Sensex drops 671pts, Nifty nears 17,400 in broad sell-off; bank stocks tank

CLOSING BELL: The Nifty PSU Bank index declined 2.2 per cent, while the Nifty Bank and Private Bank indices fell 1.8 per cent each

CLOSING BELL

Stock market highlights: Equity markets roiled in global sell-off as contagion effect of overnight selling in the US markets, especially bank stocks, dented sentiment. The S&P BSE Sensex crashed 671 points, or 1.12 per cent, to close at 59,135. The Nifty50, meanwhile, gave up the 17,450-mark to end at 17,413, falling 177 points or 1 per cent. These indices hit intra-day lows of 58,885, and 17,324, respectively.

ALSO READ: No SVB-like scenario in India; banks are on a strong footing, say analysts

Financial stocks were the worst hit today, amid near broad-based selling, with HDFC Bank (down 2.6 per cent), HDFC, SBI, IndusInd Bank, Bajaj Finserv, Axis Bank, ICICI Bank, Kotak Bank, and Bajaj Finance featuring among the top 15 laggards on the Sensex. Index-wise, the Nifty PSU Bank index declined 2.2 per cent, while the Nifty Bank and Private Bank indices fell 1.8 per cent each.

Other large-cap laggards were RIL, L&T, M&M, and Asian Paints, down up to 1.5 per cent.

ALSO READ: 5 smallcaps to bet on amid current market volatility

In the broader markets, the BSE MidCap and SmallCap indices dropped less than 1 per cent each.

4:25 PM

Nifty: Markets in sell-on-rise mode

"On the daily chart, the index has been falling within a downward-sloping channel, which again confirms the bearish trend. The 14-day moving average and the 50-day moving average, are in the bearish crossover, with the index value remaining below both averages. On the lower end, the Nifty may roll down towards the lower band of the falling channel. The sentiment remains bearish, and the market will remain in sell-to-rise mode until Nitfy closes below 17,850. On the lower end, supports are placed at 16,950 / 16,750."

- Rupak De, Senior Technical Analyst at LKP Securities

4:10 PM

COMMENT:: Markets await US unemployment, non-farm payroll data

"The global market's cautious attitude towards the probability of a sharper rate hike was exacerbated by further negative signs from the US market. Selling intensified as the market awaited the release of US unemployment and non-farm payroll data, which will have a significant impact on the upcoming Fed meeting. However, higher-than-expected jobless claims in the US that came in yesterday helped alleviate some concerns about the Fed becoming stricter."

- Vinod Nair, Head of Research at Geojit Financial Services

4:07 PM

COMMENT:: Nifty can surprise on the upside, given the monthly OI data

“The Nifty index yesterday had seen a shift in its highest OI of puts from the 17,500 level to the 17,000 level, clearly signalling that there was opening up for room for markets to move to the downside. Although the downside seems to be the popular choice of direction today and going forward, there is one additional anecdote that can spring a surprise in the days to come...

...The Nifty monthly OI data of the 17,500 PE once again is seen to be increasing in open interest. This is an ITM put option, and shorting of this gives evidence to the fact that traders are not yet convinced with this fall. It is also important to note that Nifty is in a demand area and has support up to the 17,250 level...

...Only a close below this level will make these short sellers of PE run for cover, but until that happens, markets will try to make a move in the positive direction above 17,500. The Bank Nifty monthly OI data, still has traders with the highest position of short straddles at 41,000. Even these traders have not shifted their positions as yet. The highest open interest on the Bank Nifty side lies at the 40,000 level, which is also incidentally a strong support for it.”

- Rahul Ghose, Founder & CEO – Hedged, an algorithm-powered advisory platform

4:04 PM

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