Sensex drops 671pts, Nifty nears 17,400 in broad sell-off; bank stocks tank

CLOSING BELL: The Nifty PSU Bank index declined 2.2 per cent, while the Nifty Bank and Private Bank indices fell 1.8 per cent each

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CLOSING BELL

Stock market highlights: Equity markets roiled in global sell-off as contagion effect of overnight selling in the US markets, especially bank stocks, dented sentiment. The S&P BSE Sensex crashed 671 points, or 1.12 per cent, to close at 59,135. The Nifty50, meanwhile, gave up the 17,450-mark to end at 17,413, falling 177 points or 1 per cent. These indices hit intra-day lows of 58,885, and 17,324, respectively.

ALSO READ: No SVB-like scenario in India; banks are on a strong footing, say analysts

Financial stocks were the worst hit today, amid near broad-based selling, with HDFC Bank (down 2.6 per cent), HDFC, SBI, IndusInd Bank, Bajaj Finserv, Axis Bank, ICICI Bank, Kotak Bank, and Bajaj Finance featuring among the top 15 laggards on the Sensex. Index-wise, the Nifty PSU Bank index declined 2.2 per cent, while the Nifty Bank and Private Bank indices fell 1.8 per cent each. 

Other large-cap laggards were RIL, L&T, M&M, and Asian Paints, down up to 1.5 per cent.

ALSO READ: 5 smallcaps to bet on amid current market volatility 

In the broader markets, the BSE MidCap and SmallCap indices dropped less than 1 per cent each. 

10:46 AM

Live blog begin on today's market stretegy

Live blog begin on today's market stretegy 

4:49 PM

Nifty: Markets in sell-on-rise mode

"On the daily chart, the index has been falling within a downward-sloping channel, which again confirms the bearish trend. The 14-day moving average and the 50-day moving average, are in the bearish crossover, with the index value remaining below both averages. On the lower end, the Nifty may roll down towards the lower band of the falling channel. The sentiment remains bearish, and the market will remain in sell-to-rise mode until Nitfy closes below 17,850. On the lower end, supports are placed at 16,950 / 16,750."

 

- Rupak De, Senior Technical Analyst at LKP Securities