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Sensex, Nifty halt 4-day winning run; NRB Bearings surges 14%, KRBL tanks 10%

Sensex, Nifty halt 4-day winning run; NRB Bearings surges 14%, KRBL tanks 10%

BSE Sensex dropped 346.89 points, or 0.55 per cent, to settle at 62,622.24, while NSE's Nifty50 drops 99.45 points, or 0.53 per cent, to end the session at 18,534.40 for the day.

On a sectoral front, the Nifty Oil & Gas index dropped more than a per cent, followed by Nifty Financial Services and Metal indices, which dropped about a per cent, each. On a sectoral front, the Nifty Oil & Gas index dropped more than a per cent, followed by Nifty Financial Services and Metal indices, which dropped about a per cent, each.

Domestic benchmark indices snapped the four-day winning run on the back of weaker global cues and selling pressure index heavyweights such as Reliance Industries and HDFC twins. Rejig in the MSCI indices also triggered some volatility in the markets. Domestic cues remain positive but concerns over interest rate hikes and recession fears kept traders cautious. For the day, the 30-share pack BSE Sensex dropped 346.89 points, or 0.55 per cent, to settle at 62,622.24. NSE's Nifty50 drops 99.45 points, or 0.53 per cent, to end the session at 18,534.40. Broader markets outperformed as BSE midcap and smallcap indices added a per cent each. Fear gauge India VIX eased slightly to 11.97 levels. "Profit-taking was overdue for some time and investors offloaded their holdings in metals, realty and energy stocks on the back of weak Asian and European market cues. Traders also decided to keep a low profile ahead of the likely decision on the US debt agreement over raising the debt ceiling, as the outcome would provide some hint to the markets over the near-term direction," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. "Technically, on daily charts, the Nifty has formed a reversal formation which is largely negative. However, after an intraday sell off the index took support near 18,480 and bounced back sharply. As long as the market is holding 18,480, the positive sentiment is likely to continue and above the same, the market could move up till 18,600-18,650. On the flip side, a fresh sell-off is likely only after the dismissal of 18,480. Below which, the index could slip till 18,400-18,375," he stated. On the sectoral front, the Nifty Oil & Gas index dropped more than a per cent, followed by Nifty Financial Services and Metal indices, which dropped about a per cent, each. Nifty Bank was the other loser. On the contrary, Nifty Consumer Durable, Healthcare and Realty indices added a per cent, each. Nifty Pharma, FMCG and Media indices were also other top gainers. ONGC topped among the losers in the NIfty50 pack as the stock tumbled more than 3 per cent. NPTC, Axis Bank and Reliance plunged more than 2 per cent, each, for the day. HDFC, Power Grid, HDFC Bank and Grasim Industries were other top laggards among the blue-chips. On the contrary, Tech Mahindra surged more than 2 per cent. Bharti Airtel, Kotak Mahindra Bank, SBI Life Insurance Company and  SunPharmaceuticals gained 2 per cent, each. Asian Paints, HDFC Life Insurance, Tata Motors, Bharat Petroleum and Britannia Industries were the other top gainers. As indicated by multiple economic data points, the Indian economy is presently experiencing a robust recovery, leading to an upward trend in domestic equity markets, said Vinod Nair, Head of Research at Geojit Financial Services. "However, the rally is being hindered at times due to negative signals from global peers, as observed today. Concerns about a recession and potential interest rate hikes in western markets are impacting the domestic market but it is nevertheless maintaining the outperformance," he said. A total of 3,645 shares were traded on BSE on Tuesday, of which 1,784 settled with cuts, 1,725 stocks ended the session higher while 136 shares remained unchanged. A total of 198 shares hit their upper circuit, whereas 182 shares tested the lower circuit levels for the day. In the broader markets, Lumax Auto Technologies, KRBL and Kellton Tech Solutions tanked 10 per cent each, while Campus Activewear declined more than 8 per cent, each. DB Realty settled 7 per cent, while Ador Welding plunged more than 5 per cent, each. On the other hand, Arman Financial Services and V2 Retail hit an upper circuit 20 per cent. NRB Bearings surged 14 per cent, while Suzlon Energy and Tega Industries added 10 per cent, each, for the day.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: May 31, 2023, 4:20 PM IST
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