Sensex falls for 5th straight day, ends 344 pts down; Nifty breaks 17,000

CLOSING BELL: The Nifty 50 ended below the 17,000-mark for the first time since October 11, 2022. The NSE benchmark has now shed 630 points in the last five trading sessions.

4:44 PM

Comment :: Check key levels on Nifty50

Mixed global cues are currently weighing on the sentiment in absence of any major trigger from the domestic front. On the index front, Nifty has the next crucial support at the 16,800 mark while 17,200-17,300 would act as a hurdle in case of a rebound. We reiterate our negative view and suggest continuing with “sell on rise” until we see some sign of reversal.

Views by: Ajit Mishra, VP - Technical Research, Religare Broking

4:38 PM

Tech View :: 'Nifty Bank's momentum indicator is in bearish crossover'

Bank Nifty failed to capitalise on the early gain as the index closed below the previous session's low at the end of a volatile session. The index has sustained below the critical short-term moving averages on the daily chart. The momentum indicator is in bearish crossover. A fall below 39000 may trigger further corrections towards 38800/38500. On the higher end, resistance is visible at 39500.

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

4:24 PM

Tech View :: 'A close below 16,950 may trigger further correction'

Market bears continued to hold control as the Nifty slipped further, registering its fifth straight day of decline. On the lower end, the index neared the lower band of the falling channel. Going forward, 16,950 will likely act as crucial support on a closing basis for the index. Only a close below 16,950 may trigger further correction. On the higher end, resistance is visible at 17,150-17,200.

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

 

4:09 PM

Tech View :: 'Next downside target for Nifty is at 16,750'

The key hourly moving averages placed at 17,200 for Nifty acted as a stiff resistance. Despite the strong opening, Nifty was not even able to surpass the previous trading session high and as the day progressed selling pressure intensified resulting in fifth consecutive negative close for the day. It has achieved our short term target of 16,950, and hence we revise it downwards to 16,750 which is the previous swing low. On the hourly charts, we can observe a positive divergence developing however it needs to be confirmed by a daily positive close, and hence we shall assign more weightage to the price action as of now and continue to maintain our negative outlook on the index.

Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

4:01 PM

Comment :: 'Domestic gains were short-lived,as European markets fell on rate hike fears'

The in-line data showing a decline in US inflation provided a gap-up opening in context with the global relief rally, bringing confidence that the Fed would not opt for a harsh rate hike following the turmoil in the banking sector. Broader rate hike expectation has reduced from 50bps to 25bps  and there are possibilities that the Fed may even consider not to hike in the March policy meeting. Domestic gains were short-lived, as European markets fell on fears that the ECB would raise interest rates by at least 25 bps at its meeting on Thursday, high interest rate is the worry of the stock market.

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

3:58 PM

Rupee Closing :: Rupee ends lower at 82.606/$ vs Tuesday's close of 82.491/$

3:56 PM

MARKET CHECK :: Top losers on the BSE today

3:53 PM

MARKET CHECK :: Top gainers on the BSE today

3:52 PM

Buzzing stock :: 8 of 10 Adani Group stocks rise in a weak market; Adani Ent gains 6%

3:49 PM

Buzzing stock :: Nazara Tech rises over 1% as subsidiaries transfer cash holding from SVB

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Buzzing stock :: GMR Airport Infra zooms nearly 5% in a weak market on fund raise plan by subsidiary

3:44 PM

Buzzing stock :: EKI Energy freezes at 5% upper circuit on bagging order from Kochi Metro

3:42 PM

Buzzing stock :: Varun Beverages settles off highs

3:40 PM

Buzzing stock :: Ramkrishna Forgings hits record high intra-day

Ramkrishna Forgings and Titagarh Wagons (RKFL-TWL Consortium) emerged as the lowest bidder (L1) as per the financial bid opening dated 14 March, 2023, for manufacturing and supply of forged wheels under Aatma-Nirbhar Bharat by the Ministry of Railways, Government of India, the company said in an exchange filing.

3:39 PM

Broader market check :: SmallCap index outshines, gains 0.1%