Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed in the negative territory. The NSE Nifty 50 closed 109.70 points or 0.51% lower to settle at 21,462.25, while the BSE Sensex lost 313.90 points or 0.44% to settle at 71,186.86. The broader indices closed in the red, with losses led by largecap and midcap stocks. Bank Nifty index closed lower by 350.90 points or 0.76% to settle at 45,713.55.
The NSE Nifty 50 closed 0.42% lower at 21,481.00, while the BSE Sensex closed 0.37% lower at 71,237.74.
The sectoral-indice Nifty Consumer Durables fell 1.80% to 31,503.60 points. It was the top laggard among the sectoral indices.
Sun Pharma, Cipla, Tech Mahindra, Tata Motors, and Axis Bank were the top gainers in the Nifty 50. While, LTIMindtree, HDFC Bank, NTPC, Titan, and Asian Paints were the top laggards in the Nifty 50.
Shares of Dynamatic Tech gained over 10% after the company signed a long-term contract for the manufacturing and assembly of flight-critical aerostructures for Falcon 6X.
Shares of Ashok Leyland gains 1.25% to Rs 173.55 in the intra-day trade on Thursday on the following news that the company has secures order for 1,225 buses from Karnataka State Transport.
Shares of Sun Pharma rose 2.2% after a Reuters news report said that the company will be buying out the Israel-based company Taro Pharma for $347.8 million. Sun Pharma already had a 78.5% stake in Taro.
Tech Mahindra, Axis Bank, Sun Pharma, Apollo Hospital, and L&T were the top gainers in the Nifty 50. While LTIMindtree, NTPC, Asian Paints, IndusInd Bank, and HDFC Bank were the top loser in the Nifty 50.
“Bank Nifty experienced a sharp decline on the back of sell off in the heavyweight HDFCBANK. The index sharply fell below the 38.20% Fibonacci Retracement level of the previous leg of rally (from 43,230 to 48,347). Additionally, the index retreated within the area of the previous swing high after a consolidation breakdown on the daily chart. The sentiment may remain weak, with immediate support at 45,900-45,930. A drop below 45,900 could potentially initiate a further correction towards 45,500. On the upside, resistance is identified at 46,350,” said Rupak De, Senior Technical Analyst at LKP Securities.
Commenting on the Technical outlook of Rupak De, Senior Technical Analyst at LKP Securities, said Nifty witnessed a significant decline driven by profit-taking following its record high of 22,124 in the previous trading session. Wednesday’s profit booking led the index to the 21-day Exponential Moving Average, a crucial short-term moving average. Sentiment could potentially deteriorate further if Nifty drops below 21,550, where the 21EMA is situated. On the downside, a breach of 21,550 may result in the index descending towards 21,350. Conversely, on the upside, resistance is observed at 21,650.
The NSE Nifty 50 opens 0.73% lower to settle at 21,414.20, while the BSE Sensex plunges 0.67% to 71,018.86 in the opening trade.
The NSE has added Aditya Birla Fashion and Retail, Ashok Leyland, Bandhan Bank, Chambal Fertilizers, Delta Corp, Hindustan Copper, Indian Energy Exchange, Metropolis Healthcare, National Aluminium, Polycab India, PVRINOX, SAIL, and Zee Entertainment to its F&O ban list for January 17, 2024.
Foreign institutional investors (FII) offloaded shares worth net Rs 10,578.1 crore, while domestic institutional investors (DII) bought shares worth net Rs 4,006.4 crore on January 17, 2023, according to the provisional data available on the NSE.
Shares in the Asia-Pacific region are trading in mixed territory on Thursday morning. The Asia Dow is trading down by 1.81%, Japan’s Nikkei 225 is green, up by 0.34%, Hong Kong’s Hang Seng index is trading down by 3.71% and the benchmark Chinese index Shanghai Composite is trading higher by 2.09%.
WTI crude prices are trading at $72.85 up by 0.38%, while Brent crude prices are trading at $78.09 up by 0.27%, on Thursday morning.
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.08% at 103.37.
U.S. stocks joined losses in risk assets as bond yields climbed on bets the Federal Reserve will be in no rush to cut rates as the economy shows signs of strengt, Bloomberg reported. The tech-heavy Nasdaq Composite dropped by 88.73 points or 0.59% at 14,855.62. The S&P 500 plunged by 32.90 points or 0.69% at 4,733.08, while the Dow Jones Industrial Average trading down by 94.45 points or 0.25% at 37,266.67.
