Sensex slides 238 pts, Nifty below 19,100; pvt banks, Airtel, RIL weigh

Closing Bell on Tuesday, October 31: The broader markets saw some action with the BSE MidCap index rising 0.29 per cent and the BSE SmallCap index 0.02 per cent

Stock market highlights: Equities took a breather on Tuesday as investors' sentiment remained sanguine amid aggressive bombing by Israel in Gaza region. Besides, mixed set of Q2FY24 results, back home, along with nervousness ahead of the US Federal Reserve's meeting kept investors on the sidelines.

The S&P BSE Sensex ended 238 points lower at 63,875 levels, while the Nifty50 closed at 19,080, down 61 points.

Among gainers, SBI Life, Titan Company, Kotak Bank, HDFC Life, Asian Paints, Hindalco, Tata Consumer Products, Cipla, and HCL Tech led from the front, rising up to 3.3 per cent.

On the downside, M&M, Sun Pharma, LTIMindtree, ONGC, Eicher Motors, Bharti Airtel, Britannia Industries, ICICI Bank, Axis Bank IndusInd Bank, Reliance Industries, Hero MotoCorp, HDFC Bank and Infosys fell between 0.5 per cent and 2.7 per cent.

Meanwhile, the broader markets saw some action with the BSE MidCap index rising 0.29 per cent and the BSE SmallCap index 0.02 per cent.

Sectorally, the Nifty Bank index declined 0.5 per cent, followed by the Nifty Pharma (down 0.4 per cent). On the flipside, the Nifty Realty gained 1.27 per cent.

IPO Update :: Honasa Consumer (Mamaearth)
The Rs 10,000-crore issue waa subscribed 12 per cent till 3:30 PM on day 1 of the offer, led by employee quota.

4:06 PM

Tech View :: Key levels on Nifty, Bank Nifty to watch out

Nifty 50
The index is trading within a wide range bound by 18,900 and 19,250, and a breakout in either direction is likely to trigger trending moves. The broader trend remains negative, and only a close above 19,300 would signal a resumption of the uptrend.

Bank Nifty
The confirmed upside resistance for the index is now at 43,500, and until there is a closing breakthrough beyond this level, the overall trend remains negative.

On the downside, the index has support at 42,400, and a breach below this level may intensify selling pressure, potentially driving the index towards the 41,500-41,000 range.

Views by: Kunal Shah, Senior Technical & Derivative analyst at LKP Securities

4:01 PM

Tech View :: 'Ongoing pullback has matured; fresh weakness to resume'

Nifty50
On the daily charts, we can observe that Nifty has faced resistance at the 19,160 – 19,220 zone. Now, until today’s high of 19,234 is not taken out, we can expect the Nifty to trade with a negative bias.

The hourly momentum indicator has a triggered a negative crossover from above the equilibrium line indicating that the pullback has matured, and a new cycle has begun.

The fall shall intensify once the low of 18,940 is breached on the downside, and should also be used as a stopples for the long positions. Overall, the pullback seems to have hit hurdles and now the next leg of the fall may resume.

Nifty Bank

The relief rally is likely to be over as the hourly momentum indicator has triggered a negative crossover from above the equilibrium line indicating that it has started a new cycle which can lead to a slide in the Bank Nifty till 42,400 and below that till 42,000.

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

3:57 PM

Comment :: Why did mid- smallcaps outperform today?

Modest cautiousness returned post yesterday’s bounce, ahead of the US Fed policy meeting, dragging Asian and Developed markets.

Main indices witnessed marginal losses particularly led by IT stocks, while mid- & small-caps gained due to the recent moderation in valuations and buy-in dip strategy of domestic investors on the hope of pickup in demand in the upcoming festive season.

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

3:55 PM

Currency check :: Rupee ends flat at 83.26/$

3:53 PM

IPO Update :: Mamaearth issue subscribed 12% till 3:30 PM on day 1

3:50 PM

Emkay Global soars 15% on solid Q2

>> In Q2FY24, the company reported a consolidated profit after tax (PAT) of Rs 9.69 crore against a loss of Rs 1.78 crore in the previous quarter. It had posted PAT of Rs 6.15 crore in the year ago quarter.

>> The company’s consolidated revenue rose 39 per cent quarter-on-quarter (QoQ) and 35 per cent year-on-year (YoY) to Rs 78 crore. Total assets increased by 29 per cent YoY at Rs 27,546 crore.