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An evening walk down Dalal Street | Carnage on D-Street as Sensex falls over 710 points, Nifty sheds 2%

Bears took complete control on D-Street, as benchmark indices shed nearly 2 percent. Weak global cues, reactions to exit polls as well as weak macro data weighed big on Sensex and the Nifty.

The 50-share index ended the session below 10,500.

Selling was visible across all sectors, with maximum pain seen among banks, automobiles, energy, consumption and pharmaceuticals, among others.

At the close of market hours, the Sensex was down 713.53 points or 2.00% at 34959.72, and the Nifty down 205.20 points or 1.92% at 10488.50. The market breadth was negative as 647 shares advanced, against a decline of 1870 shares, while 134 shares were unchanged.

Coal India, Maruti Suzuki, IOC and BPCL were the top gainers, while Kotak Mahindra Bank, Reliance Industries, and Indiabulls Housing lost the most.

Concerns over global economic growth, along with re-escalating US-China trade war issue pushed US stock futures and Asian markets lower. The Indian market, too, followed suit, opening with a gap-down.

Adding to the woes of bulls were higher crude oil prices, as OPEC and its allies decided to cut supplies by 1.2 million barrels per day.

“Market had turned cautious awaiting the final outcome of the state election, as a precursor to the general election. Unfavourable exit poll results for the ruling party has impacted the sentiment of the market today and this dullness will continue as tomorrow’s final outcome confirms their losing strength. On the other hand if results are not bad as being anticipated today, could save the mood,” Vinod Nair, Head of Research at Geojit Financial Services said in a statement.

Source: https://www.moneycontrol.com/news/business/markets/an-evening-walk-down-dalal-street-carnage-on-d-street-as-sensex-falls-over-710-points-nifty-sheds-2-3272941.html

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Rupee trades 61 paise lower at 71.41 per dollar

Indian rupee is trading lower by 61 paise at 71.41 per dollar against previous close 70.80.

The dollar-rupee December contract on the NSE was at 70.90 in the previous session. December contract open interest increased 0.42% in the previous session, said ICICIdirect.

We expect the USD-INR to find supports at lower levels. Utilise down sides in the pair to initiate long positions, it added.

Source:https://www.moneycontrol.com/news/business/markets/rupee-trades-52-paise-lower-at-71-32-per-dollar-3269761.html

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MCX Support & Resistance Level

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Sensex falls nearly 600 pts, Nifty ends 1.7% lower; 5 factors that dragged the market

After rallying for six consecutive sessions, benchmark indices on Thursday corrected for the third straight session as traders turned cautious in the run-up to the announcement of five state elections' results next week.

The outcomes of these elections is what the market is predominantly keeping an eye out for. The other factors that will influence sentiment would be the outcomes of the OPEC meet later in the day and US Federal Reserve policy meeting next week. The RBI's Monetary Poliy Review was along expected lines.

"Of the three key events in December, the trade truce between US-China and RBI monetary policy has played out without any damage. The OPEC meeting today and outcome of the state elections are key events ahead that could lead to some short term volatility," said Gaurav Dua, Head of Research, Sharekhan by BNP Paribas. "We remain buyers on dips in equities."

The Sensex closed down 572.28 points or 1.59 percent at 35,312.13 and the Nifty plunged 181.70 points or 1.69 percent to 10,601.20.

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Source:https://www.moneycontrol.com/news/business/markets/5-factors-that-dragged-sensex-down-over-550-points-nifty-to-10600-today-3259441.html 

Investors lose Rs 2.28 lakh crore as Sensex, Nifty nosedive

Majority of the stocks declined on December 6 as Indian benchmark indices tanked. Nifty closed 181 points lower at 10,601 and the Sensex plunged 572 points ending the day at 35,312.

The total market capitalisation of BSE listed companies stood at over Rs 142 lakh crore on December 5 which came down to a litle below 140 lakh crore on December 6 resulting in a loss of Rs 2.28 lakh crore.

Uncertainty of trade relations between the US and China and weakness in the rupee which crossed the 71/$ mark once gain along with state election results which is due next week have added to weak investor sentiment.


The realty and IT index were the biggest losers that shed over 2 percent. Realty was dragged by DLF and Unitech which had market capitalisation of Rs 30,059.48 crore and Rs 583.44 crore, respectively.

Also, in the IT space, Aptech was quoting at Rs 166.25, down Rs 9.00, or 5.14 percent with market capitalisation at Rs 663.23 crore. Infibeam Avenues was quoting at Rs 45.20, down Rs 2.10, or 4.44 percent. The market cap of Infibeam stood at Rs 2,998.53 crore.

At the BSE, 1,809 stocks declined, while 740 advanced and 148 remained unchanged at the end of regular market hours. As many as 195 stocks hit their respective 52-week lows.

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Source:https://www.moneycontrol.com/news/business/markets/investors-lose-rs-2-28-lakh-crore-as-sensex-falls-nearly-600-points-3260571.html

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