FINAL TRADE: Indices recover from day's low; Sensex settles 286 pts lower, Nifty closes at 19,436

Stock market today: A rout in global bond markets amid rate hike worries and elevated crude oil prices spooked investors all over the world, including India, on Wednesday, October 4. The S&P BSE Sensex declined as much as 633 points during the day before recovering some lost ground.

At close, the 30-share index of the BSE stood at 65,226.04, down 286 points, or 0.44 per cent while its NSE counterpart, NIfty50, ended at 19,436.10, down 93 points, or 0.47 per cent.

In the broader market, the Nifty Mid Cap 100 and Small Cap 100 also ended lower. 

On the sectoral front, Nifty Bank was down 0.98 per cent at 43,964.05.

TECHNICAL VIEW 

"The zone of 19,320 – 19,360 is a crucial support for Nifty as multiple parameters in the form of the daily lower Bollinger band and the ‘20 week’ moving average are placed. The hourly momentum indicator is on the verge of providing a positive crossover, which is a buy signal indicating that the fall is likely to halt and the probability of a pullback increases. In terms of levels, 19,330–19,300 is the crucial support zone, while 19,520–19,560 shall act as an immediate hurdle zone," said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

For Nifty Bank, Gedia expects a relief rally over the next few trading sessions. On the downside, support is placed at 43,800–43,600, while resistance is placed at 44,400–44,500.

NIFTY 50 STOCKS

In the Nifty50 basket, 37 stocks declined and 11 stocks ended positive. Axis Bank, SBI, NTPC, IndusInd Bank, and Bajaj Auto were the top laggards. Conversely, Adani Enterprises, Eicher Motors, Nestle India, HUL, and HDFC Bank were the major winners.

BUZZING STOCKS 

Axis Bank shares were down over 4 per cent.

Indiabulls Housing Finance was down over 6 per cent.

Metro Brands edged lower after rallying for two sessions.

Conversely, Strides Pharma shares were up over 2 per cent at the close after the USFDA nod for triglyceride-tamer icosapent ethyl capsules.

Nestle India shares were up over 3 per cent after the board said it may consider a second interim dividend and share split with results at the board meeting on October 19.

Avenue Supermarts stock ended nearly 4 per cent higher post-releasing Q2 update.

GLOBAL MARKETS

Markets in Europe and Asia were mostly lower Wednesday after Wall Street tumbled as investors focused on the downside of a surprisingly strong job market: the likelihood that interest rates will stay high. U.S. futures and oil prices edged lower.

(with agency inputs)

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