Sensex ends 454 pts lower, Nifty holds 22K; Auto, IT, Power shares weigh

Market wrap on March 15, 2024: Mahindra & Mahindra was the major loser among auto stocks, down 5%; Among others shares of oil marketing companies declined up to 6 per cent post fuel price cut.

Stock market highlights: Bears were on the prowl on Friday as uncertainty over the timing in Fed rate cut resurfaced following hotter-than-expected wholesale inflation data in the US. 

Back in India, the benchmark indices were seen languishing in the negative zone dragged by selling in auto, IT and power shares. Among others PSU indices also took a hit weighed down by a sell-off in oil & gas stocks.

The S&P BSE Sensex dropped to a low of 72,485, and ended 454 points lower at 72,643. In the process, the BSE benchmark shed 2 per cent for the week.

The NSE Nifty 50 dipped to a low of 21,932, but eventually managed to hold on to the 22,000-mark as it closed with a loss of 123 points at 22,023.

Mahindra & Mahindra was the top loser among the Sensex 30 stocks, down 5 per cent. Tata Motors, HCL Technologies, NTPC, Larsen & Toubro, Asian Paints, SBI, Axis Bank, Sun Pharma, Infosys, UltraTech Cement, Tech mahindra and Reliance Industries were the otehr major losers, down 1-3 per cent each.

On the positive front, Bharti Airtel scaled a fresh all-time high and ended with a gain of 2 per cent. READ MORE 

The broader market, however, finished on a mixed note. The BSE MidCap index slipped 0.5 per cent, while the SmallCap added 0.3 per cent.

Also read: Mid-, Small-Cap Funds Stress Test Resuts of Edelweiss, DSP, WhiteOak

Shares of oil marketing companies tumbled up to 8 per cent after the government cut petrol, diesel prices by Rs 2 per litre. Analysts expect OMCs to trade lower in the near-term given the retail price cut and elevated brent crude prices of $85/bbl. READ 

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3:54 PM

Tech View :: 'A decisive close below 21,900 may lead to sharp selling in Nifty'

The Nifty has once again closed below the rising trendline, bringing market sentiment back into a state of weakness. The momentum indicator suggests bearish momentum in the near term. Immediate support is situated at the 50DMA, currently at 21,900, which is expected to provide support for the Nifty.

A decisive drop below 21,900 could lead to a sharp decline in the index. On the upside, resistance is observed in the range of 22,200-22,250.

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

3:43 PM

Tech View :: 'Sell-off in Bank Nifty would intensify below this level'

The Bank Nifty index witnessed a volatile trading session, forming a doji candle that signals indecision in the market. Immediate resistance for the BankNifty index lies at 47,000, coinciding with the 20-day moving average (20DMA).

A decisive break above this level could propel the index higher towards the 47,500 mark. On the flip side, the lower end support is positioned at 46,500-46,300, where bulls are currently attempting to defend.

However, a breach below this level may intensify selling pressure in the market.

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

3:42 PM

Comment :: 'Expect rebound in mid, small-caps with strong fundamentals'

Cautiousness towards mid & small caps continued to drag market sentiment, dampening the broader market. However, the moderation in global commodity prices and the upward revision of India's GDP for FY25 are poised to highlight robust domestic demand, potentially supporting a rebound once the broader market attains stability. We anticipate continued bargain opportunities in mid- and small-cap stocks, whose valuations are underpinned by strong fundamentals

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

3:40 PM

Currency check :: Rupee ends 6 paise weaker at 82.88/$

3:39 PM

Buzzing :: OMCs bleed up to 6%, Oil & Gas index slips over 2%

3:38 PM

Broader markets :: SmallCap index scalps gains for 2nd day, MidCap under pressure

3:36 PM

Sectoral trends :: Near broad-based selling sweeps markets

3:35 PM

Sensex Heatmap :: 24 of 30 stocks slide led by M&M, TaMo, NTPC

3:33 PM

Closing Bell :: Nifty ends below 22,050

3:33 PM

Closing Bell :: Sensex resumes sell-off after a day's hiatus, drops 454 pts

3:22 PM

Star India starts arbitration against Zee over cricket broadcasting deal; Zee dips 4%

Star India has sought "specific performance" of the agreement or the payment of damages, Zee said in a statement, without providing details. READ MORE

3:08 PM

India's Feb trade deficit at $18.71 billion, consistent with forecast

In February, services exports were $32.35 billion, while imports were $15.39 billion. In January, services exports were $32.80 billion and imports were $16.05 billion. READ MORE

2:55 PM

L&T Technology Services bags $100 mn deal for Maharashtra cybersecurity

L&T Technology Services (LTTS), the engineering and technology services arm of Larsen & Toubro (L&T), has won a “first-of-its-kind” programme in India worth around $100 million (Rs 800 crore) from the Maharashtra State Cyber Department. Read

2:44 PM

Stock of this industrial explosives firm hits new high, up 136% in 8 months

Shares of Solar Industries India (SIIL) hit an all-time high of Rs 8,686.30, as they rallied 6 per cent on the BSE in Friday's intra-day trade amid heavy volumes in an otherwise weak market.
 

The stock price of this Industrial Explosives maker surpassed its previous high of Rs 8,499 touched on November 20, 2023. In past eight months, it has zoomed 136 per cent from a level of Rs 3,682.85. Read

2:29 PM

Integration challenges, valuations key hurdles for LTI Mindtree investors

The stock of the country’s fourth largest listed IT services company, LTI Mindtree, is down over 17 per cent from the start of January on concerns related to integration challenges, senior management exits and near term demand slowdown. It is the worst performing large cap IT company over the last three months with the underperformance compared to the Nifty IT index at over 20 percentage points. Read