steel, Axis Bank, HCL Tech, Power Grid, M&M, Power Grid, Titan, and NTPC were the top Sensex gainers, up between 0.5 per cent and 1.7 per cent. 

On the downside, Nestle India, Asian Paints, IndusInd Bank, TCS, Sun Pharma, Tech M, Bharti Airtel, Tech M, Kotak Bank, HUL, and HDFC Bank were the top losers, down up to 2 per cent.

The broader markets, however, outperformed the benchmarks as the BSE MidCap and SmallCap indices gained 0.25 per cent and 0.34 per cent, respectively. 

Among sectors, the Nifty Metal index gained 0.9 per cent, followed by the Nifty PSU Bank index (up 0.7 per cent). On the downside, the Nifty Pharma index fel 0.46 per cent.

4:02 PM

Tech View :: 'Consolidation in Nifty to continue'

Nifty 50
On the daily charts, the Nifty today has formed an Inside Bar pattern which suggests consolidation and also makes the extremes of the range of the previous day candle crucial levels from short term perspective.

In this case the extremes of the range are 19,805 and 19,635. A breach of this on either side shall lead to a trending move in that direction.

The daily and hourly momentum indicators provide divergent signals and in such a scenario a consolidation appears high probability. Contraction of the Bollinger bands also supports our sideways outlook on the Index. The range of consolidation is likely to be 19,500 – 20,100 from short term perspective.

 

Bank Nifty

Bank Nifty has also halted its fall and is in the process of recovering. Today’s low around 44,000 shall act as a pivot point and until that is not breached on the downside we can expect a pullback till  44,800 – 45,000 from short term perspective.

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

4:00 PM

Comment :: 'Muted market action to continue till...'

We feel the muted action may continue in the index until we see alignment between the Nifty and the banking index. However, there is no shortage of trading opportunities across sectors so participants should plan their positions accordingly. 

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

3:57 PM

Comment :: 'Persistently elevated oil prices may affect margins in H2'

Persistent geopolitical tensions continue to weigh down the sentiment on equity, yet the mid- and small-cap index witnessed bargain hunting ahead of festival-driven demand and optimistic Q2 result. If the oil price moves higher in a sustained manner, it may elevate yields and operation cost, potentially straining margins in H2FY24. As the earnings season gets into full swing, investors will be more inclined to take a bottom-up approach to restructure their portfolios

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

3:55 PM

Currency check :: Rupee ends flat vs US dollar

3:54 PM

Market Check :: Top losers on the BSE today

3:53 PM

Market Check :: Top gainers on the BSE today

3:51 PM

Buzzing stock :: GSFC leaps 10% on heavy volumes, hits record high

3:50 PM

Buzzing stock :: SpiceJet sinks over 8% amid report Rakesh Gangwal may not buy stake in airline

3:48 PM

Buzzing stock :: Delta Corp slides 9% on another tax notice worth over Rs 6,000 crore

3:46 PM

Broader markets :: Indices settle mixed; SmallCap index gains 0.3%

3:45 PM

Sectoral trends :: Metal, PSBs among handful of gainers on Monday

3:43 PM

Sensex Heatmap :: Heavyweights weigh on index; TCS, Airtel, HDFC Bank, RIL among top losers

3:42 PM

Closing Bell :: Nifty holds 19,700

3:40 PM

Closing Bell :: Sensex ends 116 pts lower after a range-bound session

3:28 PM

3 CPSE stocks are locked in 20% upper circuits, hitting multi-year highs

Shares of State Trading Corporation of India (STC India), India Tourism Development Corporation (ITDC), and KIOCL from the S&P BSE CPSE index were locked in the 20-per cent upper circuit, hitting multi-year highs on Monday, on the back of heavy volumes. In comparison, the S&P BSE Sensex was trading  flat at 66,285 2:26 PM. READ MORE