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Stock Market Highlights: Sensex ends 410 points lower, Nifty slips below 17,750 as market halts 3-day winning run

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 snapped a three-day winning run to suffer sharp losses on Tuesday, though recovered more than half of intraday losses. Losses in financial and IT shares pulled the market lower however gains in oil & gas and power stocks provided some support. Real estate stocks -- which have surged in the recent past -- also dropped, with the Nifty Realty index falling nearly three percent.

Stock Market Highlights: Sensex ends 410 points lower, Nifty slips below 17,750 as market halts 3-day winning run
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  • Expect buying to emerge from lows in next 1-2 sessions: Nagaraj Shetti of HDFC Securities 

    Nagaraj Shetti, Technical Research Analyst at HDFC Securities, said the Nifty50 index formed a long negative candle on the daily timeframe with a long lower shadow, indicating broad-based profit booking from recent highs. "The near-term trend is still positive and one may expect buying to emerge from the lows in the next 1-2 sessions. Immediate support to be watched is placed at 17,650-17,575 levels," he said.

     
  • Rupee could trade in 73.70-74.70 range in near term with slightly upward bias: Kotak Securities' Anindya Banerjee 

    Anindya Banerjee, DVP-Currency Derivatives and Interest Rate Derivatives at Kotak Securities, said the rupee could trade within a range of 73.70-74.70 with a slightly upward bias in the near term.

    "Brent crude is trading at the highest level since October 2018 and US Treasury yields are at the highest levels since June 2021. Both Fed turning hawkish and rising oil prices are pushing yields higher. Higher yields and higher oil prices are a double negative for the rupee that can trigger outflows," he said. 

  • Nifty50 has immedate support at 17,700, followed by 17,625 -17,550 levels: Rahul Sharma of Equity99 

    Rahul Sharma, Co-Founder of Equity99, expects the market to fall further due to weak global clues, banking, metal and automobile sectors to be in focus going forward. "Going ahead, 17,700 will act as immediate support (for Nifty), followed by 17,625 -17,550 levels. On the upside, levels of 17,825, 17,850 and 17,950 will act as hurdles," he said.

    Support for Bank Nifty is placed at 37,650 followed by 37,500 -37,350 levels, and hurdles at 38,200, followed by 38,350, Sharma said.

  • Sebi board approves amendments to delisting norms: Sources

    Capital market regulator Sebi's board approved amendments to delisting norms, sources told CNBC-TV18. The regulator approved the Social Stock Exchange framework as well as regulations around superior voting rights (SR) shares, they said.

    Stock Market Highlights: Sensex ends 410 points lower, Nifty slips below 17,750 as market halts 3-day winning run
  • 'Buy' on steel stocks if SAIL, Tata Steel hit new lows: Sushil Kedia 

    Sushil Kedia, Founder of Kedianomics, said he will be bullish on steel stocks if SAIL and Tata Steel hit decline further from last week's lows. "The Australian dollar has started to strengthen and iron ore charts have bottomed out, which are the confidence builders,” said Kedia.

    Speaking on the pharmaceuticals space, he said a number of largecap stocks are now signs that this will be the next sector to go up. "Smallcap pharma never gave sell or profit taking signals, so we continue to hum along on them,” he said.

  • : Kotak Securities' Shrikant Chouhan

    The Nifty50 index has formed a bearish candle on the daily chart, suggesting further weakness from current levels, said Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities. However, as long as the index is trading above the 20-day simple moving average, the uptrend texture is intact, he said.

    "We are of the view that the market has completed one leg of correction and now the 20-day simple moving average and 17,600 -17,550 levels would act as a sacrosanct support zone. For the day traders, intraday resistance is expected at 17,800-17,840 levels. On the flipside, strong intraday support is in the 17,600-17,550 zone. The texture of the market is volatile and will remain volatile till the monthly F&O expiry. Buying near a strong support level would be an ideal strategy for the traders," he said.

  • PSE index put up stellar show, smart upmove in power stocks: LKP Securities' S Ranganathan

    S Ranganathan, Head of Research at LKP Securities, said the PSE index put up a stellar show with power stocks making a smart upmove. "Despite the smart pullback from intraday lows, declines were higher than advances in the broader market," he said.

  • Rupee ends at 74.05 against dollar

    The rupee weakened to end at 74.05 against the US dollar on Tuesday, as against its previous close of 73.84. 

    Stock Market Highlights: Sensex ends 410 points lower, Nifty slips below 17,750 as market halts 3-day winning run
  • Rupee ends at 74.05 against dollar

    The rupee weakened to end at 74.05 against the US dollar on Tuesday, as against its previous close of 73.84. 

