Stock Market Crash Highlights: Sensex tanks 1190pts, Nifty slid to 23900 on F&O expiry, global woes

Stock Market Highlights: The day ended in favor of the bears, as 46 out of the 50 constituent stocks of the Nifty50 closed in the red

Stock Market Crash Highlights, Thursday November 28, 2024:  Benchmark equity indices, BSE Sensex and NSE Nifty50, corrected sharply and settled down by over 1 per cent on the monthly futures and options expiry date, weighed by weakness in global markets on Thursday.  The BSE Sensex plunged 1,190 points or 1.48 per cent to settle at 79,043.74. The index traded in the range of 80,447.40 to 78,918.92 during the day.   

Similarly, the NSE Nifty50 ended down by 360.75 points or 1.49 per cent at 23,914.15, after trading in the range of 24,345.75 to 23,873.35.

 

The fall in the markets was also fueled by geopolitical tensions as Russia carried out massive missile and drone attacks against Ukraine's energy infrastructure on Thursday, officials said. Fears are mounting about Moscow's intentions to devastate the country's power generation capacity before winter. 

That apart, the monthly futures & options expiry related pressure on the NSE weighed on the market sentiment.

 

The day ended in favor of the bears, as 46 out of the 50 constituent stocks of the Nifty50 closed in the red. Top laggards included SBI Life, Infosys, HDFC Life, Mahindra & Mahindra, and Adani Ports, with losses extending up to 5.41 per cent. Adani Enterprises, Shriram Finance, State Bank of India, and Cipla were the only four stocks that managed to eke out gains of up to 1.63 per cent.

 

Among the broader markets, Nifty Midcap100 and NiftySmallcap100 indices settled with marginal gains of 0.05 per cent each.  

IT stocks faced the worst hit among the sectoral indices, with the Nifty IT index ending down by over 2 per cent. This was followed by Nifty Auto, Financials, Private Bank, Consumer Durables, and Healthcare indices. Notably, Nifty PSU Bank, and Media indices managed to end in the green, with gains of up to 0.93 per cent. 

 

4:07 PM

Stock Market Highlights LIVE Updates: Nifty index is still facing strong resistance near 24,350-24,360 levels

Nifty opened flat and saw buying interest in the first half. However, the index encountered resistance near 24,350, experienced intense selling pressure, and settled the day on a negative note at 23,914. The broader market indices, Nifty Midcap 100 and Nifty Small Cap 100, relatively outperformed the headline indices and closed on flat note. The volatility index India Vix surged by 3.96% to 15.21, indicating a rise in market volatility.

 

Technically, on a daily chart, the Nifty has broken the support of 21-Days exponential moving average (DEMA) and formed a big red candle, which indicates weakness. On the downside, the index will find immediate support near 23,800, followed by 23,560, which is the 200-Days exponential moving average (DEMA) support level. Index is still facing strong resistance near 24,350-24,360 levels. As long as the index persists below 24,360, traders should focus on booking profits on bounce and wait for fresh breakout.

 

Bank Nifty opened on a positive note, witnessed buying interest in first half but index then saw heavy profit booking and closed the day on a negative note at 51,907. Technically, on a daily chart, Bank Nifty has formed a bearish engulfing candle, indicating weakness. On downside, 21-Days exponential moving average (DEMA) is placed near 51,490, will act as immediate support for the Bank nifty followed by 50,980. Traders are advised to book profits on the bounce and wait for a sustained breakout above 52,600.

(View by: Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.)

4:05 PM

Stock Market Highlights LIVE Updates: Nifty50 falls below the crucial support level of 23,940

The Nifty slipped sharply during the day, falling below the crucial support level of 23,940. The sentiment looks weak, and further weakness seems possible from here. On the daily chart, the index has closed a gap it created recently. In the short term, if the Nifty falls below 23,870, it might continue declining toward 23,500. However, if it sustains above 23,870 and does not make a lower low, it could witness a sharp recovery toward 24,200 and higher.

