Markets Wrap – Wed, 25 Jan ‘23: Stocks crash, rupee gains; Asia, Europe markets, Gold, Crude, Crypto updates

Domestic indices ended deep in red on Wednesday falling below the crucial levels on the monthly F&O expiry day. The bloodbath on the Dalal-street pulled all the broader and sectoral indices down. The Nifty 50 settled below 17,900 and Sensex below 60,210 The top gainers of the BSE Sensex were Hindustan Unilever Ltd (HUL) (up 1.14%), Maruti Suzuki (up 0.96%), Tata Steel (up 0.54%), NTPC (up 0.39%) and Sun Pharma (up 0.38%) while State Bank of India (SBIN) (down 4.30%), IndusInd Bank (down 4.26%), HDFC Bank (down 2.78%), Axis Bank (down 2.02%) and HDFC (down 2.02%) were the losers. “Bears remained at the helm as the benchmark index Nifty shed more than 200 points on Wednesday. On the daily timeframe, the index remained below the 50-day exponential moving average. Besides, the index remained below the 50-day exponential moving average, which confirms the bearish trend. On the lower end, however, the correction was limited to the upper band of the falling wedge pattern on the daily chart. The sentiment looks very weak, with the RSI in a bearish crossover. However, a further correction may occur if the price falls below 17,840. On the higher end, resistance is placed at 18000,” said Rupak De, Senior Technical Analyst at LKP Securities.

Indian stock market

The BSE Sensex crashed 773.69 points or 1.27% settling 60,205.06 and NSE Nifty 50 tanked 226.35 pts or 1.25% to 17,891.95.  In the sectoral indices, Bank Nifty fell 2.54%, Nifty PSU Bank tanked 3.58%, Nifty IT dropped 0.90% and Nifty Pharma dipped 1.22%. Among individual stocks, Adani group stocks fell 2-6% intraday after Hindenburg Research said that it holds short positions in Adani Group companies through U.S.-traded bonds and non-Indian-traded derivative instruments.

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Asian Markets

Most of the Asian markets remained closed on Wednesday. Japan’s Nikkei 225 rose 95.82 pts or 0.35% to 27,395.01 and South Korea’s KOSPI rose 33.36 pts or 1.39% settling at 2,428.62.

European Markets

England’s FTSE100 was trading at 7,770.35, up 12.99 points or 0.17% at 2:45 PM (IST). Europe’s Euronext100 was down 1.84 points or 0.14% at 1,326.22. France’s CAC was trading 2.23 points or 0.03% lower at 7,048.25. Germany’s DAX was down 10.63 points or 0.07% at 15,082.33.

US Markets

The US markets ended mixed on Tuesday. The Dow Jones Industrial Average (DJIA) rose 104.40 points or 0.31% settling at 33,733.96, S&P 500 fell 2.86 pts or 0.07% at 4,016.95 and Nasdaq dropped 30.14 pts or 0.27% at 11,334.27.

Rupee movement

The Indian rupee appreciated 0.23% to 81.53 against the US dollar at 2:55 PM (IST).

Gold, Silver

Gold futures on the multi-commodity exchange for February delivery were trading at Rs 56,853.00 down 116 points or 0.20% while Silver futures for March delivery were down 142 points or 0.21% at Rs 68,400.00 at 2:57 PM (IST).

Crude oil

WTI Crude futures for February delivery were down 0.2% at $79.97 while Brent Crude futures for March delivery were trading 0.05% lower at $86.09 at 3:00 PM (IST).

Cryptocurrency

Bitcoin (BTC) at 3:00 PM (IST) was trading at $22,647.87, down by 1.35% in the last 24 hours. Its total market cap is $436,461,654,085. Ethereum (ETH) was trading at $1,547.84, down by 5.02% in the last 24 hours. It has a total market cap of $189,439,931,387.