Sensex slumps 981 pts, Nifty ends near 17,800; PSU index crashes 6%
Market at close: The pain was even more severe in the broader market space where the BSE MidCap and SmallCap indices fell 3 and 4 per cent, respectively
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CLOSING BELL
Stock market highlights: Bears crawled on Dalal Street on Friday as wobbly global sentiment as Covid-19 scare in China triggered slowdown fears. With this, equity markets have settled lower for a fourth consecutive day.
The S&P BSE Sensex slumped 981 points or 1.6 per cent to end at 59,845, which is its lowest level since October 28. The index hit an intra-day low of 59,766 during the day dragged by Tata Steel, Tata Motors, SBI, Bajaj Finserv, Wipro, IndusInd Bank, Reliance, L&T, which shed 2-5 per cent.
The Nifty50, meanwhile, ended at 17,807, down 321 points or 1.8 per cent. The index sunk to a low of 17,779 during the day.
The pain was even more severe in the broader market space where the BSE MidCap and SmallCap indices fell 3 and 4 per cent, respectively.
The broad-based selling was led by public sector banks with the Nifty PSU Bank index tumbling nearly 6 per cent. This was followed by the Nifty Metal index (down over 4 per cent), and the Nifty Realty index (down 3 per cent).
Where is Nifty headed?
During the course of the month, the NSE Nifty 50 dipped below its 20-DMA (Daily Moving Average) and the 50-DMA placed at 18,500 and 18,185, respectively. The 50-share index now seems on course to test the 100-DMA, placed at 17,840 level. In case, the 17,850 support gets violated, the NSE Nifty may slide towards the 200-DMA placed at 17,185 level. READ MORE
Stock market highlights: Bears crawled on Dalal Street on Friday as wobbly global sentiment as Covid-19 scare in China triggered slowdown fears. With this, equity markets have settled lower for a fourth consecutive day.
The S&P BSE Sensex slumped 981 points or 1.6 per cent to end at 59,845, which is its lowest level since October 28. The index hit an intra-day low of 59,766 during the day dragged by Tata Steel, Tata Motors, SBI, Bajaj Finserv, Wipro, IndusInd Bank, Reliance, L&T, which shed 2-5 per cent.
The Nifty50, meanwhile, ended at 17,807, down 321 points or 1.8 per cent. The index sunk to a low of 17,779 during the day.
The pain was even more severe in the broader market space where the BSE MidCap and SmallCap indices fell 3 and 4 per cent, respectively.
The broad-based selling was led by public sector banks with the Nifty PSU Bank index tumbling nearly 6 per cent. This was followed by the Nifty Metal index (down over 4 per cent), and the Nifty Realty index (down 3 per cent).
Where is Nifty headed?
During the course of the month, the NSE Nifty 50 dipped below its 20-DMA (Daily Moving Average) and the 50-DMA placed at 18,500 and 18,185, respectively. The 50-share index now seems on course to test the 100-DMA, placed at 17,840 level. In case, the 17,850 support gets violated, the NSE Nifty may slide towards the 200-DMA placed at 17,185 level. READ MORE
4:11 PM![]()
NIFTY VIEW: Index may find support near 17,500-17,550 zone
Volume profile indicates Nifty may find further support around 17,500-17,550 zone.
Coming to the OI Data, on the call side, the highest OI observed at 18000 followed by 18100 strike price while on the put side, the highest OI was at 17500 strike price.
On the other hand, Bank nifty has support at 41100-41300 while resistance is placed at 42300-42500 range.
Selling in Indian markets is still prevalent due to concern over the rising Covid cases in China, thus selling on an every rise is advised.
Views by Ameya Ranadive, Equity Research Analyst, Choice Broking.
Coming to the OI Data, on the call side, the highest OI observed at 18000 followed by 18100 strike price while on the put side, the highest OI was at 17500 strike price.
On the other hand, Bank nifty has support at 41100-41300 while resistance is placed at 42300-42500 range.
Selling in Indian markets is still prevalent due to concern over the rising Covid cases in China, thus selling on an every rise is advised.
Views by Ameya Ranadive, Equity Research Analyst, Choice Broking.
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CLOSING BELL :: Nifty holds 17,800 amid broad-based meltdown
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CLOSING BELL :: Sensex sinks nearly 1,000 pts; drops for 4th straight day
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Sectoral trends :: Nifty PSU Bank index down 6%, Metal index over 4%
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Sensex Heatmap :: Sea of red as index plummets over 900 pts; Tata Steel slumps 5%
3:07 PM![]()
Gandhar Oil Refinery files IPO with Sebi; issues equity worth Rs 357 crore
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Global Check:: US, UK stock futures trade on a flat note
Source: Investing.com
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First Published: Dec 23 2022 | 8:10 AM IST
