Sensex sheds 498 pts, Nifty below 16,500; Infy slips 3.5%, Axis Bank 3%
CLOSING BELL: Equity markets settled near the low point of the day as investors chose to stay on the sidelines ahead of the US Federal Reserve's monetary policy outcome on Wednesday
 "Stock broker, broker, market crash, market fall, loss, trader, marker, markets, stock markets, stock")
CLOSING BELL
Stock market highlights: Equity markets settled near the low point of the day as investors chose to stay on the sidelines ahead of the US Federal Reserve's monetary policy outcome on Wednesday. All the sectoral indices closed in the negative zone with the Nifty IT index falling nearly 3 per cent, followed by the Nifty FMCG index (down 1.5 per cent).
Stock market highlights: Equity markets settled near the low point of the day as investors chose to stay on the sidelines ahead of the US Federal Reserve's monetary policy outcome on Wednesday. All the sectoral indices closed in the negative zone with the Nifty IT index falling nearly 3 per cent, followed by the Nifty FMCG index (down 1.5 per cent).
The benchmark S&P BSE Sensex fell 498 points, or 0.89 per cent, to end at 55,268, while the broader Nifty50 shut shop at 16,484, down 147 points or 0.88 per cent.
Infosys, HUL, Axis Bank tanked between 3 per cent and 3.5 per cent, while Dr Reddy's Labs, Kotak Bank, Bajaj Auto, Wipro, Divis Labs, Eicher Motors, and Tata Consumer Products, shed over 2 per cent each. On the upside, Bajaj twins, JSW Steel, Grasim, and Bharti Airtel were the top gainers.
In the broader market, the BSE MidCap and SmallCap indices dropped over 1 per cent each.
Stocks of the day
Axis Bank: Shares of Axis Bank dropped 3.5 per cent to Rs 702 apiece on the BSE in Tuesday’s intra-day trade as investors booked profit in the counter post astounding June quarter (Q1FY23) results. Analysts described Axis’ Q1 earnings as “focused earnings delivery, post balance sheet strengthening phase”. READ MORE
Zomato: Shares of Zomato have tanked nearly 23 per cent in the last two trading sessions after the one-year freeze on all its pre-IPO (initial public offering) shareholding ended. Despite the concerns surrounding the profitability of the company, the acquisition of Blinkit which analysts feel will only lengthen its road to profitability and the sharp fall in its share price since listing, analysts at Jefferies suggest long-term investors 'buy' the stock and maintain a price target of Rs 100. READ MORE
4:00 PM
Nifty tech view: Hourly-chart indicates near-term bearishness
The benchmark Nifty slipped lower before closing for the day as the proximity to the upper band of the rising channel on the daily timeframe attracted selling pressure.
A "lower top lower bottom" formation is visible on the hourly chart, which indicates a near-term bearishness.
On the lower end, immediate support is placed at 16,400-16,350, below which the index may fall towards 16,000. On the higher end, resistance is visible at 16,600, above which the uptrend resumes.
Views by Rupak De, Senior Technical Analyst at LKP Securities
A "lower top lower bottom" formation is visible on the hourly chart, which indicates a near-term bearishness.
On the lower end, immediate support is placed at 16,400-16,350, below which the index may fall towards 16,000. On the higher end, resistance is visible at 16,600, above which the uptrend resumes.
Views by Rupak De, Senior Technical Analyst at LKP Securities
3:58 PM
Views by Vinod Nair, Head of Research at Geojit Financial Services.
Closing view: Spillover impact from developed markets inevitable
Concerns over the global economic slowdown accelerated further as global corporate majors continued their trend of downgrading future estimates.
The Fed’s meeting commences today, which is expected to maintain its aggressive rate hike of 75 bps, weighed on recession fears, especially in western markets.
Even though the domestic market is showcasing strength, the spillover effect from the western market is inevitable.
The Fed’s meeting commences today, which is expected to maintain its aggressive rate hike of 75 bps, weighed on recession fears, especially in western markets.
Even though the domestic market is showcasing strength, the spillover effect from the western market is inevitable.
Views by Vinod Nair, Head of Research at Geojit Financial Services.
3:54 PM
Rupee ends at 79.78/$ against previous close of 79.73/$
3:53 PM
Ramco Systems sinks 11%; Q1 loss widens to Rs 50.7 cr from Rs 8.9 crs last yr
3:51 PM
KPIT Tech sheds 2%; Q1 PAT at Rs 85.4 crores
3:48 PM
EIH Associated gains 2%; co posts profit of Rs 5.7 cr vs Rs 9.8 loss in Q1FY22
3:46 PM
Ujjivan SFB soars 10% on posting Q1 PAT at Rs 202 cr from Rs 2.3 cr loss last yr
3:44 PM
Nifty IT cracks 3%; Auto, Realty, FMCG, Pharma other top losers
3:42 PM
Losses spread across broader markets; Mid & Smallcaps suffer steeper cuts
3:39 PM
Nifty losers: Infosys, HUL, Axis Bank, Dr Reddy's top drags
3:38 PM
Nifty winners: JSW Steel, Grasim, Airtel additional outperformers
3:36 PM
Sensex Heatmap: Only 9 gainers led by Bajaj Finserv
3:35 PM
Closing Bell: Nifty gives up 16,500-mark; 38 of 50 stocks decline
3:34 PM
Closing Bell: Markets decline for 2nd day; Sensex sheds 500 pts in late-hour selling
3:31 PM
TUNE IN: Is India Inc seeing the impact of a looming US recession?
Impending recession in the US is reflecting in its domestic consumption. Indian exporters are already seeing a dip in new orders, while IT sector margins are declining. Should the exporters worry? Listen in
Topics : Sensex MARKET LIVE MARKET WRAP Nifty Market trends BSE NSE Midcap smallcap stocks to watch Buzzing stocks Q1 results Tata Steel Asian Paints Bajaj Auto Axis Bank Lupin Crude Oil Price FII flows US Federal Reserve Global Markets Indian markets Trading strategies
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Jul 26 2022 | 8:04 AM IST
