Friday, December 20, 2024 | 12:12 AM ISTEN Hindi

Sensex gives up 51K amid broad-based sell-off, dips 435 pts; PSBs, auto hit

The Nifty PSU bank index ended as the top laggard on the NSE, down 4.7 per cent, after surging nearly 6 per cent each over the past two days

SI Reporter New Delhi

Stock market updates: Extending their decline into fourth straight day, benchmark indices ended the week with over 1 per cent cut on the back of lossess in Eicher Motors (7 per cent), Nestle India (5.3 per cent), Divis Labs (5.4 per cent), and Cipla (5 per cent).

On Friday, though, the frontline S&P BSE Sensex nursed losses of 435 points, or 0.85 per cent, to end the day at 50,890 levels. In the intra-day trade, the index tanked 800 points from the day's high to hit a low of 50,624. Only 11 of the 30 constituents ended the day in green with ONGC (down 5 per cent), SBI and Axis Bank (down 3.5 per cent each), ICICI Bank (3 per cent), Baja Auto (2.6 per cent), and Maruti Suzuki (2 per cent) being the top losers.

Gains in Dr Reddy's Labs (2.3 per cent), IndusInd Bank (2 per cent), HUL (1.7 per cent), and RIL (0.7 per cent) trimmed losses.

On the NSE, the Nifty50 index gave up the 15,000-mark and settled at 14,982 levels, down 137 points or 0.9 per cent. It hit an intra-day low of 14,898.

The broader markets, too, gave up their winning ways today and ended in the red. The S&P BSE MidCap index underperformed on the BSE and ended1.7 per cent down today. The SmallCap counterpart, meanwhile, settled 0.7 per cent lower.

Sectorally, none of the indices ended in the green zone today. The Nifty PSU bank index ended as the top laggard on the NSE, down 4.7 per cent, after surging nearly 6 per cent each over the past two days. That apart, Nifty Metal, Bank, and Auto indices skid 2 per cent each.

Global markets

Shares struggled to avoid a fourth straight day of losses on Friday as data showed euro zone business activity slowing in February, while German and British 10-year bond yields touched multi-month highs, driven up by bets on rising inflation.

The pan European index was up 0.1 per cent, while London's FTSE index was 0.1 per cent weaker.

In Asia, MSCI world equity benchmark was up 0.1 per cent, MSCI's broadest index of Asia Pacific shares outside of Japan was down 0.1 per cent, while E-mini futures for the S&P 500 were broadly flat.

(With inputs from Reuters)

4:26 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Research, HDFC Securities

ndian benchmark equity indices ended lower for the fourth consecutive day on February 19 with selling seen across the sectors. After making an intra day high at 1030 Hrs, Nifty kept falling through the day, barring the recovery post 1500 Hrs. At close, the Nifty was down 137.20 points or 0.91% at 14,981.80. For the week, the Nifty closed down 1.2%.

Nifty has corrected for four straight days after a sharp consistent rise seen over the past few weeks. The oscillators/indicators have now eased out of overbought region. A move above 15030-15060 early next week could take the Nifty 15240 over the next few days. On falls, 14753-14900 could act as a good support in the near term.

4:01 PM

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Consolidation continued as increasing volatility & weak global cues influenced investors to stand on the sidelines, leading the market to close below 15k level. PSU banks and mid-cap stocks which outperformed the market during the week attracted selling pressure today. Sentiments across the globe were also wounded by increasing bond yield, higher commodity price and the disappointing US data

4:00 PM

MARKET CLOSING COMMENT :: Rusmik Oza, Executive Vice President, Head of Fundamental Research, Kotak Securities

The Nifty-50 & BSE Sensex declined by 1.2% this week as market mood became cautious on rising global and local bond yields. The broader markets that is NSE Mid Cap 100 Index and BSE Small Cap Index are both in the green this week. The US 10 Year Bond yields have risen from below 1% to 1.29% building in economic impact of the US$ 1.9 trillion stimulus package. In India too the 10 year bond yields have moved up from recent low of 5.76% to 6.13% which could mainly be linked to the higher fiscal deficit estimates. We expect domestic 10-year bond yields to be in the range of 6-6.75% in this calendar year. Oil & Gas & power stocks were major gainers this week. Almost 37 stocks from Nifty-50 lost ground this week with Pharma and select consumers having lost the most. This week PSU banks were in demand on reports of government likely to bring amendments to two legislations later this year to facilitate privatisation of public sector banks. We need to see if Nifty-50 holds the 15,000 level in the near term. The next major support for the Nifty-50 is the 50 DMA placed at 14,321 as of now.

4:00 PM

TECH VIEW :: 15K to act as resistance now, says Rohit Singre, senior technical analyst at LKP Sec

Index closed a week on a negative note at 14982 with loss of more than one per cent and formed a bearish engulfing kind of candle pattern on weekly chart which represents trend reversal. As index managed to breached to its strong support of 15k mark which will acts as an immediate resistance now so above 15k mark we may see some relief otherwise we may see more downside levels of 14900-14750 on the other hand 15100-15170 will act as a strong hurdle on the higher side"

3:57 PM

Market stats :: 249 scrips hit 52-week high today

3:54 PM

STOCK OF THE DAY :: IDFC First Bank ends over 7% higher on fund raising plan

3:52 PM

STOCK OF THE DAY :: ONGC slides 5% on profit-booking

3:50 PM

Sectoral trends on NSE at Close

3:45 PM

Sensex Heatmap at Close

3:36 PM

CLOSING BELL

On Friday, though, the frontline S&P BSE Sensex nurses losses of 435 points, or 0.85 per cent, to end the day at 50,890 levels.

On the NSE, the Nifty50 index gave up the 15,000-mark and settled at 14,982 levels, down 137 points or 0.9 per cent. It hit an intra-day low of 14,898.

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