Sensex tanks 461 pts, Nifty below 18,300 amid global rout; all sectors fall

CLOSING BELL: Among sectors, the Nifty PSU Bank index sunk the most, down nearly 3 per cent. This was followd by losses in the Nifty Realty, Pharma, and Media indices, down over 1 per cent each

CLOSING BELL

Stock market highlights: Selling pressure intensified in late noon deals on Friday after reports emerged of fresh Russian onslaught on Ukrainian soil. According to media reports, at least three cities in Ukraine faced major missile attack on energy facilities and infrastructure. Meanwhile, recession fears in the US and Euro region, coupled with growth slowdown concerns back home, weighed on the sentiment.

Against this backdrop, the S&P BSE Sensex dropped 461 points, or 0.75 per cent, to settle at 61,338. The Nifty50, too, slumped 146 points or 0.79 per cent to end at 18,269.

ALSO READ: Sensex can drop to 58,000, Nifty 17,700 if these supports are violated

Dr Reddy's Labs, M&M, Asian Paints, SBI, TCS, Titan, Power Grid, and Ultratech Cement fell the most among the 27 losers within the Sensex pack. Adani Ports, BPCL, Bajaj Auto, and Hero MotoCorp were the additional laggards on the Nifty.

Tata Motors, HDFC Bank, HUL, and Tata Steel were the only large-cap gainers on the benchmark indices.

Meanwhile, in the broader markets, the BSE MidCap index declined 1.4 per cent, while the BSE SmallCap index dipped 0.9 per cent.

Among sectors, the Nifty PSU Bank index sunk the most, down nearly 3 per cent. This was followd by losses in the Nifty Realty, Pharma, and Media indices, down over 1 per cent each.

Global markets

European markets were marginally down Friday as investors processed the raft of central bank decisions announced Thursday. The Stoxx 600 was down 0.9 per cent early morning, with all sectors and major bourses posting losses.

On Wall Street, Dow Jones Futures were down over 300 points, or 1 per cent, in pre-market deals. S&P500 and Nasdaq futures, too, fell 1 per cent each.

4:21 PM

TECH VIEW :: 'Trend to remain bearish till Nifty sustains below 18,500'

Nifty remained volatile with a bearish bias during the day as it slipped below the support of 18,350. The momentum indicator RSI (14) is in a bearish crossover and falling with a current reading of 44, suggesting an extension of a bearish momentum. The short-term trend is likely to remain bearish till the index sustains below 18,500. On the lower end, support is pegged at 18,100-18,000.

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

4:07 PM

TECH VIEW :: 'Nifty Bank has immediate suppor at 43,000-42,800'

The BANK NIFTY index witnessed heaving profit booking at a higher level as the global markets witness a fresh sell-off after the fed event. The index remains in a sell-on-rise mode with resistance visible at the 43,600-43,800 zone. The index to resume its uptrend needs to surpass the level of 44,000 where the highest open interest is built up on the call side. The index immediate support on the downside is at the 43,000-42,800 zone and if breached will lead to further selling pressure.

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

3:58 PM

COMMENT :: 'Lower participation from institutional investors to keep markets lackluster'

Markets seems to have taken pause after making new highs with Nifty down by 3% in last few. Markets are likely to remain in consolidative range due to lack of triggers in the near term. Also lower participation from institutional investors due to upcoming year-end holidays would keep the markets lackluster. Though investors would keep eye on US Home Sales and GDP (QoQ) numbers to be released next week. On sectorial front, sugar stocks are likely to remain in lime light on after news reported, government might consider increasing sugar export quota for the current 2022-23. However, some selling might be seen in Banking stock especially in PSU banks on account of profit booking after the sharp rally in last few months.

Views by: Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services

3:54 PM

COMMENT :: What all happened in the markets today?

Global markets extended their rout as the ECB and BoE followed the Fed in raising policy rates by half a percent while maintaining a hawkish tone on inflation. The aggressiveness of central banks in combating inflation has raised concerns about the global economy's health. Despite attempts to recoup losses, a lack of global support pushed the indices back into negative territory.

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

3:53 PM