Sunday, December 22, 2024 | 04:52 PM ISTEN Hindi

Sensex snaps 5-day winning run, shed 709 pts; metal, energy stks worst hit

CLOSING BELL: Metal stocks including Hindalco, Tata Steel, and JSW Steel were among the worst hit stocks on the bourses as they shed between 3.7 per cent and 5.3 per cent

SI Reporter New Delhi

Stock broker, broker, market crash, market fall, loss, trader, marker, markets, stock markets, stock

CLOSING BELL

Domestic stock markets snapped their 5-day winning run as Ukraine-Russia talks reached "crossroads". From here on, either there will be an agreement or Russia will go on offensive, said Ukraine's presidential advisor.

Against this backdrop, the S&P BSE Sensex tanked sharply lower in the fag-end of the session, sinking 1,302 points from the day's high and hit a low of 55,419. The index, however, recouped some of the losses and ended at 55,777, down 709 points or 1.26 per cent.

On the NSE, Nifty50 bounced back from the day's low of 16,555 to settle at 16,663, down 208 points or 1.23 per cent.

Metal stocks including Hindalco, Tata Steel, and JSW Steel were among the worst hit stocks on the bourses as they shed between 3.7 per cent and 5.3 per cent. ONGC, Coal India, Tech M, Kotak Bank, Infosys, BPCL, and RIL were the other notable losers, down up to 4.7 per cent.

On the upside, Tata Consumer Products, M&M, Shree Cement, Cipla, UPL, Maruti Suzuki, and Britannia Industries were the top gainers, up in the range of 1-3.7 per cent.

Broader indices, though in the red, outperformed the large-cap indices. The BSE MidCap and SmallCap indices closed 0.68 per cent and 0.88 per cent loser, respectively.

Among individual stocks, shares of Ruchi Soya Industries surged 18 per cent to Rs 1,140 on the BSE in Tuesday's intra-day trade, zooming as much as 42 per cent in the past two trading sessions after the company announced plans to launch Rs 4,300-crore follow-on public offering (FPO) next week. READ MORE

That apart, shares of JK Paper hit a new high of Rs 288, up 7.5 per cent on the BSE in Tuesday's intra-day trade, gaining as much as 33 per cent in the past one week on improved business outlook. READ MORE

One97 Communications, the parent company of digital payments major Paytm, dropped out of the 100-most valued companies list on the BSE as the stock price of the company tanked a whopping 25 per cent in the last two trading sessions. By close, Paytm's m-cap stood at Rs 38,418 crore. READ MORE

Among sectors, the BSE Metal index slumped over 4 per cent, followed by the BSE Oil and Gas index (down 2.7 per cent), the BSE IT index (down 2.4 per cent). On the upside, BSE Auto and FMCG indices were the only gainers, adding up to 0.4 per cent.

Global markets

European stocks pulled back on Tuesday as global market sentiment was hit by Russia's ongoing invasion of Ukraine. The pan-European Stoxx 600 fell 1.6 per cent in early trade, with basic resources shedding 3.4 per cent. Germany's DAX and France's CAC40, meanwhile, shed 1.75 per cent and 1.8 per cent, respectively.

On Wall Street, Dow Jones, S&P500, and Nasdaq Composite Futures fell 0.7 per cent each.

Earlier in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.97 per cent, led by pronounced weakness in Chinese stocks. China's CSI300 slumped 4.5 per cent while Hong Kong's Hang Seng dropped 5.7 per cent.

Japan's Nikkei was the only Asian index gainer, up 0.15 per cent.

4:06 PM

Technical View: Rupak De, Senior Technical Analyst at LKP Securities

Nifty formed a dark cloud cover on the daily chart as it found resistance around 200DMA on the daily chart. On the lower end, it found support at the upper band of the falling channel. Going forward, the index may remain in the green as long as 16640 is held decisively. On the higher end, resistance is visible at 16900-17000.

4:02 PM

Market view: Vinod Nair, Head of Research at Geojit Financial Services

The world equity market lost its momentum as new financial & trade sanctions were imposed on Russia along with the suspension of gas imports. It is a setback for the market sentiment, which was improving in anticipation of a truce in war. The Indian market was outperforming due to ease in commodity prices. World markets are also lower ahead of the US Fed meeting in which the market widely expects FOMC to initiate a rate hike.

3:57 PM