Sensex, Nifty snap 2-day winning run as IT stocks dip post weak Q2 of TCS

Closing Bell on Thursday, October 12, 2023:Infosys and Tech M were the worst hit on the 50-share index, dropping nearly 3 per cent each, followed by Apollo Hospitals, TCS, HCL Tech, LTIMindtree, Wipro

4:07 PM

Comment :: 'Traders should maintain extra caution in this market'

We reiterate our mildly bullish view on the index and suggest continuing with a “buy on dips” approach till Nifty holds 19,500. However, traders should maintain extra caution on stock selection as volatility remains high during the earnings season. Besides, mixed global cues could also add to the choppiness.

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

4:03 PM

Tech View :: 'Nifty, Bank Nifty in consolidation phase'

Nifty50
On the daily charts, we can observe that the Nifty has been consolidating after a sharp rally of ~350 points in the previous couple of trading sessions. This consolidation is a healthy sign and shall set the floor for the next leg of upmove.

The hourly momentum indicator has a negative crossover which can lead to more consolidation, and incase of a dip towards 19,750 – 19,730 zone it should be used as a buying opportunity.

On the downside, the gap area formed in the range 19,718 – 19,757 is likely to act as a short-term support and on the upside the rally has potential to extend till 19,884 – 20,030.

 

Bank Nifty

Bank Nifty also consolidated within a range and formed an Inside bar pattern. The hourly Bollinger bands are contracting and hourly momentum indicator has a negative crossover and is still far away from the equilibrium line indicating that consolidation is still not complete and can continue over the next few trading sessions Dips towards 44,400 – 44,300 zone should be used as a buying opportunity. Once this consolidation matures, we expect the positive momentum to resume on the upside till 45,050 – 45,350 which coincides with the 50% and 61.82% fibonacci retracement level of the fall.

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

3:55 PM

COMMENT :: What all happened in the markets today?

The underwhelming result of the IT major and its lacklustre near-term prospects exerted downward pressure on the IT sector. Nevertheless, the broad market exhibited strength, primarily in anticipation of healthy overall Q2 results led by expansion in India’s operating profit as volume demand is sustained despite global slowdown. Global trend was positive attributable to the favourable UK GDP figures and anticipation of a moderation in US CPI inflation, which may influence the FED's future actions.

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

3:53 PM

Currency check :: Rupee ends 6 paise lower at 83.24/$ against Wednesday’s close of 83.18/$

3:51 PM

Market Check :: Top losers on the BSE today

3:50 PM

Market Check :: Top gainers on the BSE today

3:48 PM

MOIL hits decadal high intraday as Quant MF buys 1.1 mn shares

3:47 PM

Zomato ends off highs after rallying 4% intraday

3:45 PM

Buzzing stock :: TCS slides 2% as weak Q2 show disappoints Street

3:43 PM

Broader market indices outshine benchmarks; SmallCap index up 0.6%

3:42 PM

Sectoral trends :: IT index sheds over 1%, Media index leaps 3%

3:40 PM

Sensex Heatmap :: IT stocks set up losers' camp; Infy, Tech M down 3% each

3:38 PM

CLOSING BELL :: Nifty ends below 19,800

3:37 PM

CLOSING BELL :: Sensex snaps 2-day winning run, slides 65 points

3:27 PM

Stock of this iron & steel company has zoomed over 1,000% since April

n the month of July, the stock price of Jai Balaji Industries more than doubled, zooming 106 per cent. Besides it has gained 74 per cent in August and 61 per cent in September. READ MORE