Sensex, Nifty end lower for 2nd day; Tata Motors jumps 5%, Infy slides 2%

Closing Bell on Friday, October 13, 2023: Among sectors, the Nifty PSU Bank index fell 1.4 per cent, while the Nifty Auto index gained 0.88 per cent

Stock market highlights: Benchmark indices staged a smart recovery in the second half of the session on Friday amid robust buying in Tata Motors, IndusInd Bank, HCL Tech, Maruti Suzuki, TCS, and Bajaj twins.

The S&P BSE Sensex ended at 66,283 levels today, down 126 points or 0.19 per cent, after hitting an intraday low of 65,895. The Nifty50, on the other hand, hit a low of 19,635 before recouping most of these losses to end at 19,751, down 43 points.

The upside, however, remained capped as selling in Infosys (down over 2 per cent), Adani Enterprises, Axis Bank, Wipro, SBI, Grasim, HDFC Bank, and Bajaj Auto weighed.

The broader markets, however, ended with marginal losses with the BSE MidCap and SmallCap indices dipping 0.05 per cent and 0.04 per cent, respectively.

Among sectors, the Nifty PSU Bank index fell 1.4 per cent, while the Nifty Auto index gained 0.88 per cent.

4:12 PM

Tech View :: 'Breach below 44,000 could trigger selling pressure'

In the Bank Nifty index, the ongoing battle between the bulls and bears continued. Resistance is established at the 44,700 mark, while the support lies at 44,000. The overall market sentiment remains bullish as long as the critical support at 44,000 holds, and a breach below this level, confirmed by a closing basis, may lead to renewed selling pressure. On the upside, a substantial resistance level is placed at 45,000, and a breakout beyond this point is likely to trigger significant short-covering.

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

4:04 PM

Tech View :: 'Buy the dips till Nifty holds 19,600'

The bulls were able to protect the level of 19,600 during the day, thanks to the strong open interest (OI) build-up at the 19,600 strike price by put writers. The strength may continue as long as the index remains above 19,600. Only a decisive fall below 19,600 might trigger serious long unwinding in the market, till then a buy on dips strategy to favor the market. On the higher end, resistance is visible at 19,850; above 19,850, the index might move towards 20000.

Views by: Rupak De, Senior Technical analyst at LKP Securities

3:59 PM

Comment :: 'Difficult to predict market move without banking, IT packs' support'

The recent dip in IT majors combined with the underperformance of the banking pack is currently weighing on the sentiment. And, it is difficult to make any directional move without their participation. We thus reiterate our view to stay focused on stock selection and risk management.

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

3:58 PM

Comment :: What all happened in the markets today?

Weak revenue guidance of the IT sector and the current uptick in crude prices weighed on the sentiment. While higher-than-expected US inflation data pulled down the week's early uptrend, which was positive on remark of less hawkish US Fed meeting. However, some optimism was visible from domestic factors like a steep decline in domestic inflation and impressive industrial production data, along with bright earnings expectations for Q2.

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

3:56 PM