BSE SME cracks 5%, broader indices slip up to 2%; Sensex ends 165 pts up

Market wrap on March 12, 2024: The BSE MidCap and SmallCap indices shed 1.2 per cent and 2.1 per cent, respectively; while the SME index tumbled 4.5 per cent on Tuesday.

Stock market highlights: Frontline line equity indices bucked the trend in the broader market, and finished in the positive territory on Tuesday led by gains in index heavyweights - HDFC Bank, TCS and Reliance Industries.

The S&P BSE Sensex touched a high of 74,004 and a low of 73,342 amid intra-day volatility, before settling with a gain of 165  points at 73,668. The NSE Nifty ended a tad (3 points) higher at 22,336.

Maruti, Infosys and Bharti Airtel were the other notable movers among the Sensex 30 stocks. On the other hand, SBI slipped up to 2 per cent. JSW Steel, ITC, NTPC, Tata Motors and UltraTech Cement were the other prominent losers.

Shares of Adani Group too ended with losses, down in the range of 2-4 per cent amid the broader market sell-off.

Also read: Sebi probing smallcaps a warning bell for microcaps; time to exit: Analysts 

Meanwhile, the BSE SME IPO index plunged nearly 5 per cent a day after the market regulator said it observed signs of manipulation at both the trading and issuance levels in the small and midsize enterprise (SME) space. 

Sebi Chairperson Madhabi Puri Buch on Monday said that the market watchdog is working to introduce more disclosures to safeguard investors. READ MORE

Among the broader indices, the BSE MidCap index slipped 1.2 per cent, while the SmallCap shed 2.1 per cent.

Sectorally, the PSU indices bore the brunt of the selling with the BSE PSU and CPSE both down 1.8 per cent.

3:58 PM

Tech View :: 'Intensity of sell-off in SmallCap index may reduce'

Nifty50
On the daily charts, we can observe that the Nifty is rangebound between 22,200 – 22,600 since past seven trading sessions. On the downside, multiple support parameters in the form of the 20-day moving average (22,199) and the previous swing low (22,224) are likely to absorb the selling pressure and provide cushion in case of a decline. On the upside, 22,500 – 22,550 shall act as an immediate hurdle.

 

Bank Nifty

The Bank Nifty has tested the 20-day moving average (46,900) and witnessed a decent pullback to close in the off the intraday lows though on a negative note down ~45 points. Crucial support for Bank Nifty is placed at 47,000 – 46,900 while resistance is placed in the zone 47,820 – 48,000.

 

 

Nifty SmallCap
The small cap index has reached the 20 week moving average of 15,075 and hence the intensity of the fall in the small cap stocks may reduce hereon.

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

 

 

3:39 PM

Currency check :: Rupee ends 1 paise weak at 82.77/$

3:38 PM

Sectoral trends :: Realty, PSB indices slide the most

3:36 PM

Broader markets :: Sell-off in mid, small-caps continue

3:35 PM

Sensex Heatmap :: HDFC Bank, IT shares hold gains

3:33 PM

Closing Bell :: Grasim, ITC weigh on Nifty, index ends flat

3:32 PM

Closing Bell :: Sensex ends over 150 pts higher after choppy day

3:30 PM

ALERT :: Ambuja Cements may sell 2-3% stake in Sanghi Industries, says report

3:21 PM

Stock of this software products company has zoomed over 200% in 7 months

Shares of Quick Heal Technologies hit a record high of Rs 600, as they surged 11% on the BSE in Tuesday's intra-day trade. READ MORE

3:20 PM

Stock of this software products company has zoomed over 200% in 7 months

At 02:07 PM, Quick Heal was quoting 8 per cent higher at Rs 581.55 as compared to 0.5 per cent rise in the S&P BSE Sensex. However, the S&P BSE Midcap and S&P BSE Smallcap index were down 1.02 per cent and 1.9 per cent, respectively READ MORE

3:09 PM

Fintech stock sinks 9% on block deal Tuesday; has soared 87% so far in 2024

In the last 6 months, Infibeam Avenues has rallied 141 per cent from a level of Rs 16.6 reached on September 12, 2023. READ MORE

2:55 PM

SpiceJet crashes 10% after COO, CCO step down amid 'restructuring'

Meenakshi Kashyap, wife of Arun Kashyap, and Ajay Bhatia, husband of Shlipa Bhatia, had in August 2023 incorporated a company named Sirius India Airlines Private Limited. Back then, SpiceJet had said Sirius India Airlines will carry out any future activity only with the consent of SpiceJet. READ MORE

2:42 PM

Vishal Mega Mart planning $1 bn IPO valuing supermarket chain at $5 bn

ishal Mega Mart Chief Executive Gunender Kapur did not respond to Reuters requests for comment. Kedaara also did not respond while Partners Group declined to comment. READ MORE

2:25 PM

Ion Exchange gets order worth Rs 120 crore from Maaden, Saudi Arabia; share zooms 2%

2:11 PM

Alert: Adani stocks slip by 1-2%

Adani Enterprises was down by 1.52 per cent till 02:08 PM on Tuesday, while Adani Power and Adani Ports dipped by 1.1 and 2.4 per cent respectively.