Sensex slides 1,053 pts, Nifty ends below 21,250; ZEE plunges 31%, RIL 2%

Stock market highlights on Tuesday, January 23: The BSE MidCap and SmallCap indices fell nearly 3 per cent each. Sectorally, the Nifty Media index crashed 13 per cent

Closing Bell on January 23, 2024: Equity markets plunged to one-month lows on Tuesday as selling in financial, and FMCG shares dent the sentiment.

The S&P BSE Sensex crashed 1,053 points, or 1.47 per cent, to end at 70,371. The Nifty50, on the other hand, breached below the 21,250-mark to settle at 21,239, down 333 points or 1.5 per cent.

The indices hit intraday lows of 70,234 and 21,193, respectively.

IndusInd Bank was the top loser on the 30-pack index, down over 6 per cent, followed by SBI, HUL, HDFC Bank, Asian Paints, Bajaj Finance, Tata Steel, Tata Motors, L&T, Reliance Industries, ITC, JSW Steel, M&M, Wipro, and Kotak Bank.

The sell-off was deeper in the broader markets where the BSE MidCap and SmallCap indices fell nearly 3 per cent each.

Among indices, the Nifty Media index tumbled 13 per cent, the Nifty Realty index 5 per cent, the Nifty PSU Bank 4 per cent, and the Nifty Bank index 2 per cent. The Nifty Pharma, on the other hand, rallied 1.6 per cent. 

3:59 PM

Tech View :: 'Nifty expected to break 21,000; use rallies to sell index'

Nifty50
On the daily charts, we can observe that the 21,750 – 21,810 zone acted as a stiff resistance and the Nifty started the next leg of the fall.

On the way down, the Nifty is likely to drift lower towards 20,870 which is the 38.2% Fibonacci retracement level of the rise from 18,838 – 22,124.

Daily and hourly momentum indicator has a negative crossover which is a sell signal. In case of a bounce, it should be used as a selling opportunity. Overall, the trend continues to remain weak. In terms of levels, 20,977 – 20,950 is the immediate support while 21,400 – 21,430 shall act as an immediate hurdle from short term perspective.

 

Bank Nifty

Bank Nifty opened gap up; however, it was sold into and it resumed the next leg of the decline. On the downside, the Bank Nifty is headed towards 44,600 from short term perspective. On the upside 45,800 shall act as immediate hurdle.

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

3:54 PM

Comment :: 'Markets are likely to witness stock-specific actions'

The market witnessed a continuous decline today, abruptly turning negative despite a positive start, mainly due to substantial selling in heavyweight sectors, particularly finance.

Mid and small caps witnessed more decline compared to the main indices.

Selling by FIIs due to reasons like high valuation and mixed results for the earnings season so far, along with recent escalations in tensions in the Middle East and Red Sea, prompted the investors to book profit from the recent rally.

Going forward, markets are likely to witness stock-specific actions during the ongoing earnings season.

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

3:43 PM

Currency Check :: Rupee ends flat

3:42 PM

Broader markets :: Mid, SmallCap indices slide nearly 3% each

3:40 PM

NIFTY HEATMAP :: Only 9 stocks hold gains; IndusInd slides 6%, Cipla rallies 7%

3:39 PM

CLOSING BELL :: Nifty drops below 21,250

3:38 PM

CLOSING BELL :: Sensex sinks over 1,000 pts

3:27 PM

Realty reality: Will luxury housing in India lose its sheen in 2024?

Later, Knight Frank released a report stating that during the July-September quarter, the sale of "luxury" homes in India crossed that of affordable homes for the first time. Here, "luxury" homes were priced above Rs 1 crore. READ MORE

Photo: Bloomberg

3:16 PM

Stock of this smallcap industrial products company has zoomed 68% in 4 days

At 02:37 PM, STEL was quoting 13 per cent higher at Rs 107.08 as compared to a 1.4 per cent decline in the S&P BSE Sensex. The average trading volumes on the counter jumped more than two-fold today. A combined 16.97 million equity shares, representing 5.4 per cent of total equity of STEL, changed hands on the NSE and BSE. READ MORE

3:04 PM

ALERT:: CG Power Q3 net down 11%; stock slips 1%

CG Power and Industrieal Solutions today reported a 10.8 per cent fall in Q3FY24 net profit at Rs 216.47 crore when compared with Rs 242.75 crore in Q3FY23. Total income, however, was up 14 per cent YoY at Rs 1,914.86 crore.

2:54 PM

HUL hits 18-month low; stock plunges 8% in 2 days post weak Q3 results

The market price of HUL has fallen below its previous low of Rs 2,393, hit on March 15, 2023. It is trading at its lowest level since July 2022. READ MORE

2:43 PM

Ahead of index inclusion, top Indian fund managers look to boost inflow

The cohort are betting on inclusion in global bond indexes to drive returns after the central bank doused speculation of an interest-rate cut. READ MORE

2:32 PM

ALERT:: ONGC announces formation of two new arms; stock drops 5%

ONGC in an exchange filing today said, the company has received approval of Ministry of Petroleum & Natural Gas for formation of a wholly-owned subsidiary

company - 'ONGC Green Limited'.

 

The company shall be engaged into the business of value-chains of energy business viz. Green Hydrogen, Hydrogen blending, Renewable Energy (Solar, Wind and Hybrid etc.), Bio-fuels/ Bio-gas business and LNG.

 

Further, the company's board has in-principle approved formation of a Joint Venture Company (JVC) either directly by ONGC or through its Affiliate/Subsidiary, with NGEL – a wholly owned subsidiary of NTPC to engaged into the business of Offshore Wind Energy & other Renewal Energy.

2:18 PM

Sensex sinks 1,400 pts from day's high, hits 1-mth low of 70600: Here's why

Nifty Realty, Oil & Gas indices declined up to 3 per cent, while Pharma index held 2 per cent gains. IT was the other gainer as investors rolled positions into defensive bets in the two segments. READ MORE

2:06 PM

ALERT:: Indoco Remedies Q3 net slips 28%; stock sinks 6%

Indoco Remedies posted a 28.2 per cent decline in Q3FY24 net profit at Rs 20.01 crore when compared with Rs 27.87 crore in Q3FY23. Total income, however, was up 13.3 per cent YoY at Rs 451.98 crore.