Sensex slips for 3rd day, dips 314 pts; OFSS up 27%, LTIMindtree tanks 11%

Stock market highlights on January 18, 2024: HDFC Bank slipped 3 per cent after falling over 8 per cent Wednesday

Closing Bell on January 18, 2024: Benchmark indices steered lower for a second straight day on Thursday as profit booking HDFC Bank persisted.

The S&P BSE Sensex declined 314 points, or 0.44 per cent, to end at 71,187 levels, while the Nifty50 ended at 21,462, down 110 points or 0.5 per cent.

HDFC Bank slipped 3 per cent after falling over 8 per cent Wednesday. Besides, NTPC, Asian Paints, PowerGrid, IndusInd Bank, Titan Company, Maruti Suzuki, Bajaj Finance, JSW Steel,  and Nestle India were the other top laggards, falling upwards of 1 per cent each.

In the broader markets, the BSE MidCap index over 1.5 per cent intraday before closing 0.08 per cent down. The BSE SmallCap index, on the other hand, ended 0.02 per cent higher.

Among sectors, the Nifty Financial Services index declined 1 per cent, the IT index 0.62 per cent, and the Nifty Metal index 0.84 per cent. On the higher side, the Nifty Pharma index gained 1.3 per cent.

3:56 PM

Tech View :: 'Counter trend pullback in Nifty may extend till 21,650'

Nifty50

Intraday, the Nifty witnessed a pullback from the support zone of 21,820 – 21,300, which is likely to continue over the next few trading sessions.

On the upside, the counter-trend pullback can extend till 21,600 – 21,650 where resistance in the form of the 20-day moving average is placed.

In terms of levels, 21,550 – 21,570 is the immediate hurdle zone while 21,350 – 21,300 is the crucial support zone.

Bank Nifty

Bank Nifty has reached the 161.82% Fibonacci extension level 45,768, which also coincides with the 20-week moving average making the zone of 45,800 – 45,600 a crucial support zone.

Until this is not breached on the downside, we can expect the recovery to continue. On the upside, the pullback can come till 46,400 – 46,600.

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

3:51 PM

Comment :: Here's all that happened in the markets today

The benchmark indices exhibited recovery from the day’s low and ended in red amid weak global cues, as investors are trimming bets on rapid FED cuts due to strong US retail sales and the resulting rise in global bond yields.

Furthermore, oil price advances and rate escalation risks have led to disruptions in global shipping and crude production.

The broader market continued its selling pressure given the elevated valuation and profit booking with an aim for sector rotation.

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

3:41 PM

Currency check :: Rupee rises 2 paise at 83.12/$

3:39 PM

Broader markets :: MidCap, SmallCap indices end flat

3:39 PM

Nifty Heatmap :: Pharma, select IT stocks limit downside

3:37 PM

CLOSING BELL :: Nifty ends below 21,450

3:35 PM

CLOSING BELL :: Sensex sheds 314 pts

3:29 PM

ALERT :: Haldiram's may be eyeing majority stake in Prataap Snacks, reports Reuters

>> Indian snacks maker Haldiram's is in talks to acquire a majority stake in Prataap Snacks, which is valued at $350 million, to expand its presence in the potato chip market, two people with direct knowledge of the matter said.

>> The talks are at an early stage and a valuation has not been discussed, though it could be at a premium to Prataap's stock price.

>> Haldiram's is eyeing a majority stake of at least 51%, but a final number has not been decided, said the sources.

>> Prataap is best known for its Yellow Diamond brand of chips and competes with Pepsi's Lay's brand and other snack-makers in a market where local, unorganised food sellers still dominate the fried chips segment.

Source: Reuters
 

3:21 PM

Govt may support initiatives to retrofit old vehicles into EVs: Report

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3:17 PM

Ashok Leyland to make 1,225 buses for Karnataka state transport undertakings

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3:05 PM

Global check:: US, UK stock futures marginally in green

Source: Investing.com

2:57 PM

South Indian Bank soars 13%, hits 6-year high on healthy Q3 results

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2:45 PM

ALERT:: Tata Communications Q3 conssolidated net dips 89%; stock up 2%

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2:32 PM

Airbus signs agreement with Tata, Mahindra for aircraft components

Airbus on Thursday said it has signed contracts with Tata Advanced Systems Limited (TASL) and Mahindra Aerospace Structures Private Limited (MASPL) to procure commercial aircraft components. READ MORE

2:20 PM

Welspun Corp's arm EPIC bags Rs 3,000 cr orders in Saudi Arabia; stock jumps 5%

Homegrown Welspun Corp on Thursday said its associate company East Pipes Integrated Company for Industry (EPIC) has received orders worth around Rs 3,000 crore in Saudi Arabia. READ MORE