Sensex Nifty decline for 2nd day as banking auto stocks retreat
Mumbai Mar 24 PTI Benchmark stock indices Sensex and Nifty closed lower in highly volatile trade on Thursday due to selling in banking auto and FMCG stocks amid a weak trend in global equity markets Extending losses for a second day the 30-share BSE Sensex ended down by 8914 points or 015 per cent at 5759568 During the day it touched a low of 5713851 and a high of 5782799 The broader NSE Nifty dipped 2290 points or 013 per cent to settle at 1722275 as 27 of its components declined and 22 advanced The market now lacks direction and is moving up or down on a daily basis responding to news regarding crude price FPI flows and speculation on what the Fed might do in the coming policy meets said VK Vijayakumar Chief Investment Strategist at Geojit Financial Services Sensex and Nifty ended a volatile session with losses amid heightening volatility due to surge in global crude oil prices and prospects of the US Fed raising interest rate Mohit Nigam Head – PMS Hem Securities said From the 30-share pack Kotak Mahindra Bank fell the most by 309 per cent followed by Titan which declined 263 per cent HDFC Bank dropped 223 per cent ICICI Bank by 194 per cent and HDFC by 15 per cent Mahindra Mahindra fell by 131 per cent and Maruti Suzuki India by 117 per cent IndusInd Bank Hindustan Unilever Limited Nestle Axis Bank and State Bank of India were also among the losers In contrast Dr Reddys Laboratories rose the most by 49 per cent UltraTech Cement by 177 per cent and Tech Mahindra by 175 per cent Gains in Reliance Industries Tata Steel NTPC ITC TCS and HCL Technologies Limited limited the losses in the benchmark index In the previous trade the BSE barometer declined 30448 points or 053 per cent while Nifty dipped 6985 points or 04 per cent Markets traded dull and ended marginally lower amid mixed global cues After the initial dip the benchmark oscillated in a narrow range Ajit Mishra VP – Research Religare Broking Ltd said All eyes are on the outcome of the NATO summit as it could provide the direction to the lingering Russia-Ukraine tension Indications are in the favour of further consolidation in the index however the prevailing underperformance from the banking pack is denting sentiment Mishra said US President Joe Biden and world leaders opened the first in a trio of summits in Brussels focused on pressuring Russia to end its war in Ukraine In the broader market the BSE midcap index gained 034 per cent while smallcap gauge went higher by 016 per cent Among BSE sectoral indices banking down 169 per cent consumer durables 158 per cent finance 130 per cent and auto 054 per cent were the major drags Markets lingered in negative territory for major part of the trading session but trimmed losses at the end as positive European markets opening aided partial recovery Global markets trend will continue to dictate sentiment as investors would not want to take bullish bets given the fragile situation globally Shrikant Chouhan Head of Equity Research Retail Kotak Securities Ltd said Asian markets were mixed after losses in Wall Street as investors weighed concerns about rising inflation and slower economic growth Tokyos Nikkei 25 declined by 03 per cent Seouls Kospi dropped 05 per cent while the Shanghai Composite index fell 05 per cent The Hang Seng in Hong Kong rose by 02 per cent The Russian stock market also resumed limited trading under heavy curbs almost one month after prices plunged and the market was shut down following Moscows invasion of Ukraine Trading of a limited number of stocks took place under restrictions that are meant to prevent a repeat of the massive selloff that took place February 24 in anticipation of Western economic sanctions International oil benchmark Brent crude surged 030 per cent to USD 122 per barrel Foreign institutional investors FIIs were net buyers as they bought shares worth Rs 48133 crore on Wednesday according to stock exchange data PTI SUM MR MR
Mumbai Mar 24 PTI Benchmark stock indices Sensex and Nifty closed lower in highly volatile trade on Thursday due to selling in banking auto and FMCG stocks amid a weak trend in global equity markets Extending losses for a second day the 30-share BSE Sensex ended down by 8914 points or 015 per cent at 5759568 During the day it touched a low of 5713851 and a high of 5782799 The broader NSE Nifty dipped 2290 points or 013 per cent to settle at 1722275 as 27 of its components declined and 22 advanced The market now lacks direction and is moving up or down on a daily basis responding to news regarding crude price FPI flows and speculation on what the Fed might do in the coming policy meets said VK Vijayakumar Chief Investment Strategist at Geojit Financial Services Sensex and Nifty ended a volatile session with losses amid heightening volatility due to surge in global crude oil prices and prospects of the US Fed raising interest rate Mohit Nigam Head – PMS Hem Securities said From the 30-share pack Kotak Mahindra Bank fell the most by 309 per cent followed by Titan which declined 263 per cent HDFC Bank dropped 223 per cent ICICI Bank by 194 per cent and HDFC by 15 per cent Mahindra Mahindra fell by 131 per cent and Maruti Suzuki India by 117 per cent IndusInd Bank Hindustan Unilever Limited Nestle Axis Bank and State Bank of India were also among the losers In contrast Dr Reddys Laboratories rose the most by 49 per cent UltraTech Cement by 177 per cent and Tech Mahindra by 175 per cent Gains in Reliance Industries Tata Steel NTPC ITC TCS and HCL Technologies Limited limited the losses in the benchmark index In the previous trade the BSE barometer declined 30448 points or 053 per cent while Nifty dipped 6985 points or 04 per cent Markets traded dull and ended marginally lower amid mixed global cues After the initial dip the benchmark oscillated in a narrow range Ajit Mishra VP – Research Religare Broking Ltd said All eyes are on the outcome of the NATO summit as it could provide the direction to the lingering Russia-Ukraine tension Indications are in the favour of further consolidation in the index however the prevailing underperformance from the banking pack is denting sentiment Mishra said US President Joe Biden and world leaders opened the first in a trio of summits in Brussels focused on pressuring Russia to end its war in Ukraine In the broader market the BSE midcap index gained 034 per cent while smallcap gauge went higher by 016 per cent Among BSE sectoral indices banking down 169 per cent consumer durables 158 per cent finance 130 per cent and auto 054 per cent were the major drags Markets lingered in negative territory for major part of the trading session but trimmed losses at the end as positive European markets opening aided partial recovery Global markets trend will continue to dictate sentiment as investors would not want to take bullish bets given the fragile situation globally Shrikant Chouhan Head of Equity Research Retail Kotak Securities Ltd said Asian markets were mixed after losses in Wall Street as investors weighed concerns about rising inflation and slower economic growth Tokyos Nikkei 25 declined by 03 per cent Seouls Kospi dropped 05 per cent while the Shanghai Composite index fell 05 per cent The Hang Seng in Hong Kong rose by 02 per cent The Russian stock market also resumed limited trading under heavy curbs almost one month after prices plunged and the market was shut down following Moscows invasion of Ukraine Trading of a limited number of stocks took place under restrictions that are meant to prevent a repeat of the massive selloff that took place February 24 in anticipation of Western economic sanctions International oil benchmark Brent crude surged 030 per cent to USD 122 per barrel Foreign institutional investors FIIs were net buyers as they bought shares worth Rs 48133 crore on Wednesday according to stock exchange data PTI SUM MR MR
