Friday, December 27, 2024 | 03:53 AM ISTEN Hindi

Sensex skids 575 pts, Nifty below 17,650; Tata Power sinks 4%, RIL 2%

CLOSING BELL: Adani Ports, Titan, HDFC, PowerGrid, Wipro, HDFC Bank, ONGC, PowerGrid, RIL, Bharti Airtel, TCS, Coal India, Tata Steel, and L&T fell between 1.5 per cent and 3.5 per cent

SI Reporter New Delhi

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

CLOSING BELL

Domestic equities languished in the red on Thursday as weak global cues and nervousness ahead of the Reserve Bank of India's monetary policy outcome tomorrow kept investors on the sidelines.

The RBI is set to announce its first bi-monthly interest rate decision on Friday where investors will eye the central bank's revised growth and inflation forecast. A media report, earlier today, suggested that the RBI may rework wording of 'Accommodative' stance. Besides, it may also highlight that the Russia-Ukraine war could keep CPI inflation above 6 per cent. This is higher than the RBI's Feb projection of 4.5 per cent and the markets' expectation of 5.5 per cent for whole of FY23.

Besides, global markets turned lower and US Treasury yields for 5-year/30-year bonds inverted on Thursday after Fed meeting minutes, released on Wednesday afternoon, showed that US central bank officials planned to shrink its balance sheet by $95 billion a month. Fed officials also indicated that there could be one or more 50-basis-point interest rate increases ahead.

Against this backdrop, the BSE Sensex index fell 575 points to close at 59,035 while the NSE Nifty50 ended at 17,639.5, down 168 points. In the broader markets, the BSE MidCap and SmallCap indices slipped up to 0.6 per cent relative to the benchmarks' 0.97 per cent fall.

Adani Ports, Titan, HDFC, PowerGrid, Wipro, HDFC Bank, ONGC, PowerGrid, RIL, Bharti Airtel, TCS, Coal India, Tata Steel, and L&T fell between 1.5 per cent and 3.5 per cent. On the upside, Axis Bank, Divis Labs, Dr Reddy's Labs, and HUL added over a per cent.

Meanwhile, within the mid- and small-cap space, Ruchi Soya, Bharat Electronics, YES Bank, NHPC, Shree Renuka Sugars, and BLS International Services were the outperforming stocks, soaring in the range of 4 per cent to 20 per cent.

Sectorally, The Nifty Oil and Gas, and Consumer Durable indices ended over 2 per cent and 1.7 per cent lower, respectively. On the upside, the Nifty Pharma index added 0.4 per cent.

Buzzing stocks

Shares of Titan Company declined 3.3 per cent to Rs 2,457 apiece on the BSE on Thursday after the company reported sluggish growth in its jewellery business in March quarter of FY22 (Q4FY22). READ MORE

Zee Entertainment shares slipped 3.4 per cent to a low of Rs 281.10 in the intra-day trades on the NSE on Thursday amid heavy volume. The shares, however, trimmed losses to end little over 1.5 per cent down. READ MORE

That apart, shares of IDFC plunged 7 per cent to Rs 63 apiece on the BSE on Thursday, a day after the company announced the divestment of IDFC and IDFC Financial Holdings' entire shareholding in IDFC AMC and IDFC AMC Trustee to a consortium led by Bandhan Financial Holding Limited for Rs 4,500 crore. READ MORE

On the upside, shares of YES Bank surged 10.6 per cent to Rs 16.25 per share, hitting 52-week high in an otherwise weak market, after ratings agency CARE Ratings upgraded infrastructure, lower tier-2, and upper tier-2 bonds to positive. READ MORE

Global markets

European markets were choppy on Thursday as volatility continued following details of the U.S. Federal Reserve's monetary tightening plans and the ongoing war in Ukraine. The pan-European Stoxx 600 index was up 0.6 per cent by mid-morning, having fluctuated since the start of trading.

On Wall Street, Dow Jones Futures were marginally in the negative zone while S&P 500 and Nasdaq Futures marched ahead.

In Asia, main indices in Japan, South Korea, Australia, and China fell between 0.7 per cent and 1.7 per cent.

4:18 PM

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

Nifty has fallen from the rising channel on the daily chart which suggests a waning bullishness. The daily RSI is in a bearish crossover. The trend looks negative for the near term. On the lower end, support is visible at 17450 whereas resistance is seen at 17750-17800.

4:16 PM

World shares track Wall Street retreat on interest rate worries

World shares were mixed Thursday after a retreat on Wall Street spurred by comments indicating the Federal Reserve intends to more aggressively tackle inflation. READ MORE HERE

4:14 PM

Technical view: Kunal Shah - Senior Technical & Derivative Analyst at LKP Securities

The Bank Nifty index ahead of the RBI policy remains subdued with major selling pressure continuing from HDFC bank. The index needs to close above 38000 level for resuming the uptrend. A clear direction will be visible once the policy is announced.

4:12 PM

Oil prices rise from three-week low as supply concerns linger

Oil prices rose on Thursday from a three-week low touched in the previous session after consuming nations announced a huge release of oil from emergency reserves, as worries over tight supplies still clouded the market outlook. READ MORE HERE

4:11 PM

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

Volatility increased as the market approached the RBI policy meet outcome. The latest sectoral outperformers like metals, power and oil & gas sectors were the most hit including mid & small caps. If announcements are in-line with market expectations, like rates being unchanged, inflation forecast moderately increased and robust economic outlook maintained, then the market will trade positively considering corrections during the week and falling crude prices or else challenges will prevail.

4:04 PM