Sensex tanks 671 pts, Nifty nears 21,500 amid global rout; PSBs worst hit

Closing Bell on Monday, January 08: The broader markets, too, felt the pain with the BSE MidCap and SmallCap indices dipping 0.87 per cent and 0.36 per cent, respectively

3:46 PM

Tech View :: 'Fall in Bank Nifty near maturity'

Nifty50

On the daily charts, we can observe that the Nifty has broadly traded in the range 21,500 – 21,850 since the past couple of weeks. There are multiple support parameters in the form of the key Fibonacci retracement levels (21,507 & 21,406), and the 20-day moving average (21,426) which are likely to provide cushion in case of a correction. We expect Nifty to halt its fall at support levels and consolidate before resuming next leg of upmove.

 

Bank Nifty

Bank Nifty also witnessed correction and is in the process of testing the lower end (47,000) of the broad range. The daily momentum indicator is approaching the equilibrium line indicating that the fall may be around maturity. Overall, we believe that the fall is unlikely to result into a trend reversal and hence this fall should be used as a buying opportunity.

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

 

 

3:44 PM

Comment :: 'Markets seeing sell-off as early rate cut hopes fade'

The market witnessed widespread selling as the euphoria over early rate cuts may diminish due to the better-than-expected non-farm payroll data from the US and the consequent rise in the US 10-year yield.

In the near term, investors' trade positions will be more inclined towards the upcoming result season. While the outset may be tempered by lower expectations in the IT sector, the overall forecast for earnings growth remains optimistic, projecting double-digit figures.

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

3:42 PM

SmallCap Heatmap :: Index ends 0.36% down, yet outperforms peer indices

3:41 PM

MidCap Heatmap :: Index slips 0.87%; here are the top gainers and losers of the day

3:39 PM

Nifty Heatmap :: Banks, FMCG stocks sink; Adani Ent, HCL Tech top gainers

3:37 PM

CLOSING BELL :: Nifty ends near 21,500

3:35 PM

CLOSING BELL :: Sensex sees steady decline through the day, ends 671 pts down

3:29 PM

Budget 2024: Rebate under new income tax regime may be hiked to Rs 7.5 lakh

This would mean that a person with an income of Rs 7.5 lakh, after a standard deduction of Rs 50,000, will not have to pay any income tax from 2024-25. The report stated that Finance Minister Nirmala Sitharaman may bring in a Finance Bill to make the changes. READ MORE

3:24 PM

ALERT :: India VIX up nearly 7%

3:14 PM

Tata Steel fixes Jan 19 as record date to allot shares to TCIL shareholders

"The Board has approved Friday, January 19, 2024, as the record date for the purpose of determining the shareholders of TCIL who shall be entitled to receive fully paid-up ordinary equity shares of the company in the share exchange ratio as per the scheme of amalgamation," Tata Steel said in a BSE filing on Monday. READ MORE

3:01 PM

Global check:: Dow futures down nearly 200 pts

Source: Investing.com

2:49 PM

TVS Motor's market cap nears Rs 1 trillion; stock surges 55% in 5 months

TVS Motor has entered into a Memorandum of Understanding (MoU) with Guidance, the Nodal Agency of the Government of Tamil Nadu to invest Rs 5,000 crore in 5 years. READ MORE

2:37 PM

Market check:: Sensex at day's low, down over 600 points

2:28 PM

MF industry assets surge by Rs 11 trn in 2023; crosses Rs 50 trn mark

The year 2023 has seen a substantial increase in overall inflow, data from the Association of Mutual Fund Industry (Amfi) showed on Monday. READ MORE

2:16 PM

ALERT:: Power Mech Projects wins Rs 825 cr order; stock gains 3%

Power Mech Projects has received an order worth Rs 825 crore for civil and mechanical construction works for 2X800 MW Mahan Ultra Supercritical Thermal Power Projects, in Madhya Pradesh, from Mahan Energen.