Share Market Highlights- Nifty settles below 17500, Sensex falls 140 pts; Bank Nifty ends below 39950, Adani Ent tanks 5%

Share Market Highlights: Nifty settles below 17500, Sensex falls 140 pts; Bank Nifty ends below 39950, Adani Ent tanks 5%

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark equity indices ended Friday’s muted session in the red territory. The Nifty settled below the crucial 17500 level and Sensex closed below 59500. The Bank Nifty also breached the important level and closed below 39950. The NSE Nifty 50 fell 45.45 pts or 0.26% to 17,465.80 and BSE Sensex plunged 141.87 pts or 0.24% to 59,463.93. The top gainers on Nifty were ONGC, Adani Ports, Asian Paint, Divis Lab and Apollo Hospital while the losers were Adani Enterprises, Hindalco, Mahindra & Mahindra, JSW Steel and Tata Steel.Live Updates

Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights

15:41 (IST) 24 Feb 2023 Top gainers/losers

The top gainers on Nifty were ONGC, Adani Ports, Asian Paint, Divis Lab and Apollo Hospital while the losers were Adani Enterprises, Hindalco, Mahindra & Mahindra, JSW Steel and Tata Steel.

15:40 (IST) 24 Feb 2023 Nifty, Sensex end in red

The NSE Nifty 50 fell 45.45 pts or 0.26% to 17,465.80 and BSE Sensex plunged 141.87 pts or 0.24% to 59,463.93.

15:26 (IST) 24 Feb 2023 LIC’s Adani group share holdings fall below purchase value, tank 11%

The value of Life Insurance Corporation of India’s (LIC) holdings in seven key listed Adani group companies (excluding ACC Ltd and Ambuja Cements) has fallen to Rs 26,862 crore – down 11% from the purchase value of Rs 30,127 crore, as of Thursday. LIC held 9.14% in Adani Ports, 5.96% in Adani Total Gas, 4.23% in Adani Enterprises, 3.65% in Adani Transmission, and 1.28% in Adani Green Energy, in the quarter-ending December 2022.

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13:06 (IST) 24 Feb 2023 Adani shares fall close to Hindeburg’ value target; what next?

Adani Group’s market capitalisation has fallen over 60% in the past one month, moving near Hindenburg Research’s target of 85% downside. The US-based short-seller published a report on January 24, named ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History’, which led to the downfall of Adani Group stocks. Gautam Adani-led group’s market capitalisation has tumbled to Rs 7.15 lakh crore at the time of writing this report, as compared to Rs 19.18 lakh crore on January 24, with the loss totalling Rs 12.02 lakh crore.

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11:26 (IST) 24 Feb 2023 Nifty immediate support at 17450; Bank Nifty immediate support at 39900

“Nifty immediate support at 17450 while upside hurdle at 17620 zones. Bank Nifty immediate support at 39900 while upside hurdle at 40250 zones.” – Arpit Beriwal, Derivative and Technical Analyst at Motilal Oswal, CMT.

10:00 (IST) 24 Feb 2023 Axis Bank shares gain

Axis Bank shares rose 0.22% to Rs 847.05 after the lender announced plans to purchase Citibank’s India Consumer Business from Citibank N.A. and the NBFC Consumer Business from Citicorp Finance (India) last year. It revealed to the exchanges that they have made progress, obtaining all the approvals necessary. The bank estimated that the completion of the acquisition could be finalized by 1 March. 

10:00 (IST) 24 Feb 2023 ZEEL shares fall over 3%

ZEEL shares fell 3.70% to Rs 191.40 after Zee Enterprises’ managing director and chief executive Puneet Goenka on Thursday moved appellate tribunal NCLAT challenging the order of the National Company Law Tribunal which admitted an IndusInd Bank plea for insolvency proceedings against the firm.

09:23 (IST) 24 Feb 2023 Top gainers/losers

The top gainers on Nifty 50 were Adani Ports, Divis Lab, Bharti Airtel, Infosys and Adani Enterprises while the losers were Hindalco, Eicher Motors, JSW Steel, Titan and HDFC.

09:23 (IST) 24 Feb 2023 Bank Nifty gains over 200 pts

Bank Nifty rose 224.70 pts or 0.56% to 40,226.25.

09:22 (IST) 24 Feb 2023 Nifty, Sensex open in green

The BSE Sensex surged 202.46 pts or 0.34% to 59,808.26 and NSE NIfty 50 advanced 57.25 pts or 0.33% to 17,568.50.

09:14 (IST) 24 Feb 2023 Nifty, Sensex end pre-open in green

Domestic indices ended the pre-opening session in green. Nifty 50 rose 80.10 pts or 0.46% to 17,591.35 and BSE Sensex climbed 253.68 pts or 0.43% to 59,859.48.

