Sensex snaps 3-day winning run, ends 362 pts down; Airtel, HDFC Bank drag

Market wrap on March 26, 2024: The NSE Nifty 50 shed 92 points, but managed to end above 22,000-mark. The BSE MidCap index, outperformed and finished with a gain of 0.7 per cent.

Stock market highlights: Equity benchmark indices languished in the negative zone on Tuesday weighed by persistent selling in key index heavyweights such as - Reliance, HDFC Bank, Infosys and Bharti Airtel. 

The S&P BSE Sensex hit a low of 72,363, and finally settled 362 points lower at 72,470. In the process, the BSE benchmark snapped its 3-day winning streak, wherein the BSE benchmark had gained 821 points.

The NSE Nifty 50 fell to a low of 21,948, but eventually managed to hold the 22,000-mark as it closed with a loss of 92 points at 22,005.

Power Grid and Bharti Airtel were the biggest per centage losers among the Sensex 30, down 2 per cent each. Whereas, HDFC Bank, Reliance and Bharti Airtel cumulatively accounted for a loss of 250 points on the BSE benchmark.

On the other hand, Bajaj Finance, Larsen & Toubro, NTPC and Axis Bank were among the few notable largecap movers.

In the broader market, the BSE MidCap index outperformed and finished with a gain of 0.7 per cent. The SmallCap index ended marginally in red, down 0.1 per cent.
 

 

3:59 PM

Tech View :: Key levels to watch on Nifty Bank

The Bank Nifty index experienced a subdued start to the truncated week with sideways trading. Immediate resistance is noted at 47000, and a decisive close above this level could trigger significant short-covering rallies towards the 48000 mark. Conversely, immediate support is situated around the 46500-46450 zone. A breach below this support area may accelerate downside momentum towards the 46000 level

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

3:55 PM

Tech View :: Key levels to watch on Nifty50

Nifty remained sideways throughout the day as market participants stayed perplexed on the first day of the holiday-shortened week. However, the trend remained positive for the short term as the index closed above the critical moving average on the daily chart. On the lower end, support is placed at 21,840 for the short term, below which weakness may emerge. On the higher end, resistance is visible at 22,240-22,300.

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

3:50 PM

Comment :: 'Domestic markets in consolidation phase'

Aligned with global trends, the domestic market sustained its consolidation pattern, ending close to 22,000. While key data such as US GDP and inflation during the week may provide some clues on future rate cut paths, the fiscal year-ending truncated week, coupled with reduced trading volumes and monthly expiry, are likely to contribute to volatility. Generally, midcaps are performing well post the consolidation of the last 2-3 weeks, while the IT sector continued to experience sluggishness following weak global IT spending forecasts

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

3:42 PM

Currency check :: Rupee closes 14 paise stronger at 83.29/$

3:41 PM

IPO Update :: SRM Contractors issue subscribed 2.7x till 3:30 PM on Day 1

>> Bidding is led by NIIs

>> Bidding closes at 5:00 PM

3:38 PM

Broader markets :: Indices end mixed after choppy day; MidCap index rises 0.7%

3:37 PM

Sectoral trends :: Media index falls the most, Realty outshines

3:36 PM

Sensex Heatmap :: Airtel, Wipro, HDFC Bank keep benchmarks in check

3:34 PM

CLOSING BELL :: Nifty barely holds 22,000

3:33 PM

CLOSING BELL :: Sensex sheds 362 pts

3:28 PM

GAIL plans to commission its first green hydrogen project in April

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3:16 PM

Global check:: US, UK stock futures rise up to 0.5%

Source: Investing.com

3:10 PM

RBI's regulatory scrutiny may raise lenders' capital costs: S&P Global

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3:00 PM

ALERT:: Archies bags Rs 78.60 lakh order from Daks India; stock up 2%

Archies in an exchange filing today said the company secured an order worth Rs 78.60 lakh for supply of paper bags from Daks India Industries. The order has to be executed by April 30, 2024.

2:47 PM

Foreign liquidity is drying up in small-and mid-cap space: What this means

There are early signs that the recent boom in Indian stocks might be cooling down. This is because foreign investors, who were pouring money into India in 2023, are starting to slow down. READ MORE