Sensex slides 632pts to 60,115, Nifty below 18K; Airtel, SBI slip up to 2%

CLOSING BELL: Broader markets, too, bled simultaneously in trade as Nifty MidCap 100 and Nifty SmallCap 100 indices fell up to 0.5 per cent

Image: iSTOCK

CLOSING BELL

Bears weighed domestic markets lower in Tuesday's trade, amid tepid foreign flows and mixed global cues.

Key indices Nifty50 closed at 17,914 levels, down 187 points or 1.03 per cent, and the S&P BSE Sensex declined over 631 points or 1.04 per cent to close at 60,115 levels. In the intra-day trade, Nifty50 sank over 200 points to hit day's low of 17,856 levels, while the S&P BSE Sensex fell over 800 points to hit day's low of 59,938 levels.

Broader markets, too, bled simultaneously in trade as Nifty MidCap 100 and Nifty SmallCap 100 indices fell up to 0.5 per cent. India VIX, the volatility gauge, meanwhile, surged over 5 per cent.

Barring Nifty Auto index, all sectors drowned in the sea of red. Nifty PSU Bank was the worst hit amongst all sectoral indices as it declined over 2 per cent.

Among individual stocks, shares of TCS (Tata Consultancy Services) dropped over 2 per cent on mixed December quarter results. READ MORE

That apart, Tata Motors' shares surged over 6 per cent. The retail sales of automaker Jaguar Land Rover rose 5.9 per cent YoY in Q3FY23 reflecting a "gradual improvement in chip supplies". READ MORE

GLOBAL CHECK

On Tuesday, the US equity futures inched lower in trade ahead of wholesales trade data and Fed Chief Jerome Powell's speech. Dow Jones Futures, the S&P 500 Futures, and NASDAQ Futures slipped up to 0.2 per cent.

European markets, too, retreated back as investors gauged inflation outlook, with Stoxx 600, FTSE 100 indices lowering up to 0.7 per cent.

4:14 PM

VIEW: Investors should remain cognizant of prevailing macroeconomic risks

Investors dumped equities on worries of slowing down of global economies.

Technically Nifty has formed a bearish candle in the daily chart. As Nifty remains below 18000, weakness may be seen towards 17800-17700 zones.

As Bank Nifty suggested more weakness, heavyweight banks showed no resilience to free fall so a closing below 41800 levels would stretch towards 41000.

Overall the market breadth was on the negative side. We advise investors to remain cognizant of prevailing risks related to the macroeconomic environment. Many of the quality stocks have corrected meaningfully in the last couple of weeks and could give healthy returns in the short term.

Views by Om Mehra, Equity Research Analyst, Choice Broking.

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