Sensex sinks 294 pts as RBI keeps repo rate unchanged, Nifty nears 18,600

CLOSING BELL, JUNE 8, 2023: Sun Pharma, Kotak Bank, Tech M, M&M, Axis Bank, HUL, Tata Motors, TCS, Nestle India, and Bajaj twins dropped between 1 per cent and 3 per cent

4:16 PM

COMMENT:: RBI's revised inflation projections fails to meet Street expectations

"Investor sentiment took a downturn following the in-line monetary policy announcement by the RBI, as the market had higher expectations for a more optimistic revision in the inflation outlook, taking into account the recent easing of inflation data. The RBI's decision to lower the inflation rate by only 10 bps suggests a cautious stance due to geopolitical uncertainties, potential impact of El Nino and increase in Minimum Support Price."

 

- Vinod Nair, Head of Research at Geojit Financial Services

4:16 PM

VIEW:: Bias to remain sideways-to-positive as long as Nifty holds 18,600

"The Nifty index experienced periods of selling pressure throughout the day. Despite this, the Put writers were successful in preventing the index from falling below the 18,600 level. If the Nifty manages to stay above this level, the trend is likely to remain sideways to positive. However, there is resistance observed at the 18,800-18,900 levels on the higher end."

 

- Rupak De, Senior Technical Analyst at LKP Securities

4:15 PM

VIEW:: Key support for Bank Nifty seen at 43,700

"Following the RBI policy, the Bank Nifty index experienced persistent selling pressure around the 44,500 level. In terms of support levels, the index has a support level positioned at 43,700. This level is crucial as a breach below it could intensify the selling pressure in the market. A breach below this support level might indicate a further downside potential and could attract additional selling interest from traders and investors. The index is stuck in a range and a break on either side will have directional move."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities
 

4:10 PM

BSE Power index gains 2% on hopes of higher demand; NTPC hits 5-year high

Ratings agency ICRA said the likelihood of El Nino in FY24 may have a positive impact on electricity demand. READ MORE

4:08 PM

Paytm rallies 8%; hits 9-month high on BofA Securities 'Buy' call

The brokerage firm BofA Securities upgraded the stock to 'Buy' on the back of strong revenue momentum and operational leverage, which can surprise on consensus estimates. READ MORE

 

4:06 PM

Apollo Pipes soars 6% to hit new high on healthy outlook; up 42% in 2023

CRISIL Ratings expects APL's revenue to grow by 11-12 per cent in the current fiscal 2024 supported by healthy demand, with Ebitda margin improving to 10-12 per cent. READ MORE

4:04 PM

Aether Industries soars 10% on inking pact with US-based Oil Field Services firm

The company executed Letter of Intent (LoI) with USA based leading global Oil Field Services Company for strategic supplier and contract manufacturing partnership. READ MORE

4:02 PM

Zen Technologies surges 10% on order win worth Rs 202 cr from Defence Ministry

Thus far in the calendar year 2023, the stock of India's leading anti-drone technology and defense training solutions provider has zoomed 146% as compared to a less than 3.3% rise in the Sensex. READ MORE

3:58 PM

Market Breadth was fairly negative; Over 2,050 stocks declined v/s near about 1,500 advancing shares on BSE

3:56 PM

Nifty IT index slips over 1%; Mphasis, Tech Mahindra, LTIMindtree drop around 2%

3:53 PM

Nifty Media index down 1.5%; Network 18 slumps 3.5%; Sun TV, Zee, TV18 Broadcast fall over 2%

3:51 PM

Nifty Realty index plunges 1.5%; Brigade Enterprises, Lodha, Sobha, DLF decline 2-3 per cent

3:48 PM

BSE Smallcap Heatmap:: EKI Energy, Shivalik Bimetal, TTML zoom up to 19%; IEX, Suzlon tumbles up to 8%

3:45 PM

BSE Midcap Heatmap:: Yes Bank, Tata Elxsi shine; Torrent Power, Voda Idea whine

3:43 PM

Midcaps, Smallcaps underperform, slip up to 1%; India VIX down 1.6%