Saturday, December 21, 2024 | 03:47 AM ISTEN Hindi

Sensex falls 306 pts; Nifty holds 16,600; Zomato cracks 11%, RIL 3%

CLOSING BELL: Among sectors, the Nifty Auto fell 1.7 per cent, while the Nifty Metal added 1.5 per cent

SI Reporter New Delhi

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CLOSING BELL

Stock market highlights: Equity markets traded weak on Monday even as low level buying in metals, and select IT and bank stocks, lifted benchmark indices off lows. The S&P BSE Sensex, which hit a low of 55,537, closed at 55,766, down 306 points or 0.55 per cent. The Nifty50, meanwhile, ended at 16,631, down 88 points or 0.53 per cent. The index hit a low of 16,564 intra-day.

Among gainers, Tata Steel, IndusInd Bank, Coal India, Apollo Hospitals, UPL, Hindalco, HCL Tech, and Wipro advanced between 1 per cent and 3 per cent. On the downside, M&M, RIL, ONGC, Maruti Suzuki, Kotak Bank, Eicher Motors, and SBI Life slipped in the range of 1.5 per cent to 4 per cent.

Among sectors, the Nifty Auto fell 1.7 per cent, while the Nifty Metal added 1.5 per cent. In the broader market, the BSE MidCap index gained 0.03 per cent but the BSE SmallCap index eased 0.13 per cent.

BS Analysis

ICICI Bank: As ICICI Bank delivered its seventh consecutive beat on quarterly earnings, analysts believe the lender's stock could soon command premium over HDFC Bank, while it may narrow its valuation discount with Kotak Mahindra Bank. The near flawless core earnings for the last few quarters, outclassing its peers, could lead to a "bright future for the bank in a gloomy macro environment," they said. READ MORE

Infosys: A mixed set of numbers by IT major Infosys in their June quarter results 2022 (Q1FY23) saw the stock dipped mildly on BSE in Monday's trade. Though revenue growth of 23.6 per cent year-on year (YoY) to Rs 34,470 beat street estimates, margin performance and net profit growth were a disappointment, said analysts. READ MORE

3:58 PM

Nifty tech view: Trend on the upside; use buy on dips approach

The Nifty index after a 600 points rally witnessed profit booking at higher levels.

The index will likely consolidate in the range of 16,400-16,800 ahead of the US Fed meet. The trend remains on the upside and one should keep a buy-on-dip approach.

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

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3:56 PM

Closing view: Fed's rate hike decision to be key driver this week

Fears of global economic slowdown along with the reaction to a slew of major quarterly earnings dictated the trend in the domestic market.

Recession fears are casting a shadow over the global markets as US and Euro business activity contracted unexpectedly owing to the downturn in manufacturing and service sectors.

The major market driver this week will be the Fed’s policy decision on Wednesday, where it is expected to hike rates by 75bps.

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