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Stock Market News: Domestic equity benchmark indices, the Sensex and the Nifty 50, ended Wednesday's trading session in red amid weak global cues, and as Asian markets witnessed mixed trends. The 30-share BSE Sensex ended lower by 434.31 points or 0.59% at 72,623.09 level while the Nifty 50 closed at 22,055.05 level, down 141.90 points or 0.64%.

After more than a year of rate-tightening cycle, economies world over are likely to see liquidity conditions ease and interest rates trend lower later in 2024. In such a scenario, Arindam Mandal, portfolio manager at Marcellus Investment Advisors anticipates a gradual return to the traditional 60/40 model of asset allocation for the average investor, consisting of 60% equities and 40% bonds. “This allocation strategy endured a challenging period over the past couple of years. Historically, election years have often translated to favorable returns, providing a promising outlook for the calendar year ahead,” Mandal said in an interview with ETMarkets. For Indian investors, Mandal recommends a 70% allocation to domestic equity and a 30% allocation to global equity, striking a balance between local opportunities and exposure to international markets. Edited excerpts:

Stock market today: On account of weak global cues after Tuesday's sell-off on Wall Street, the Indian stock market ended lower on Wednesday. The Nifty 50 index lost 141 points and closed at the 22,055 level, the BSE Sensex shed 434 points and ended at the 72,623 mark whereas the Bank Nifty index finished 74 points lower at the 47,019 level.

Sensex dropped 434.31 points to close at 72,623.09, while the Nifty 50 settled 141.90 points, or 0.64%, lower at 22,055.05. Nifty formed a long bear candle on the daily chart that has engulfed the positive candle of previous session. “Technically, this pattern signals a formation of bearish engulfing at the highs.

Sensex settled 434 lower at 72,623 and the broader Nifty also paired all its intraday gains before closing 141.9 points down at 22,055. Stocks that were in focus included names like Campus Activewear, which rose 3.24%, Devyani International, which increased 1.24%, and Hindalco, whose shares closed flat on Wednesday.

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Delhi Chalo’ march and protests, now in their eighth day. “After the fourth round, the government is ready to discuss all the issues including MSP demand, crop diversification, stubble issue, and FIR in the fifth round. I again invite farmer leaders for talks.

The index hit a fresh record high of 22,249 in intraday trade while the S&P BSE Sensex fell over 400 points.

NEW DELHI : The Tamil Nadu government told the Supreme Court that Vedanta Ltd’s Sterlite Copper plant should not be considered a national asset or deemed necessary to reopen to fulfill the country’s copper demand. The state instead pointed to Adani Group’s forthcoming copper smelter plant in Gujarat as capable of fulfilling India’s copper demand. Since the Sterlite Copper plant in Tamil Nadu’s Thoothukudi city was shut in 2018 following violent protests, India has transitioned from being a net exporter to a net importer of copper.

environmental mitigation after Ammonia gas leaked from its sub-sea pipeline at Ennore creek near here in December 2023, state Environment and Climate Change Minister Siva V Meyyanathan said on Wednesday. The government will also consider the next course of action against the factory of the company, Coromandel International Ltd (CIL), after it implements all safety mechanisms recommended by the technical committee and the ratification is done by Tamil Nadu Pollution Control Board (TNPCB), he told the Assembly. The Minister was replying to a special calling attention motion on the gas leak issue moved by several parties which sought the permanent closure of the factory. He informed the Assembly that after a seven-member technical committee submitted a report, the TNPCB served a notice to CIL asking for a compensation of Rs 5,92,50,888 towards environmental mitigation. «The notice was served under section 5 of the Environment Protection Act, 1986, on February 2. The firm agreed to pay the sum,» Meyyanathan said.

One 97 Communications shares plunge 55 percent (From Jan 31 till date) on NSE and BSE. Moreover, following the announcement, major players like Jefferies and Macquarie also downgraded the stock rating. In a recent note, brokerage house Fisdom Research highlighted that before the recent decline since January 31, the MF industry’s shareholding in Paytm increased by 41 percent in January 2024 from December 2023.

Rohit Srivastava, Strike Money Analytics & Indiacharts, says there are two segments to look for: weakest and strongest. The two weakest sectors in the market right now are FMCG and private banks based on the data from 1st of February to now. So that comes to the forefront in terms of looking at weakness developing all over again. We have seen some short-term bounce back in individual stocks. Not really recommending anything but we have seen HDFC Bank do that. We have seen ICICI Bank go back towards the highs. We look for where the breakdowns start showing up within private banks in the next couple of days and that is where the opportunities may be.” What is the setup looking like? Let us talk clearly about Nifty, Bank Nifty first and then we will talk about areas of the market which are interesting to you. How does the Nifty, Bank Nifty setup look right now? Rohit Srivastava: While the Nifty may have made a new closing high, if I go to a slightly broader index like a Nifty 500 and take the highs of January-February, then we actually have not gone past that. At this point of time, possibly this will end up being a false breakout. We are not taking it as a serious break to new highs indicating that you started a fresh rally and so on.

Investing.com -- London-listed shares in Glencore (LON:GLEN) fell on Wednesday after the Swiss group flagged that a decline in energy and metal prices had contributed to a halving in its full-year earnings.

SGB Series 2023-24 Series IV opened for subscription on February 12, 2024, and closed for subscriptions on February 16, 2024. If you applied for the latest SGB tranche this month, you must be eager to know the allotment status. There are a few easy ways to check this.

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Mphasis Ltd, part of the IT industry, has rallied by about 20% in the last 3 months to hit a fresh 52-week high in February 2024 and the chart pattern suggests that the rally may not be over yet. Short-term traders can look to buy the stock for a target above Rs 3000 in the next 2-3 months, suggest experts.

Union Bank of India's share price jumped 7% to Rs 151 in Wednesday's trade on BSE after the state-owned bank approved a Rs 3,000 crore share sale proposal at a floor price of Rs 142.78 per share to fund its business growth. The floor price is at a marginal premium compared to the previous day's closing price of Rs 141.1. The bank also announced the opening of the issue on February 20.

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The Nifty future closed positive with gains of 0.27% at 22231 levels on Tuesday. India VIX moved up by 0.31% from 16.02 to 16.07 levels.

Sensex gained 349.24 points to close at 73,057.40, while the Nifty 50 ended 74.70 points, or 0.34%, higher at 22,196.95. Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty, fall in US stocks to weak dollar Nifty 50 formed a long bull candle on the daily chart, signaling an attempt of decisive upside breakout of the crucial overhead resistance around 22,150 - 22,200 levels. “Positive chart pattern like higher highs and higher lows continued on the daily chart and the current upmove is in line with the new higher high formation.

Sensex gained 349.24 points, or 0.48%, to close at 73,057.40, while the Nifty 50 ended 74.70 points, or 0.34%, higher at 22,196.95. “Amidst market volatility, the domestic market is once again poised to approach record highs. The latest upward trajectory is bolstered by gains in the banking sector, with private banks witnessing a rebound from a recent sharp correction.