    Stock Market Highlights: Sensex ends 410 points lower, Nifty slips below 17,750 as market halts 3-day winning run
  • Market At Close | Power Grid, CIL, NTPC top gainers; Bharti Airtel, Tech Mahindra, Bajaj Finance top laggards

  • Market At Close | Nifty Bank drops 0.6% to 37,945, bounces back from day's low 

    Here are key highlights of today's session: 

    --Market closes in red but sharply off lows; Sensex off 622 points from low, Nifty off 172.5 pts

    --Banks lead recovery in last hour of trade, Nifty Bank 629.8 points off day's low

    --Bharti Airtel falls over 3% as Reliance Jio announces cashback on some prepaid plans

    --PSU companies gain; Nifty CPSE up 3%

    --Top 5 Nifty gainers from PSU space: Power Grid, CIL, NTPC, IOC, BPCL 

    --IT stocks fall for 2nd straight day; Nifty IT slipping down 2%

    --Reliance Industries closes 1% higher after hitting record high of Rs 2,565

    --Future Group stocks surge on NCLT order, Future Retail up 10%, Future Consumer 14%

    --Market breadth favours declines with advance-decline ratio at 2:3

    --Realty stocks see profit booking, Godrej Properties, DLF slip 2% each

    --IndiGo falls nearly 3% after downgrade by Goldman Sachs

  • Closing Bell | Sensex down 410 points, Nifty slips below 17,750

    The Sensex index ended 410.3 points or 0.7 percent lower at 59,667.6 and the broader Nifty50 benchmark slid 106.5 points or 0.6 percent to settle at 17,748.6. Losses in financial and IT stocks dragged the market lower, though gains in energy shares lent some support. (Read more on how the market fared at the close)

  • Rise in US yields, crude oil rate, China crisis key headwind to global markets: Vinod Nair 

    Vinod Nair, Head of Research at Geojit Financial Services, said the rise in US bond yields and crude oil prices along with the China crisis acted as key headwinds to the ongoing rally in global markets. "Following negative global cues and profit booking in IT and realty sectors, the domestic market hit rough weather. It, however, witnessed a rebound towards the closing," he said.

  • Financial, IT sectors biggest drags on Nifty50; oil & gas space provides support

    Stock Market Highlights: Sensex ends 410 points lower, Nifty slips below 17,750 as market halts 3-day winning run
  • Rising crude oil prices may lead to some mean reversion: Santosh Meena of Swastika Investmart 

    "The market is witnessing correction after a vertical rise that took the index closer to the psychological levels of 18,000. Brent crude is above $80 per barrel, the dollar index above 93.5, and the US 10-year bond yield near 1.5 percent. These are the multiple triggers that are discouraging the bulls after a long party," said Santosh Meena, Head of Research at Swastika Investmart.

    "Our market was outperforming most global peers for a long time but rising crude oil prices may lead to some mean reversion. India VIX is also crossing its 200-day moving average, which is also indicating a sign of a short-term correction. Furthermore, lack of FIIs buying is visible after the US central bank meeting," he said. 

    He expects the overall trend to remain bullish. "But we are going to see the first meaningful correction in the market after a long time where 17,250 is immediate support, below which, Nifty is vulnerable to fall towards the 16,700 level. This time the correction could be a little deeper but that would be an opportunity to enter the current bull run, which may continue for the next 2-3 years where we may see 5-15 percent intermediate corrections," Meena added.

  • Coal India shares rise nearly 5% 

    Coal India shares traded with a gain of 4.6 percent at Rs 174.8 apiece on BSE in late afternoon deals, not far from a 52-week high of Rs 176.3 touched earlier in the day.

  • Tremendous value in Coal India: Mehraboon J Irani

    Mehraboon J Irani said there is tremendous value in Coal India. "The demand for coal is expected to be robust over the next few years. This is a stock that I believe has much more upside left in it despite the recent runup,” the market expert said.

  • Should learn from 1999, 2007 experiences, be careful when market at all-time high: S Naren

    S Naren, ED and CIO of ICICI Prudential AMC, said investors need to be careful when the market is at an all-time high. “We have had bad experiences in 2007 and 1999; so we have to learn from those bad experiences that investors, at an all-time high, have to be more careful. The biggest mistakes do not happen when the market us low; there can be very aggressive equity. And this is our learning,” he said in an interview to CNBC-TV18. (Read more on what market veteran S Naren said)

  • Indian energy market extremely price sensitive: Coal Secretary 

    The coal secretary said India's energy market is an extremely price sensitive one, and it is difficult to dislodge coal in the country's energy requirements.

    There is a need to go the renewable way to reduce the impact of coal, and coal is a price stabilising factor for energy in the country in a big way, the official said. 

  • Nifty Bank down nearly 700 points; ICICI Bank down 2.8%, HDFC Bank 2.3%

  • Technical Picks | Torrent Power, Vedanta, NTPC among analysts' top bets

    Here are four stock ideas from a panel of technical analysts on CNBC Awaaz:

  • Sarda Energy sees demand uptick but says raw material prices a worry

    Credit ratings agency CRISIL has upgraded the long-term credit rating on Sarda Energy & Minerals and a wholly-owned subsidiary of the company. Padam Kumar Jain, Director and CFO of Sarda Energy, said: “If you see the demand position for the secondary sector, we don't see much of a problem. There is good demand; the material is moving perfectly all right and prices are maintained. (Read more on what Sarda Energy's management said)

    Sarda Energy & Minerals shares traded 0.2 percent lower at Rs 666 apiece on BSE in late afternoon deals. 