(View by: Rupak De, Senior Technical Analyst at LKP Securities)

3:48 PM

Stock Market Highlights LIVE Updates: SBI Life, HDFC Life, M&M fall up to 5% on NSE

SBI Life, HDFC Life, and M&M fell up to 5 per cent on NSE.

3:44 PM

Stock Market Highlights LIVE Updates: Nifty IT, Auto, Financial Services bleed

Among sectors, Nifty IT, Nifty Auto and Nifty Financial Services bled the most. 

3:41 PM

Stock Market Highlights LIVE Updates: Broader indices outperform

The BSE SmallCap index surged 0.41 per cent, while the BSE MidCap ended marginally lower by 0.06 per cent.

3:36 PM

Stock Market Highlights LIVE Updates: 29 out of 30 stocks end in red on Sensex

M&M, Infosys, HCL Tech and Adani Ports were among the top losers on the BSE Sensex.

3:34 PM

Stock Market Highlights LIVE Updates: Nifty closes over 350 pts down

The NSE's Nifty50 closed below 24k mark at 23,914 level, down 360 points or 1.49 per cent. 

3:33 PM

Stock Market Highlights LIVE Updates: Sensex ends nearly 1,200 pts down

The BSE Sensex closed at 79,043 level, down 1,190 points or 1.48 per cent on Thursday.

3:17 PM

Stock Market LIVE Updates: Will Enviro Infra engineers IPO list with bang? GMP up 33%, Experts weigh

Enviro Infra Engineers IPO GMP:The unlisted shares of specialised water and wastewater management company Enviro Infra Engineers continue to command a strong premium in the grey market ahead of their market debut, scheduled for November 29, 2024. The company's shares are trading at around Rs 197, reflecting a grey market premium (GMP) of Rs 49 or 33.11 per cent over the IPO allotment price of Rs 148, according to sources tracking grey market activities. Read more

3:12 PM

Stock Market LIVE Updates: Life insurance stocks fall; HDFC Life, SBI Life, Max Financial dip up to 7%

Shares of life insurance companies traded weak on Thursday, falling up to 7 per cent on reports that insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) may consider capping parent bank's share to insurers' total bancassurance business to up to 50 per cent only, CNBC-TV18 said, citing sources.

 

Meanwhile, at the recently held State Bank of India (SBI) Economist Conclave, finance minister Nirmala Sitharaman highlighted that though bancassurance has improved insurance penetration, it has also led to mis-selling. Read more

3:04 PM

Stock Market LIVE Updates: 3 PM market update

At 3 PM, the BSE Sensex stood at 78,968.04 level, down 1266.04 points or 1.58 per cent, while the NSE's Nifty50 slumped 381 points or 1.57 per cent at 23,892.95. 

 

 

2:50 PM

Stock Market LIVE Updates: Is GMP a good barometer for evaluating an IPO? Here's what experts suggest

Investors typically look at the grey market premium (GMP) of an unlisted stock ahead of its initial public offering (IPO) to gauge how well the issue is likely to be received by the markets, and the price at which it is likely to list in the secondary markets.

 

However, off late, the GMP has not depicted the true picture of how the stock is likely to list in some cases. Read more

2:48 PM

Stock Market LIVE Updates: Heatmap check

Infosys, M&M, and Titan were among the top 29 losers out of 30 bluechip stocks on the BSE Sensex.

2:31 PM

Stock Market LIVE Updates: Infosys, HDFC Bank, RIL drag Sensex

 Infosys, HDFC Bank, and Reliance Industries were among the top contributors to the BSE Sensex's fall on Thursday.

2:27 PM

Stock Market LIVE Updates: Nifty IT, Auto lead losses

Among sectoral trends, Nifty IT fell the most, slipping 2.4 per cent and was followed by the likes of Nifty Auto, and Nifty Financial Services among others.