Sensex, Nifty end flat after choppy day; financials fall, Godrej Prop up 9%

CLOSING BELL: Bajaj Finance, Asian Paints, IndusInd Bank, ICICI Bank, Nestle India, HUL, Reliance Industries, HDFC Bank, Axis Bank, and SBI were the top laggards on the Sensex index

Stock market higlights: Benchmark indices erased gains in the last hour of trading as profit booking in financial and FMCG stocks weighed on the bourses. The S&P BSE Sensex, which hit an intra-day high of 60,109, ended at 59,846, up 14 points or 0.02 per cent. The Nifty50, meanwhile, shut shop at 17,624, up 24 points or 0.14 per cent. The touched an intra-day high of 17,694.

Bajaj Finance, Asian Paints, IndusInd Bank, ICICI Bank, Nestle India, HUL, Reliance Industries, HDFC Bank, Axis Bank, and SBI were the top laggards on the Sensex index, down up to 1.76 per cent. 

ALSO READ: 5 mid-cap stocks enter next bull run; Do you own any?

The broader markets, however, outran the frontline indices with the BSE MidCap index up 0.38 per cent, and the BSE SmallCap index up 0.16 per cent.

Sectorally, the Nifty Private, PSU Bank, and FMCF indicies fell up to 0.6 per cent. On the flipside, the Nifty Realty index jumped over 4 per cent, rallying over 7 per cent in two days. READ MORE

4:13 PM

Comment :: 'Inflation data will be crucial in determining the market trend'

Sentiments in the domestic market improved after the RBI’s decision to keep rates unchanged, coupled with positive revisions in GDP and inflation forecasts. The positive quarterly business updates from auto and real estate firms caused strong movements in their respective sectors, but the overall mood was slightly dampened by solid US job data, which raised fears of further rate hikes by the Fed. The release of inflation data in India and the US, along with the FOMC minutes, have now become crucial in determining the market trend.

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

4:08 PM

Tech View :: Will Bank Nifty see short covering?

The BANK NIFTY index faced selling pressure from higher levels after a strong rally last week. The index, if it fails to sustain above the level of 41,200, can witness some profit booking towards 40,600-40,500 levels. The upper resistance, if taken out, will lead to further short covering towards the 42,000 level.

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

4:03 PM

Tech View :: 'Nifty is approaching consolidation phase in the immediate short term'

The Nifty continued with positive momentum and closed with gains for the sixth consecutive trading session. On the daily chart, we can observe that the Nifty has faced selling pressure from the zone of 17,680 – 17,700 where resistance in the form of the downward sloping trendline and the daily upper Bollinger band is placed.

The hourly momentum indicator has a negative crossover along with a negative divergence which indicates loss of momentum on the upside. Considering that prices have reached a minor resistance and with the momentum also not supportive can lead to a consolidation in the immediate short term.

Crucial support is placed at 17,550 – 17,500 while immediate hurdle is placed at 17,680 – 17,700. Overall, the uptrend is still intact and we expect Nifty to target levels of 17,800 from short term perspective.

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

3:59 PM

Tech View :: Nifty suitable for 'buy-on-dip' above this level

Nifty remained volatile within a narrow range before closing on a muted note. On the daily chart, the index has maintained its position above the breakout zone. The momentum oscillator RSI is in bullish crossover and rising. The market continues to remain buy-on-dips as long as it sustains above 17,500. On the higher end, immediate resistance is visible at 17,700; above which the index may move up towards higher levels.

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

 

3:57 PM

Currency check :: Rupee ends at 81.98/$ against Thursday's close of 81.89/$

3:54 PM

Buzzing stock :: Rossari Biotech spurts 19% in fag-end buying

3:52 PM

Buzzing stock :: All 10 Adani stocks end in green after group issues clarification on offshore funding

Adani Group said that the transactions that have been inquired about in the report have been publicly disclosed.

 

"In fact, as publicly disclosed on January 18, 2021, and January 23, 2021, the Adani Group's promoters raised $2 bn through the sale of a 20 per cent stake in Adani Green Energy Ltd (AGEL) to TotalEnergies of France (then Total Renewables SAS), a fact the Financial Times contemporaneously reported but chose to ignore completely in the 22 March 2023 story," the company said.

 

3:48 PM

Buzzing stock :: Tata Motors hits 6-month high in intra-day trade

Tata Motors' wholesales of 107,386 units at JLR for Q4FY23, comes as a positive development as, during the last call, the company had guided for wholesales at over 80,000 units

3:46 PM

Buzzing stock :: Godrej Properties leaps 9% on best-ever quarterly sales in Q4

Godrej Properties soared 9 per cent after the company reported highest-ever quarterly and annual sales. The company reported total bookings of Rs 4,051 crore in January-March quarter (Q4 FY23). In entire FY23, booking value grew by 56 per cent year-on-year (YoY) to Rs 12,232 crore.

 

3:43 PM

Broader markets :: Sea of green even as frontline indices end flat; Midcaps lead

3:41 PM

Nifty 50 Losers:: Bajaj Finance, HUL, Tata Consumer, Asian Paints slip over 1%

3:40 PM

Nifty 50 Gainers:: Tata Motors soars 5%; ONGC, Adani Enterprises also shine

3:38 PM

Sectoral check :: Realty index outshine for second day

3:36 PM

Sensex Heatmap :: Financials, FMCG, RIL cap gains on the index

3:34 PM

CLOSING BELL:: NSE Nifty50 settles 25 pts higher at 17,624