Sensex ends flat, 649 pts off high amid sell off in banks; ZEE sheds 8%

Closing Bell on Tuesday, January 09: Among sectors, the Nifty Media index crashed the most, falling 3.4 per cent, amid a slide in ZEEL shares (down 8%), Dish TV (5%), and Hathway (3%)

Sensex ends flat, 649 pts off high amid sell off in banks; ZEE sheds 8%

Stock market highlights on January 9, 2024: Equity markets, which started off on a strong footing amid a global rally, ended sharply off highs amid selling in bank stocks.

The S&P BSE Sensex, which surged 680 points intraday, ended 31 points, or 0.04 per cent, higher at 71,386 levels. The Nifty50, too, ended at 21,545 levels, up barely 32 points or 0.15 per cent after hitting a high of 21,724 during the day.

The broader MidCap and SmallCap indices, too, ended off highs on the BSE with gains of only 0.07 per cent and 0.37 per cent, respectively.

Among sectors, the Nifty Media index crashed the most, falling 3.4 per cent, amid a slide in ZEEL shares (down 8 per cent), Dish TV (5 per cent), and Hathway (3 per cent).

That apart, the Nifty Bank, and Financial Services indices fell 0.5 per cent each.

On the upside, the Nifty Realty index surged 2.4 per cent, and the Nifty Auto, Pharma, and Metal indices gained around 1 per cent each.

3:56 PM

Tech View :: Bulls may side with Bank Nifty till this level is held

Nifty50

Amid the volatile price action, the Nifty is still within the broad range 21,850-21,500. On the way down, multiple support parameters in the form of the 20 day moving average (21,453) and 21,406 (50% fibonacci retracement level) shall provide cushion in case of a deeper correction.

Bank Nifty

Bank Nifty witnessed a sharp decline and has also breached the previous day low (47,387) which is a sign of weakness. However the Bank Nifty is approaching crucial support placed in the range (47,000 – 46,900) and until this range is decisively breached on the downside the structure is still in favor of the Bulls.

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

3:53 PM

Comment :: What all happened in the markets today?

Positive sentiments in the Indian IT sector fuelled by a US tech rally and demand on emerging technologies, overshadowed the anticipated muted Q3 results of the sector.

Auto & Realty continued to remain favourites on account of strong demand.

Market optimism about potential softening of US inflation is driving expectations of near-term rate cuts, bolstering overall sentiment. But in-between profit booking is emerging due to mixed cues from Asian markets as well high valuation concerns.

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

3:51 PM

Comment :: 'Investors should prefer hedged bets'

The rebound attempt in Nifty shows that bulls are not in mood to loosen their grip easily and supportive global cues could prompt next leg of up move. Meanwhile, participants should limit trades and prefer hedged bets.

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

3:46 PM

Currency check :: Rupee ends 2 paise higher at 83.11/$

3:44 PM

SmallCap Heatmap :: Index outshines peers, rises 0.37%

3:43 PM

MidCap Heatmap :: Index scalps barely 0.07% gain

3:41 PM

Nifty Heatmap :: FMCG, Bank stocks put pressure on benchmarks

3:39 PM

CLOSING BELL :: Nifty ends below 21,550

3:38 PM

CLOSING BELL :: Sensex slides 649 pts off highs, ends flat

3:30 PM

'Baseless, factually incorrect': Zee on reports of Sony calling off merger; stock off lows

"Zee is committed to the merger with Sony and is continuing to work towards a successful closure of the proposed merger," the company said in an exchange filing on Tuesday. READ MORE

3:19 PM

JSW Steel's crude steel output grows 12% to 6.87 MT in October-December

From its India operations, the company produced 6.63 MT of steel in October-December, up 9 per cent over 6.06 MT in the year-ago period. READ MORE

3:04 PM

Global check:: US, UK stock futures trade in red

Source: Investing.com

2:53 PM

Steel industry hopes Budget will focus on infra, fair trade measures

India’s leading steel companies are adding capacity and hope the upcoming Budget will facilitate their investments by taking measures for raw material security, infrastructure development and fair trade. READ MORE