  • HDFC twins, Infosys, ICICI Bank top drags on Nifty50

    Losses in stocks such as HDFC Bank, HDFC, ICICI Bank, Infosys, Bajaj Finance and TCS pulled the 50-scrip index lower. On the other hand, gains in Reliance Industries, Power Grid, NTPC and Coal India provided some support. 

    Stock Market Highlights: Sensex ends 410 points lower, Nifty slips below 17,750 as market halts 3-day winning run
  • Crude oil price of $84 a barrel very achivable sometime in Oct: XM Australia CEO

    Peter McGuire, CEO of XM Australia, told CNBC-TV18 the level of $84 per barrel in crude oil is "very achievable sometime in October". He believes the crude oil price might even shoot higher. "It is too hard to forecast but the upward movement at the moment seems to have momentum behind it. So when you have momentum and supply crunches as well, that creates a perfect storm," he said. 

    McGuire is not expecting any real surprise from the October 4 meeting of the Organization of the Petroleum Exporting Countries (OPEC. "We are still a week away from that meeting and again we have got that uncertainty - the inflation story, the demand picture, supply crunches, how Evergrande plays out, what China's consumption looks like going forward in Q4, and overall global demand," he said.

  • Buy TCS, LIC Housing Finance: Kotak Securities' Shrikant Chouhan 

    Here are two trading calls from Shrikant Chouhan of Kotak Securities:

    --Buy LIC Housing Finance for a target of Rs 465- 470 with a stop loss at Rs 420 
    --Buy Tata Consultancy Services for a target of Rs 3,900 with a stop loss at Rs 3,700 

  • Bank Nifty retreats from record high, down 1.7% 
     
    The banking index made a sharp U-turn from an all-time high of 38,377.3 hit earlier in the day to trade at 37,511.9 in late afternoon deals, down 1.7 percent from its previous close. Out of the 12 Bank Nifty members, 10 were in negative territory. 
     
     
    Stock Change (%)
    PNB 1.43
    AUBANK 0.15
    SBIN -0.47
    BANDHANBNK -0.61
    KOTAKBANK -0.62
    FEDERALBNK -0.86
    AXISBANK -1.41
    INDUSINDBK -1.97
    HDFCBANK -2.19
    RBLBANK -2.23
    IDFCFIRSTB -2.35
    ICICIBANK -2.61
  • Centre intends to complete BPCL disinvestment by March 2022

    The Centre intends to conclude the BPCL disinvestment worth over Rs 50,000 crore by March 2022, the chairman of government-owned Bharat Petroleum Corporation Limited (BPCL) said. Earlier this month, Fitch Ratings had predicted that BPCL’s privatisation may be delayed.

    “Bidders are conducting due diligence, but uncertainty over the bidder consortiums and process complexity, including valuation, may lead to potential delays," it said. However, last month, Tuhin Kant Pandey, secretary at the Department of Investment and Public Asset Management (DIPAM), had said that the Centre plans to complete the privatisation of Air India and BPCL this year.

  • Peter McGuire, CEO of XM Australia on Crude

    "Crude prices have been on an upward trend over the last couple of weeks. It has been an enormous rally and I saw that across base metals overnight as well. We have got China to pump USD 17 billion into the Evergrande concerns, we have massive issues as far as inflation story, we have got supply issues, so this isn't a good sign for the consumer. Consumers are really going to have a tough couple of months ahead of them. So not a good sign for overall economic conditions."

    "From a price perspective, maybe you got to look above USD 80 per barrel over the short run. At the moment crude prices seem to be onward and upward with the inflation story and that really impacts crude oil prices.

  • Exclusive: Govt may announce winning bid for Air India by October 15

    The government is working towards announcing a winning bid for Air India by October 15, sources informed CNBC-TV18. The financial bids for the airline are likely to be opened tomorrow i.e. September 29, sources said.

    "Tatas are being seen as the front runners for Air India divestment," they added. Tatas were also the potential bidders when the government tried to sell a stake in Air India in 2001 and 2017. It's important to note that 85 percent of the bid price will be for Air India debt, while 15 percent will be in cash. Bidders have the flexibility for all-cash deals as well.

    Read here for more

Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 snapped a three-day winning run to suffer sharp losses on Tuesday, though recovered more than half of intraday losses. Losses in financial and IT shares pulled the market lower however gains in oil & gas and power stocks provided some support. Real estate stocks -- which have surged in the recent past -- also dropped, with the Nifty Realty index falling nearly three percent.
Broader markets also fell, in line with the headline indices, as the midcap and smallcap gauges ended 0.7 percent and 0.5 percent lower respectively. NSE's India VIX index, which gauges the expectation of volatility in the market, rose 2.7 percent to settle at 18.54.
Here are key highlights of the September 28 session on Dalal Street: