Sensex down 316pts, Nifty below 19550 amid global selling; JSW Infra up 32%

Closing Bell on October 3, 2023: In the broader markets, the key indices outperformed the frontline indices with the BSE MidCap index gaining 0.09%, and the BSE SmallCap index advancing 0.6%

SI Reporter New Delhi

Stock market highlights: Indian equities stayed under pressure on Tuesday amid a downbeat global sentiment. The S&P BSE Sensex slipped 316 points, or 0.48 per cent, to settle at 65,512 levels, while the Nifty50 ended at 19,529, falling 110 points or 0.56 per cent.

The indices were off their respective intraday lows of 65,345 and 19,480.

ONGC, Eicher Motors, Hindalco, Maruti Suzuki, Dr Reddy's Labs, NTPC, BPCL, Sun Pharma, Tata Motors, UPL, Hero MotoCorp, ICICI Bank, HDFC Bank, JSW Steel, Coal India, Adani Enterprises, ITC, and Reliance Industries fell in the range of 1 per cent to 3.8 per cent.

In the broader markets, the key indices outperformed the frontline indices with the BSE MidCap index gaining 0.09 per cent, and the BSE SmallCap index advancing 0.6 per cent.

Among sectors, the Nifty PSU Bank index zoomed 2.3 per cent on the NSE, followed by the Nifty Media and Realty indices. On the downside, the Nifty Auto index fell over 1 per cent amid mixed trend in September auto sales.

4:03 PM

Tech View :: Here's why Nifty may test 19,300, Bank Nfifty 43,800

Nifty50
On the daily charts, we can observe that the Nifty is unable to sustain at higher levels. The key hourly moving averages, placed in the zone 19,590– 19,640, is acting as a stiff resistance. Until the Nifty does not manage to close above this resistance zone, we can expect the weakness to continue.

On the downside, it can slip towards 19,440 – 19,320 where support parameters in the form of 78.6% fibonacci retracement level, and 20 week moving average are placed.

We have been anticipating a pullback; however, the attempts have been fragile and thus we shall await for a decisive price confirmation. Now, 19,500 – 19,440 is the crucial support zone while 19,590 – 19,640 shall act as an immediate hurdle zone.

Bank Nifty

The pullbacks towards the key hourly moving averages are being sold into and hence until the bank Nifty does not sustain above 44,700 – 44,800 zone, we can expect the weakness to continue. On the downside the Bank Nifty can slip towards 44,000 – 43,800.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

4:00 PM

Comment :: 'Keep leveraged trades in check'

The move reaffirms our negative bias on the index. However, buying in select heavyweights is capping the damage. Besides, resilience in midcap and smallcap space is also offering opportunities on the long side. We thus recommend maintaining focus on stock selection while keeping a check on leveraged trades.

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

3:58 PM

COMMENT :: What all happened in the markets today?

Consolidation continued given the rising US bond yields and dollar index, prompting FIIs to pull funds. The moderation in oil prices, however, provided some respite on the downside.

Infrastructure activity indicates an acceleration led by the rise in core sector output. The auto stocks declined due to mixed bag monthly data, while a near-normal monsoon will aid positive sentiment for consumption in the near-term.

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

3:56 PM