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Indian equity indices ended lower for the fourth consecutive session on October 23 with Nifty below 19,300. The Sensex was down 825.74 points or 1.26 percent at 64,571.88, and the Nifty was down 260.90 points or 1.34 percent at 19,281.80.
We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices/ – for all the global market action.
Taking Stock: Fag-end selling leads to bloodbath, investors lose Rs 7.66 lakh crore
All east Asian indices closed in the red while the European market also opened lower. Surging US bond yield is one of the key reasons that is hurting markets across the world…. Read More
Markets started the week on a feeble note and lost nearly one and a half percent. After the flat start, the Nifty gradually inched lower and settled around the day’s low at 19,281.75 level. The selling pressure was widespread wherein metal and realty were among the top losers. However, a sharp cut in the broader indices caught the participants completely off-guard and both midcap and smallcap lost in the range of 2.9%-3.8%.
We feel the prevailing negativity is not going to subside anytime soon citing weak global cues and recent sell-off in the broader indices may further deteriorate the sentiment. On the index front, we are now eyeing 19,200 as the next crucial support. Amid all, we reiterate our view to limit trades and prefer hedged positions.
Nifty ended lower for the fourth consecutive session on October 23 closing below 19,300. At close, Nifty was down 1.34% or 260.9 points at 19281.8.
Volumes on the NSE were not unusually large on a big down day. Broad markets indices fell more than the Nifty even as the advance decline ratio fell sharply to 0.13:1, the lowest in 10 months.
Global equities fell as the 10-year yield on US Treasuries hit 5% for the first time since 2007 and as investors worried that the war between Israel and Hamas could turn into a bigger Middle Eastern conflict.
Nifty showed a downside breakout falling below the 19334 support. Midcap index fell to the lowest in 2 months. A long bear candle was formed on the daily charts which could prove to be a resistance in the next upmove. Risk off sentiments seem to be prevalent based on the adverse advance decline ratio. Nifty could now on a break of 19223 level, head towards 18840 while on upmoves 19480 could provide resistance.
The bears have maintained a strong grip on the index, resulting in significant selling pressure. This pressure led to a breakdown of the key support level at 19500. With the support at 19500 breached, the next significant support level was at 19200. If the index fails to sustain above this level, it may experience further declines toward the 19000-18800 range.
The overall sentiment for the index remains bearish. As long as the index stays below the 19600 mark, the view remains bearish, and any upward movements are viewed as selling opportunities.
The bears in the Bank Nifty decisively broke through the critical support level of 43,500, confirmed by a closing basis breach. The index continues to maintain a "sell on rise" approach, with formidable resistance observed at the 44,000 level, which coincides with the highest open interest on the call side.
The next support on the downside is situated within the range of 42,800 to 42,600. If this level fails to hold, it may trigger further declines towards the 42,000 mark.
Benchmark indices witnessed severe pounding in the last hour trades as simmering geo-political tension in the Middle-East region triggered a wave of selling pressure and prompted investors to offload equity holdings. Investors are already worried about further interest rate hike and inflation, and with the addition of the Israel-Hamas conflict, the uncertainty has increased further and leading to weak sentiment in global equities.
Technically, the Nifty has formed a long bearish candle on daily charts which is indicating further weakness from the current levels. For day traders, 19,400 would be the key resistance level, below which the index could slip till 19,200-19,175. On the other hand, above 19,400 we could see a quick technical bounce back till 19,450-19,500.
The Nifty opened on a weak note and ended the day on a negative note down ~260 points. On the daily charts we can observe that the Nifty has breached the previous swing low of 19333 it touched in first week of October and has closed below that indicating a breakdown. Weekly, daily and hourly momentum indicator has a negative crossover which is a sell signal. Thus, both price and momentum indicator is suggesting a further decline. On the downside the Nifty is likely to drift towards 19000 from short term perspective. On the way up 19500 – 19530 shall act as an immediate hurdle zone as per the principle of role reversal.
Bank Nifty also witnessed a sharp fall. It broke below the 43500 zone and witnessed a sharp decline. On the way down 43000 is the psychological level and below that it can slip towards 42490. Today there has been a breakdown and hence the weakness is likely to persist over the next few trading sessions.
Despite the healthy performance of private banks and marginal reductions in oil prices, investor confidence remained pessimistic, and a widespread consolidation persisted in the domestic markets. The global markets echoed the same trend, as the unrest in West Asia has the potential to spiral further.
Increased apprehensions surrounding prolonged elevated interest rates fuelled a continued upward movement in the US 10-year yield. Amid worries over moderation in growth on account of elevated interest rates and higher energy prices, heightened risk aversion was witnessed in the Indian mid- & small-cap space, banks, metals, and energy stocks. While a period of consolidation in the short term seems certain, the extent of this phase will be shaped by global factors.
Pessimism persisted in the Indian bourses and bears tightened their grip by breaching all the key support levels to end the session at 19,281.75 with a loss of 260.90 points. Relentless selling was seen across the board with Media and PSU Banking sectors having corrected the most. A freefall was observed in the Mid and Smallcap stocks which resulted in the underperformance of the broader markets. Head and Shoulder pattern breakdown was seen in the Nifty50's daily chart which indicates that weakness will continue going forward as well.
Indian rupee ended lower at 83.19 per dollar on Monday against Friday's close of 83.12.
Indian equity indices ended lower for the fourth consecutive session on October 23 with Nifty below 19,300.
At close, the Sensex was down 825.74 points or 1.26 percent at 64,571.88, and the Nifty was down 260.90 points or 1.34 percent at 19,281.80. About 497 shares advanced, 2893 shares declined, and 119 shares unchanged.
Biggest losers on the Nifty included LTIMindtree, Adani Enterprises, Hindalco Industries, Adani Ports and UPL, while gainers were M&M and Bajaj Finance.
All the sectoral indices ended in the red with Metal, Information Technology, Realty, Oil & Gas, Power, Capital Goods down 2-3 percent each, while Auto, Bank, FMCG, Pharma down between 1-2 percent.
BSE Midcap index shed 2.5 percent, while Smallcap Index declined 4 percent.
Net profit down 62.1 percent at Rs 231.3 crore versus Rs 142.7 crore and revenue up 62 percent at Rs 1,091.3 crore versus Rs 673.8 crore, YoY.
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