CLOSING BELL: Sensex Falls 330 Points, Dips Below 58K. Adani’s Woes Continue

At close, BSE Sensex was trading 337.66 points down at 57,900.19 and Nifty50 was trading 111.00 points down at 17,043.30

New Delhi: No end to the bloodbath on Dalal Street. Indian indices have fallen once again. Both Sensex and Nifty opened flat on Tuesday, only to fall all the way down during the day’s trade. Sensex rose as much as 58,490.98 and fell down to as low as 57,721.16 during the day’s trade. Nifty, on the other hand, saw a high of 17,224.65 and a low of 16,987.10 on Tuesday. Adani Enterprises and Adani Ports are the top losers on Nifty50 index.

At close, BSE Sensex was trading 337.66 points down at 57,900.19 and Nifty50 was trading 111.00 points down at 17,043.30

“Following weak global sentiments most traders preferred to sit on the sideline today in the markets, especially with no fresh clues most investors continue to wait and watch for bottom-fishing opportunities. Today, benchmark indices touched near five-month lows and declined for the fourth straight day as the U.S. banking crisis unnerved investors globally. The fallout from the collapse of U.S. lenders Silicon Valley Bank and Signature Bank widened overnight despite government efforts to shore up confidence, hitting bank shares globally. Investors will now focus on the U.S. inflation data, due later in the day, for cues on the rate hike trajectory amid expectations that the U.S. Federal Reserve could now become less hawkish given the banking crisis. Further, a massive sell-off also cannot be ruled out on backdrop of deteriorating technical and fundamental catalysts that are likely to dent sentiments,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

“The fallout of SVB and Signature bank has somewhat rattled the investors sentiments in the last few sessions, and with the prospect of a further rate hike already on the cards, the mood continues to be caution with a negative bias. Technically, Nifty can find support between 17000 and 16800 levels. On the upside, 17150 and 17250 should act as resistance areas in the near term. The ideal strategy should be to create positional long trade between 17000 to 16800 levels. Bank Nifty closed below 39600 levels but remained above the previous lower support of 39400 levels, which would help the index to pull back recent losses in the near term. However, if 39100 is dismissed, it could slide towards 38500 levels”, said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

SENSEX TOP GAINERS

• Titan: 1.17 per cent
• Bharti Airtel: 0.80 per cent
• L&T: 0.65 per cent
• Sun Pharma: 0.60 per cent
• ICICI Bank: 0.39 per cent
• Axis Bank: 0.38 per cent

SENSEX TOP LOSERS

• M&M: -2.92 per cent
• TCS: -2.00 per cent
• Bajaj Finance: -1.91 per cent
• Wipro: -1.75 per cent
• Kotak Bank: -1.60 per cent

NIFTY TOP GAINERS

• Titan: 1.24 per cent
• BPCL: 1.18 per cent
• L&T: 0.88 per cent
• Bharti Airtel: 0.70 per cent
• Sun Pharma: 0.58 per cent
• SBI Life: 0.52 per cent

NIFTY TOP LOSERS

• Adani Enterprises: -7.70 per cent
• Adani Power: -4.07 per cent
• M&M: -2.83 per cent
• TCS: -1.84 per cent
• HDFC Life: -1.64 per cent
• Bajaj Finance: -1.62 per cent
• Kotak Bank: -1.56 per cent