Monday, December 23, 2024 | 09:23 AM ISTEN Hindi

Sensex snaps 3-day bull run, dips 87 pts; Airtel, TCS shed 5%, PSBs soar

CLOSING BELL: Adani Group shares rallied up to 12 per cent on the BSE in Monday's intra-day trade, in otherwise a weak market, amid the group's foray into telecom business

SI Reporter New Delhi

MARKET LIVE: Sensex off lows, down 50 pts; broader indices outperform

CLOSING BELL

Stock market highlights: After staying weak for the better part of the day, benchmark indices recouped most of their losses to the flat line on Monday. The indices, however, ended with a negative bias, thus snapping their 3-day winning run.

The S&P BSE Sensex, which hit a low of 54,090.5 in the intra-day trade, closed at 54,395, down 87 points or 0.16 per cent. On the NSE, the Nifty50 shut shop 5 points, or 0.03 per cent, lower at 16,216. The index hit an intra-day low of 16,115.5.

Eicher Motors, ONGC, Dr Reddy's Labs, Tata Steel, M&M, Coal India, and Adani Ports were the top Nifty50 gainers, rising nearly 4 per cent. On the flipside, selling in Bharti Airtel (down 5 per cent), TCS (down 4.7 per cent), HCL Tech, Infosys, BPCL, and Tech M capped the gains. These shares fell between 2 per cent and 5 per cent.

Meanwhile, the BSE SmallCap index outperformed the frontline indices handsomely as it added over 1 per cent on the BSE. Its MidCap counterpart, on the other hand, gained 0.6 per cent.

Sectorally, except the Nifty IT index, which closed 3 per cent lower, all other indices eked out gains. The Nifty PSU Bank index was the top gainer, up 2 per cent, amid reports that the Centre is seeking to remove the 10 per cent shareholding cap for individuals in public sector banks (PSBs) — a move that will enable private equity (PE) firms to pick up stakes in PSBs on the block for privatisation.

Adani Group in focus

Adani Group shares rallied up to 12 per cent on the BSE in Monday's intra-day trade, in otherwise a weak market, amid the group's foray into telecom business. READ MORE

4:01 PM

Nifty tech view: Short term trend may remain positive as long as index holds 16K

The benchmark Nifty remained sideways during the session. On the daily timeframe, the index has sustained above its near-term moving average.

The momentum oscillator RSI maintains its bullish crossover.

The short term trend is likely to remain positive as long as it holds above 16000. On the higher end, resistance is visible at 16300.

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

Markets, bulls, bears, stocks, trading, technicals, market technical, technical analysis

3:59 PM

Closing view: Weak IT earnings wound sentiment

As the domestic market turned its focus towards quarterly results, the weak start of IT earnings wounded the sentiments, forcing benchmark indices to open on a weak note.

However, with support from banking, metal and energy stocks, the domestic market managed to pare its losses to close flattish.

India’s June inflation data, which is due for tomorrow, is expected to remain in line with May’s inflation rate of 7.04%.

Meanwhile, the US inflation data due on Wednesday is expected to show a further increase from its current peak level of 8.6% during May.

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