Sugar stocks soured the mood of investors after reports said the government would curb exports. Meanwhile, steel names continued their decline following yesterday’s freefall. Selling was also seen in pharma and media names.
The 30-share pack Sensex declined 236 points or 0.43 per cent to close at 54,052.61. Its broader peer NSE Nifty declined 89.55 points or 0.55 per cent to 16,125.15.
Market at a :
-LIC sees first close in green as bottom fishing begins
-India VIX, barometer of volatility, surges 10% to above 25-level
-IPO status: eMudhra subscribed 2.6x; Aether 28% so far
-Rupa Company plummets 16% on poor Q4 show, exec exits
-Divi’s Labs sees profit booking; stocks tumbles 6%
The anxiety of a slowing economy and rising interest rates underpinned by soaring inflation continued to haunt the global market. On the domestic front, while all major sectors succumbed to the pressure, the auto sector bucked the market trend this month gaining on fuel price cut and rise in steel custom duty,” said Vinod Nair, Head of Research at Geojit Financial Services.
Among the blue-chip names, Dr Reddy’s Labs was the biggest gainer, rising 1.97 per cent. HDFC, Kotak Mahindra Bank, Power Grid, HDFC Bank, Nestle India and Hero MotoCorp were other major gainers. Divi’s Labs was the top loser in the Nifty pack, falling 6 per cent.
Tech Mahindra, Grasim Industries, HUL, Hindalco, ONGC, HCL Tech, Asian Paints and Apollo Hospitals were other names that ended in the red. Broader market indices ended lower, underperforming their headline peers.
Nifty Smallcap fell 1.26 per cent and Nifty Midcap dipped 0.65 per cent. Nifty 500, the broadest index on NSE, ended down 0.64 per cent. Hindustan Petroleum, GE Shipping, NHPC, Zomato, Paytm and D-Mart were top gainers from mid and smallcap indices, rising in the range of 1-15 per cent.
Adani Green, Equitas SFB, Gujarat Alkali, PVR, Route Mobile and Inox Leisure were major losers from the broader market space, declining 6-8 per cent.
Sectoral matrix was mixed on NSE. Nifty Media was the top loser, down 2.57 per cent. Nifty IT, Nifty Pharma and Nifty Metal were other losers that dropped over 1 per cent. Nifty Bank, Nifty Financial Services and Nifty Auto closed in the green.
“Indications are in favour of further consolidation in the index, so participants should focus more on a stock-specific trading approach. In the absence of any major event, global cues, earnings and upcoming derivatives expiry will be in focus.” said Ajit Mishra, Religare Broking.
Market breadth favoured losers as 1,036 stocks ended in the green, while 2,270 names settled with cuts. As many as 70 securities hit 52-week highs, mostly from the smallcap space.
Meanwhile, 77 names hit 52-week lows, mostly from the microcap space. About 15 stocks hit upper circuit limits and 2 lower circuit limits. European markets were trading lower. London-based FTSE fell 0.16 per cent, while Paris and Frankfurt declined 0.85 per cent and 0.76 per cent, respectively. In Asia, barring Indonesia, which creeped up 1.07 per cent, all markets ended in the red.