Stock Market crash: Markets plummet! Sensex nosedives over 1000 points, Nifty down below

Hero MotoCorp, Tata Motors, M&M, Bajaj Auto, and SBI were the top gainers in the Nifty 50. While L&T, Asian Paints, BPCL, Coal India, and ONGC were the key laggards in the Nifty 50 on May 09 during later hours.

Nifty

-Slips below the psychologically important 22,000 mark

-Down over 330 points intra-day, slips over 1.5% intra-day

-Nifty down nearly 3% for the week

Sensex

-Slumps over 1000 points

–L&T, ITC, Asian Paints among key losers

Key losers in Afternoon trade

–L&T down nearly 6%

-Coal Indian down over 4%

–Asian Paints down nearly 4%

–ITC over 3%

-BPCL down over 3%

Coal India‘s stocks fell 4.4% to an intraday low of Rs 444 from its previous close of Rs 464.45. The stock was among the key losers in the Nifty 50. It touched its 52-week low of Rs 223.25 on June 26, 2023.

Courtesy: BSE

The NSE Nifty 50 was down 136 points or 0.61% at 22,166.60, while the BSE Sensex was down 446 points or 0.61% at 73,020.19.

L&T‘s shares fell 5.3% to an intraday low of Rs 3,290 after the company reported its earnings for the last quarter of FY24. However, the company’s net profit stood at Rs 4,396 crore in Q4 of FY24, up 10.3% on year against Rs 3,987 crore reported in the same period a year ago.

Hero MotoCorp, M&M, Tata Motors, Bajaj Auto, and HCL Technologies were the top gainers in the Nifty 50. While L&T, Divi’s Lab, Coal India, ONGC, and Tata Consumer Products were the major laggards in the Nifty 50 on May 09.

Hero MotoCorp‘s shares soared 6.7% during intraday reaching a high of Rs 4,922 after it reported a robust growth in net profit of Q4 FY24. The auto major’s standalone profit stood at Rs 1,016.05 crore in Q4 of FY24, up 18% on year compared to Rs 858.93 crore in Q4 of FY23. The company’s net profit was mostly in line with the Street’s estimates of Rs 1,026 crore.

“The Bank Nifty index encountered a volatile trading session during the expiry day, highlighting the ongoing struggle between bulls and bears. The next significant support level for the index is positioned at 47770, coinciding with the 50EMA. On the upside, immediate resistance lies at 48250. A decisive breach above this level could propel the index towards 48400-48500, where call writing activity is evident,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Courtesy: NSE

The shares of L&T plunges over 5% to intra day low of Rs 3, 290 following the infrastructure giant Larsen and Toubro (L&T) reported a 10% increase in its consolidated net profit, reaching Rs 4,396 crore. During the same period, consolidated revenues witnessed a 15% year-on-year growth, reaching Rs 67,079 crore. Additionally, the Board proposed a final dividend of Rs 28 per share with a face value of Rs 2 each for the financial year ending March 2024.

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty remained volatile throughout the day. However, the short-term trend appeared weak as the index remained below the critical moving average, 21EMA, on the daily timeframe. In the near term, the sentiment may continue to weaken as long as it stays below 22400. On the downside, the index might decline towards 22150.

Hero MotoCorp, Mahindra& Mahindra, HCL Technologies, Bajaj Auto, and IndusInd Bank are the top gainers on NSE Nifty 50 index whereas the top laggards include L&T, Tata Consumers, Tech Mahindra, BPCL, and HDFC Life Insurance.

State Bank of India, Asian Paints, Punjab National Bank, Bharat Petroleum Corp, Hindustan Petroleum Corp, Abbott India, Escorts Kubota, Timken India, Relaxo Footwear, Alembic Pharmaceuticals, Computer Age Management, Intellect Design Arena, Mahanagar Gas, Vardhman Textiles, Alkylamines Chemicals, Quess Corp, Orient Electric, Venus Pipes and Tubes, Hikal, VST Tillers Tractors, Indian Overseas Bank.

The NSE has added Aditya Birla Fashion, Balrampur Chini Mills, Biocon, GMR Infra, Vodafone Idea, PNB, Sail, and Zee Entertainment Enterprise in F&O on May 9, 2024.

Foreign institutional investors (FII) offload shares worth net Rs 6,669.10 crore, while domestic institutional investors (DII) mopped shares worth net Rs 5,928.81 crore on May 8, 2024, according to the provisional data available on the NSE.

WTI crude prices are currently trading at $79.29, up by 0.37%, while Brent crude prices stand at $83.83, up by 0.30%, as of Thursday morning.

The US Dollar Index (DXY), gauging the dollar’s value against a basket of six foreign currencies, saw a 0.03% increase, trading at 105.55.

According to Bloomberg, Wall Street’s enthusiasm for stocks waned following a four-day advance, which marked the market‘s longest winning streak since March. The tech-heavy Nasdaq Composite closed down by 29.80 points or 0.18% at 16,302.76. The S&P 500 ended marginally lower by just 0.03 points or 0.00% at 5,187.67, while the Dow Jones Industrial Average finished higher by 172.13 points or 0.44% at 39,056.39.