08:58 (IST) 24 Feb 2023 Nifty never had four consecutive months of negative returns during last 20 years

“Nifty never had four consecutive months of negative returns during the last 20 years. The selling in Bank Nifty is overdone. The fears of the Adani crisis impacting the Indian banking system are exaggerated. Some high-quality banking stocks are attractively valued now and, therefore, banking stocks have the potential to stage a turnaround. The strength in the US economy augurs well for IT stocks too even though concerns of a US recession might weigh down heavily on the IT segment. Capital goods will continue to do well. Long-term investors can accumulate high-quality stocks in this weak environment,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

08:54 (IST) 24 Feb 2023 Bank Nifty may fall below 39600, with targets of 39400 and 39200

“The Bank Nifty structure is very weak, but 39600 is immediate support. We can expect further weakness below 39600, with targets of 39400 and 39200. On the upside, 40250/40500 is a critical hurdle,” said Pravesh Gour, Sr. research analyst, Swastika Investmart.

08:54 (IST) 24 Feb 2023 Bank Nifty immediate hurdle at 40,200, downside support stands at 39500

“Bank Nifty index after 5 days of brutal selling witnessed some buying from the lower level and formed a long-legged doji candle. The index if it manages to hold yesterday’s low can witness a recovery towards 40500 levels. The index’s immediate hurdle is at 40,200 above which can witness a short covering move. The index downside support stands at 39500 and if breached will aggravate the selling pressure,” said Kunal Shah, Senior Technical Analyst at LKP Securities.

08:54 (IST) 24 Feb 2023 Bank Nifty support at 39400 level while resistance placed at 40800

“Bank nifty has support at 39400 level while resistance is placed at 40800. Short-term investors may opt for stock-specific action. In the longer time frame, Index is still trading with lower high and lower lows patterns. Traders may expect range bound movement until 17350-17800 are taken out,” said Om Mehra, Equity Research Analyst at Choice Broking.

08:54 (IST) 24 Feb 2023 Nifty’s low of 17455 likely to act as immediate support

“Nifty’s low of 17455 is likely to act as immediate support. A decisive fall below 17450 may trigger the resumption of the fall. In that case, it may fall down towards 17200–17150. However, failure to break down may induce a recovery towards 17750–17850, where the upper band of the falling channel lies,” said Rupak De, Senior Technical Analyst at LKP Securities.

08:53 (IST) 24 Feb 2023 If Nifty drifts below 17300–17200 levels then 17000–16800 will be on cards

“Nifty on the weekly chart has formed a tall red candle that has engulfed its previous two weeks’ candles, which indicates presently bears are having an upper in the market. Technically, the structure is shifting its momentum towards the bears, and the immediate support for the Nifty is placed at around 17300–17200 levels. If prices drift below these levels, then 17000–16800 will be on the cards. Only a sustained close above the 17800- 17850 zone is likely to trigger bullish momentum toward the 18150–18200 levels,” said Rohan Patil, Technical Analyst, SAMCO Securities.

08:53 (IST) 24 Feb 2023 Nifty immediate support placed at 17450

“Nifty’s near-term technical structure is looking weak. 17450 is an immediate support level, and 17400 is the next support level. 17650 and 17800 will act as immediate resistance levels,” said Pravesh Gour, Sr. research analyst, Swastika Investmart.

08:53 (IST) 24 Feb 2023 Nifty Bullish until 17,350 (absolute) is not broken; Bearish only if it breaks 17,500 on closing basis

“Post the Ukraina-Russia crisis, markets are getting into a 200 DEMA stress test for the third time now. Earlier lows were 16,747 in September 22, 17,353 in early Feb & today’s low of 17,455. 17,500-17,450 is a crucial demand area from where one can expect a possible reversal on the charts. Bullish until 17,350 (absolute) or 17,500 (closing basis) is not broken. Bearish only if we break 17,350 (absolute) or 17,500 (closing basis),” said Rahul Sharma, JM Financial Services Ltd.

08:00 (IST) 24 Feb 2023 Nifty, Sensex concludes Thursday’s session in red

On Thursday, the NSE Nifty 50 fell 43.05 pts or 0.25% to 17,511.25 and BSE Sensex plunged 139.18 pts or 0.23% to 59,605.80. Sectoral indices ended mixed with Bank Nifty rising 5.65 pts or 0.01% to close at 40,001.55. Nifty Auto dipped 0.06%, Nifty IT dropped 0.03%, Nifty PSU Bank gains 0.53% and Nifty Metal climbed 0.35%.

07:58 (IST) 24 Feb 2023 Asian markets trade mixed

Asian markets were trading mixed with China’s Shanghai Composite index falling 0.15%, Hong Kong’s Hang Seng slipping 0.73% while Japan’s Nikkei 225 rose 1.15% and South Korea’s KOSPI climbed 0.19%.

07:58 (IST) 24 Feb 2023 US stock indices end higher

The US markets ended the overnight session broadly higher with Dow Jones Industrial Average rising 108.82 pts or 0.33% to 33,153.91, S&P 500 climbing 21.27 pts or 0.53% to 4,012.32 and tech-heavy Nasdaq surging 83.33 pts or 0.72%.