Sensex tanks 872pts, Nifty gives up 17,500 amid global sell-off; ITC shines

CLOSING BELL: Tata Steel fell over 4 per cent, while Asian Paints, Wipro, L&T, Bajaj twins, Ultratech Cement, Axis Bank, Sun Pharma, Tech M, ICICI Bank, & SBI declined in the range of 2-3.5 per cent

4:06 PM

Expert view: Rising dollar index, higher 10-year bond yield are the near-term headwinds for the market

"The consolidation was triggered in the market in anticipation of tighter monetary policy by the US Fed and worries over a slowdown in global economic activity. The current risk reward is not favouring investors as the Nifty50 is now trading at a premium valuation of 21.5x P/E (1yr fwd basis), above the long-term average. Rising dollar index and higher US10 year bond yield act as the near-term headwinds for the market."

 

- Vinod Nair, Head of Research at Geojit Financial Services

4:05 PM

Nifty tech view: Fall below 17,400 may trigger further correction

"The Nifty slipped back below the falling trend line, indicating a failed breakout. On the lower end, the price has corrected towards the support zone of 17,500-17,400. Over the near term, a fall below 17,400 may trigger a further correction in the market. On the lower end, support is visible at 17,200/ 17,000. On the other hand, the Nifty may recover towards 17,700 if it doesn't fall below 17,400."

 

- Rupak De, Senior Technical Analyst at LKP Securities

4:05 PM

ITC hits 47-month high in a weak market, ends 0.6% higher

In the past one week, ITC has outperformed the market by gaining 3 per cent, as against nearly 1 per cent decline in the benchmark Sensex. READ MORE

4:03 PM

Adani Power gains 5%, hits new high on DB Power deal

The acquisition will help the company to expand its offerings and operations in the thermal power sector in the state of Chhattisgarh. READ MORE

4:01 PM

Bank Nifty view: Immediate resistgance for Nifty at 38,500

"The Bank Nifty index witnessed continuous selling pressure throughout the day with lower high and lower low formation. The immediate upside resistance is placed at 38,500 and a break above this will see a rally toward the 38,800-39,000 zone. The downside support stands at 38,000 and if breached will see further selling pressure toward 37,700 levels."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities 

3:56 PM

Sectorally, Nifty Metal index slumps 3%; Realty, Banks, Auto indices among others major hits

3:52 PM

Broader indices, mainly Midcaps fall more than the benchmark Nifty 50

3:50 PM

Nifty 50:: Top FIVE gainers and losers on Monday

3:49 PM

Sensex 30 Heatmap:: ITC, Nestle only gainers; Tata Steel, Asian Paints crack the most

3:37 PM

NSE Nifty 50 sheds 268 points, settles at 17,491

3:33 PM

Closing Bell:: S&P BSE Sensex ends 872 points lower at 58,774

3:25 PM

BSE 500:: Volume Shockers

Mahindra Holiday has witnessed unusually high volume of around 10.43 lakh shares so far on the BSE as against its five-day average volume of around 59,150-odd shares. Similarly, CCL Products, PVR, Chemplast Sanmar and Gillette India witnessed a significant spike in volume on Monday.

3:18 PM

Gold falls for sixth day today, hits over 3-week low on dollar rally

Gold is highly sensitive to rising U.S. interest rates, as these increase the opportunity cost of holding non-yielding bullion. READ MORE

3:08 PM

BSE 500:: Stocks falling significantly from the highs of the day

Varun Beverages has slipped nearly 8 per cent from its high of the day so far. Similarly, Trent, Aptus Value Housing, Adani Ports and Voltas have lost notable ground from the highs of the day on Monday.

2:56 PM

LIC Housing Finance hikes prime lending rate by 50 basis point to 8%

LIC Housing Finance increased its Prime Lending Rate by 50 basis points. With this the new interest rates on home loans will now start from 8 per cent as against 7.50 per cent earlier. READ MORE