Monday, December 23, 2024 | 07:44 AM ISTEN Hindi

Sensex snaps 3-day winning run, sheds 317 pts; Banks, realty shares decline

CLOSING BELL: The NSE Nifty 50 slipped 92 points to settle at 17,944. L&T, Hero MotoCorp, UltraTech Cement bucked the trend, while Adani Group shares ended mixed on Friday.

SI Reporter New Delhi

Traders, brokers, markets, stocks, shares, investments, funds

Stock Market Highlights: The key benchmark indices wilted under the selling pressure on Friday amid fears of higher interest rates globally. Banks and realty stocks bore brunt of the selling pressure, as the Sensex and Nifty snapped their three-day winning run.

The S&P BSE Sensex started the day with a negative gap of over 300 points at 60,994; the index did recoup losses but could only manage to touch a high of 61,303. A fresh round of selling in noon deals, saw the BSE benchmark slide to a low of 60,811 – down 509 points from the previous day’s close.

Some buying in late trades helped the Sensex trim losses and end at 61,003, down 317 points. In the process, the BSE index ended the week with a minor gain of 93 points.

The Nifty 50 registered a low at 17,885, before settling 92 points lower at 17,944.

Also read: Record gold price may not bring back sheen in Muthoot, Manappuram: Analysts

A vast majority of the Nifty 50 stocks ended in red today. Adani Enterprises was the top loser, down over 4 per cent. Nestle, IndusInd Bank, SBI Life, HDFC Life and Mahindra & Mahindra were the other major losers. On the other hand, Larsen & Toubro gained over 2 per cent. UltraTech Cement, BPCL, Hero MotoCorp and Asian Paints were the other major losers.

Broader indices also finished with losses on Friday. The BSE Midcap index dropped 0.8 per cent, while the Smallcap index was down 0.2 per cent. The overall breadth was also negative, with more than 1,900 declining stocks versus 1,500 advancing shares on the BSE.

Sectorally, the Realty index was the major loser down nearly 2 per cent. Macrotech Developers, Indiabulls Realestate, Phoenix and Oberoi Realty were the major losers, down 3 - 4 per cent each.

The BSE Bankex and IT index also slipped over a per cent each.

Mixed Day for Adani Group Shares

Apart from the flagship firm Adani Enterprises, shares of Adani Transmission and ACC also ended in red. On the positive font, Adani Wilmar, Adani Power and NDTV gained 5 per cent each. Ambuja Cements and Adani Green also finished higher.

In the broader markets, cement stocks logged smart gains in an otherwise weak market. The buying at these counters was attributed to hopes of an upbeat business outlook by the managements given the government’s thrust on infrastructure projects. READ MORE

Among others, Medanta hit its highest level since listing. The stock has rallied over 50 per cent in the last three months. READ MORE

IPCA Labs plunged 4 per cent as brokerages reduced their FY24/FY25E earnings per share (EPS) estimates for the company post its weak December quarter results. READ MORE

4:00 PM

Tech View :: 'Bank Nifty in sell mode till it remains below 41,500'

The BANK NIFTY index on the daily chart witnessed a breakdown with a rise in volumes. The index remains in a sell mode as long as it sustains below the level of 41,500. The index immediate support stands at 41,000, and if it fails to sustain it on a closing basis, the downside move towards 40,000 levels.

Views by: Kunal Shah, Senior Technical Analyst at LKP Securities

3:58 PM

Comment :: What's capping market gains?

Lack of major triggers in the domestic market is attracting global cues to dictate the market trend. The US market is facing an unfavourable combination of higher-than-expected inflation and a stronger job market. The PPI (Producer Price Index) in the US came in at 6.0%, in contrast to the expectation of 5.4%. This suggests that interest rates have not yet peaked and will remain elevated for a long period.

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

3:57 PM

Tech View :: Near term likely to remain sideways to positive on Nifty if...

The Nifty has fallen to the upper band of the falling channel on the daily chart. The trend for the near term is likely to remain sideways to positive as long as it remains above the falling channel. A recovery towards the higher level will likely happen if the bulls manage to hold the Nifty above 17,880. On the higher end, however, 18,150 is likely to act as resistance.

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

3:55 PM

Markets this week :: Adani Total, Transmission, Green among top laggards

Here's the complete list of weekly losers

3:54 PM

Markets this week :: Shilpa Medicare, Finolex Cables surge up to 22% this week

Here's the complete list of weekly gainers

3:52 PM

Stocks that hit 52-week lows today

Click here for entire list

3:50 PM

Stocks that hit 52-week highs today

Click here for entire list

3:48 PM

Top gainers on the BSE at closing

3:48 PM

Top losers on the BSE at closing

3:46 PM

Rupee Closing :: Rupee ends weaker at 82.83/$

>> This is against Thursday's close of 82.72/$

3:45 PM

PTC Industries surges 9% as arm wins order from Safran Aircraft

Shares of PTC Industries hit 10 per cent upper circuit intra-day trade, after Aerolloy Technologies (ATL), a wholly owned subsidiary of the company received order from Safran Aircraft Engines (SAE), to develop and supply Titanium cast components for Aircraft Engines.

3:44 PM

Buzzing stock :: Pricol drops over 4% as multiple large trades hit counter

3:42 PM

Buzzing stock :: Medanta hits record high intra-day, ends 2.5% up in a weak market

Shares of Global Health, which operates hospitals under Medanta brand, hit a record high of Rs 533 on the BSE in Friday's intra-day trade in an otherwise subdued market. In the past two days, the stock of the company engaged in hospital business rallied 13 per cent.