Saturday, December 21, 2024 | 04:58 PM ISTEN Hindi

Sensex sinks 509 pts, Nifty holds 16,050 in across-the-board sell-off

CLOSING BELL: NTPC, Adani Ports, Bharti Airtel, Coal India, Hero Moto, and Bajaj Finance were the only gainers, up in the range of 0.08 per cent to 1.7 per cent

SI Reporter New Delhi

MARKET LIVE: Sensex at day's low, drops 500 pts in broad-based sell off

CLOSING BELL

Stock market highlights: Benchmark S&P BSE Sensex and Nifty50 indices stayed in the negative territory all through the trading session on Tuesday amid nervousness in the global markets. All but the Nifty Realty index traded with losses, led by auto, IT, and metal counters.

The 30-pack BSE frontline index closed 509 points, or 0.9 per cent lower, at 53,887 after trading between 53,825 and 54,236 during the day. The Nifty50, meanwhile, shut shop at 16,058, down 158 points or 0.97 per cent. It hit a high and a low of 16,159 and 16,031, respectively.

The benchmarks were dragged down by Eicher Motors, Infosys, Hindalco, BPCL, Britannia, Nestle, Power Grid, Grasim, HUL, HCL Tech, Titan, and M&M. All these shares were down between 1.5 per cent and 3 per cent.

On the upside, NTPC, Adani Ports, Bharti Airtel, Coal India, Hero Moto, and Bajaj Finance were the only gainers, up in the range of 0.08 per cent to 1.7 per cent.

In the broader markets, the BSE MidCap and SmallCap indices outperformed the benchmark indices as they shed just 0.5 per cent.

Bank stocks on radar

Of late, major bank stocks -- such as ICICI Bank, City Union Bank, Federal Bank, State Bank of India, Bank of Baroda, Canara Bank and Indian Bank -- have started giving bullish signals as they conquer 200-DMA (200-daily moving average). READ MORE

4:10 PM

Nifty tech view: 16K to act as crucial support

Nifty has slipped below the previous session's low as bears remained at the helm.

It has formed a small-bodied candle just below an important moving average, indicating a bearish day of mild significance.

On the lower end, however, 16,000 is likely to act as crucial support. On the higher end, resistance is visible at 16,200, where meaningful call writing has happened.

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

Trading

4:07 PM

Closing view: Rate hike fears again in focus ahead of inflation data

Rate hike fears are back in focus in the global markets ahead of the release of CPI numbers.

Inflationary pressures along with strong US jobs data would keep the Fed on the path of aggressive rate hikes.

On the domestic inflation front, retail inflation for the month of June is expected to be at 7.03 per cent, maintaining the previous month’s levels.

Demand concerns amid the rebound of virus cases in China compelled crude to trade lower.

Views by Vinod Nair, Head of Research at Geojit Financial Services.