Sensex sinks 505 pts, Nifty gives up 19,350 amid global weakness; PSBs soar

Closing Bell on July 7, 2023: PowerGrid, IndusInd Bank, HUL, NTPC, Bajaj Finance, HCL tech, Tech M, L&T, Asian Paints, ICICI Bank, ITC, Kotak Bank, Infosys, and HDFC twins declined up to 3 per cent

Stock market highlights: Profit booking engulfed equity markets on Friday as rate hike fears by the US Federal Reserve, amid strong labour market data and hawkish FOMC minutes, dented investors' sentiment. The S&P BSE Sensex tumbled 505 points, or 0.77 per cent, to end at 65,280. The index hit an intra-day low of 65,176 during the day.

The Nifty50, on the other hand, slipped below the 19,350-mark to settle at 19,332, down 166 points or 0.85 per cent. The index's intra-day low was 19,304.

PowerGrid, IndusInd Bank, HUL, NTPC, Bajaj Finance, HCL tech, Tech M, L&T, Asian Paints, ICICI Bank, ITC, Kotak Bank, Infosys, and HDFC twins were the top laggards in the large-cap space, dropping between 1 per cent and 3 per cent. 

In the broader markets, the BSE MidCap index fell in-line with the frontline indices as it ended 0.76 per cent down. The BSE SmallCap index, meanwhile, slipped only 0.28 per cent.

Among sectors, the Nifty FMCG, Private Bank, and Realty indices declined over a per cent each. On the upside, the Nifty Media index zoomed 4 per cent, followed by the Nifty PSU Bank index (up 1 per cent). 

4:09 PM

COMMENT:: Domestic market succumbs to weak global cues

"The domestic market succumbed to profit-booking as heat waves from weak global markets hit the shore. Global equities declined due to a spike in US bond yields, fuelled by expectations of a prolonged high-interest rate environment following a sharp increase in US private payroll data. Investors are eagerly awaiting the release of key US non-farm payroll and unemployment data today, which will provide further clues on the Fed's policy direction ahead of its July meeting."

 

- Vinod Nair, Head of Research at Geojit Financial Services

 

4:08 PM

VIEW:: Immediate support for Nifty seen at 19,300

"The Nifty experienced a significant decline after failing to maintain its position above 19,500. This drop led to the index falling below the 21-EMA on the hourly chart, indicating an increasing bearish sentiment in the market. Furthermore, the hourly RSI has shown a bearish crossover, adding to the negative outlook. The immediate support level is identified at 19,300, while the resistance level remains at 19,500."

 

- Rupak De, Senior Technical Analyst at LKP Securities

4:07 PM

VIEW:: Potential trend reversal seen in Bank Nifty

"The Bank Nifty index experienced selling pressure from the bears, leading to a correction throughout the day. This upper end movement by the bears suggests a potential reversal in the trend. The hurdle for the index is currently at 44,500, where aggressive fresh call writing is observed. This level is expected to act as a resistance for further upside movement. The index broke below the support level of 45,000, indicating a shift in the trend. However, a follow-up action is required to confirm and sustain the downward momentum. If the index manages to sustain below 45,000 on a closing basis, it is likely to continue its downward momentum towards the levels of 44,500 and 44,200."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities
 

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3:50 PM

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3:49 PM

Nifty PSU Bank index bucks trend, gains 1%; PNB, Canara Bank lead

3:47 PM

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3:43 PM

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3:41 PM

Broader indices fall in tandem with benchmark Nifty 50; VIX dips 2.5%