Monday, December 23, 2024 | 10:09 PM ISTEN Hindi

Sensex slips 94 pts, Nifty holds 16,550; Oil India soars 11%, LIC falls 3%

CLOSING BELL: nfosys, ICICI Bank, Kotak Bank, ITC, and Tata Steel were the large-caps that helped the 30-pack index bounce back from lows

SI Reporter New Delhi

MARKET LIVE: Sensex, Nifty turn flat; metals, pvt banks lead; realty slide

CLOSING BELL

Stock market highlights: A gap-down opening was steadily bought into by the afternoon as investors bet on metals, private banks, and auto players. In contrast, most realty, FMCG, and IT stocks traded weak on Monday.

The S&P BSE Sensex recouped 379 points from the day's low to close at 55,675, down 94 points or 0.17 per cent. The NSE Nifty50, on the other hand, ended at 16,570, down 15 points or 0.09 per cent.

Infosys, ICICI Bank, Kotak Bank, ITC, and Tata Steel were the large-caps that helped the 30-pack index bounce back from lows, even as Asian Paints, Reliance Industries, Bajaj Finserv, HDFC, L&T, HUL, Ultratech Cement, and Axis Bank exerted pressure.

Meanwhile, in the broader market, the BSE MidCap index dipped 0.15 per cent, while the BSE SmallCap shed 0.54 per cent.

Global cues

European stocks advanced on Monday with the pan-European Stoxx 600 adding 0.9 per cent in early trade. On Wall Street, futures linked to the three main indices were up over 1 per cent each.

In Asia, Nikkei gained 0.56 per cent, Kospi climbed 0.4 per cent, and Shanghai Composite added 1.3 per cent.

4:02 PM

Market Stats :: BSE m-cap stands at Rs 256.42 trillion

4:00 PM

RBI Policy Preview :: Expect MPC to revise inflation projection upwards by 70-80bps

We expect the MPC to revise upward the inflation trajectory by 70-80bps accounting for the upside price pressures. The GDP estimates may remain unchanged

for now.

From the policy withdrawal perspective, RBI in the last two months has moved quite aggressively and swiftly. The weighted average overnight rates have risen by 80-90bps since the April MPC policy.

The recent countercyclical government measures has clearly provided room for the MPC to avoid disruptive tightening. We expect a repo rate hike of 35-40bps and status quo on CRR in the upcoming June policy.

Views by: Upasna Bhardwaj, Chief Economist at Kotak Mahindra Bank

3:58 PM

Tech View :: Nifty facing resistance at 16,800

On the lower end, bulls have protected the crucial support of 16,400, which led to a rally towards 16,600. The trend is likely to remain positive for the near term as long as 1,6400 is held on a sustained basis. On the higher end, resistance is seen at 16,800.

The Bank Nifty has remained below the 50-EMA throughout the session. The momentum oscillator is a bullish crossover. Going forward, Bank Nifty may remain sideward to positive as long as it holds the crucial support of 35,000. On the higher end, resistance is visible at 36,000.

Views by: Rupak De, Senior Technical Analyst at LKP Securities

3:56 PM

MARKET COMMENT :: Volatility to continue in both global and domestic markets

Domestic market moved in tandem with the global peers to open weak and gradually recovered its losses following a positive start in Europe. Oil prices rose after Saudi Arabia raised their selling price adding to the current global inflationary pressure. Better than expected US job data triggered worries on Wall Street as it gives the Fed more room to hike rates. This volatility is likely to continue in both global and domestic markets as investors await monetary policy decisions from major central banks including RBI.

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

3:55 PM

News impact :: SpiceJet slips over 1%as DGCA asks airline to re-train 90 pilots for Max 737

3:53 PM

News impact :: IDBI Bank adds nearly 2% on report Prem Watsa may acquire controlling stake

3:51 PM

News impact :: Zomato falls 3% on report Board may soon approve Blinkit acquisition

>>According to reports, the Zomato board will meet on June 17 to sign off the acquisition of quick commerce company Blinkit.

>> Although the deal discussions earlier valued Blinkit at $700 million, the value of the final deal is expected to come down as it involves a stock swap of a definite number of shares in the ratio of 1:10 where Zomato would get 10 shares of Blinkit for every one of its shares.