Monday, December 23, 2024 | 07:36 AM ISTEN Hindi

Sensex gyrates 1,073 pts, ends 460 pts down; Axis Bk dips 6.5%, Maruti 2.5%

CLOSING BELL: Coal India, Adani Ports, Power Grid, Maruti Suzuki, Bajaj Auto, ONGC, Wipro, and Britannia Industries were the other laggards, down between 2.5 per cent and 4 per cent

SI Reporter New Delhi

MARKET LIVE: Sharp fall in indices; Sensex tanks 500pts, Nifty below 17,100

CLOSING BELL

Benchmark indices turned sharply lower in the last hour of trade as investors booked profits at higher levels. The S&P BSE Sensex, which had touched a high of 57,975, tanked 1,073 points to hit a low of 56,902. The index, however, closed at 57,061, down 460 points or 0.8 per cent.

On the NSE, the Nifty50 dropped 325 points from the day's high of 17,378 to hit a low of 17,053. It ended at 17,102.5, down 142.5 points or 0.83 per cent.

Axis Bank was the biggest loser on the benchmark indices, down 6.5 per cent, as analysts do not expect valuation to catch up with peers in light of the NII undershoot, impending dilution to fund the Citi deal, and higher operating expenditure guidance. READ MORE

Coal India, Adani Ports, Power Grid, Maruti Suzuki, Bajaj Auto, ONGC, Wipro, and Britannia Industries were the other laggards, down between 2.5 per cent and 4 per cent.

On the upside, HDFC Life, Tata Consumer Products, Kotak Bank, Sun Pharma, HDFC Bank, Tata Motors, Tata Steel, and Ultratech Cement were the only gainers.

In the broader markets, the MidCap and SmallCap indices slipped about 1 per cent each. Sectorally, all the indices ended the day in the red zone, dragged by Nifty Oil and Gas index, down 2.5 per cent.

Global markets

European markets moved higher on Friday as global stocks received a boost from strong corporate earnings, but remain on course for a negative month. The pan-European Stoxx 600 index added 1 per cent in early trade.

Wall Street, however, was eyeing a negative start with Dow Jones, Nasdaq, and S&P500 Futures down up to 1 per cent. Earlier in Asia, South Korea's Kospi added 1 per cent, and China's CSI300 gained 2.4 per cent.

4:07 PM

Technical View: Rupak De, Senior Technical Analyst at LKP Securities

Bank Nifty formed a bearish engulfing pattern on the daily chart suggesting weakness in the near term. The banking index found resistance around 50EMA on the daily chart before falling towards the previous low of 35951. The daily RSI has entered a bearish crossover. Going ahead, the correction may take the Bank Nifty towards 35650, whereas on the higher end, 36650 may continue to act as crucial resistance.

4:03 PM

Market view: Vinod Nair, Head of Research at Geojit Financial Services

Dips were encouraging investors to accumulate quality stocks with focus on defensives & domestic growth sectors like manufacturing & capital goods. However, a shrink in the US economy and rate hike expectations in the upcoming Fed meet triggered sell-off in the global market. Domestic market reduced exposure ahead of the shortened next week and opening of India’s largest IPO.

3:58 PM