Home » Sensex falls 732 pts from day’s high, ends 100 pts down; Rupee at new low

Sensex falls 732 pts from day’s high, ends 100 pts down; Rupee at new low

by WorldFinance
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Stock market highlights: An eventful day for the markets, where the benchmark Nifty50 index reclaimed the 16,000-mark in the intra-day trade for the first time since June 10, met with an anti-climatic end. Equities erased gains and ended lower on Tuesday after US stock futures suggested weaker opening for Wall Street later tonight.

The S&P BSE Sensex zoomed 631 points during the day, but settled 100 points, or 0.19 per cent, lower at 53,134. The Nifty50, too, hit a high of 16,026 intra-day, before closing at 15,811, down 26 points or 0.15 per cent.

PowerGrid, Shree Cement, Apollo Hospitals, Hindalco, Bajaj Finserv, ONGC, Tata Motors, and HUL were the top gainers on the 50-pack index, while ITC, Wipro, HDFC Life, Britannia Industries, Maruti Suzuki, and M&M were the top draggers.

Overall, the Nifty Metal index was the best performing sectoral index today, up 0.3 per cent. On the flipside, the Nifty IT index slipped 0.7 per cent.

In the broader markets. the BSE MidCap index fell 0.4 per cent, but the BSE SmallCap inde rose by 0.2 per cent. Little over 1,700 stocks advanced on the BSE today, as against around 1,570 stocks that closed in the red. 

Q1FY223 Preview

Amid eroding consumer confidence and flaring inflation, India Inc will kick-start its April-June quarter (Q1FY23) earnings season this week. The period assumes significance as investors will watch out for the full-fledged impact of the Ukraine-Russia war, and the subsequent cost inflation.

BS Special
The government’s decision to impose excise duty on crude oil may have another casualty – the sentiment across public sector (PSU) stocks, said analysts, who feel the move will dampen investment sentiment across this space. That apart, the government’s plan to mobilize funds via the privatisation route may also feel the heat going ahead, they said.
 
Nifty tech view: Trend may remain positive as long as index sustains above 15,800
Indian equities witnessed volatility as the Nifty failed to absorb selling pressure from the call writers leading to a close around the day’s low.

Despite the selling, the Nifty held above the near-term moving averages.

The trend is likely to remain positive as long as it sustains above 15800. On the higher end resistance is visible at 16000/16200.

Views by Rupak De, Senior Technical Analyst at LKP Securities

Closing view: Uncertainty on recession, tightening monetary policy weighing on markets

Domestic market had started strong by extending its yesterday’s gains supported by strong macro numbers but global bourses opened weak to close with marginal losses.

The current trend in the global market indicates that the uncertainties around recession and tightening monetary policy continues to haunt investors’ confidence.

Dollar index opened sharply high affecting the performance of emerging currencies, depreciating INR.

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

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