Stock Market

Nifty slips below 18,200, PSU banks gain, metals drag

Sensex dips 207 points, Nifty settles below 18,200. Photo Courtesy: Sanjit Kundu

By Sachin Bhalerao

MUMBAI: After witnessing choppy sessions during the day, the 30-share index on Wednesday closed into the red. Losses in oil and gas and financial services stocks eclipsed gains in the consumer goods and IT scripts. Nifty slips smallcap and midcap stocks witnessed a few buying.

The Sensex knocked down 206.93 points or 0.34 percent to end at 61,143.33, while Nifty was down 90.45 points or 0.5 percent at 18,177.00.

About eight of 15 sectorial measures set forth by the NSE ended lower due to the dip of 2.4 percent in the Nifty Media index. Private banks, metals, and financial services indices fell between 1-1.6 percent. Then again, IT, PSU banks, pharma, and healthcare shares witnessed some buying, but BSE smallcap and midcap ended flat.

OPENING BELL

Sensex climbed over 100 points during the early trade, and Nifty was near 18,300. The 30-share index on Wednesday opened at 106.71 points or 0.17 percent higher at 61,456.97. Similarly, the Nifty moved to 26.70 points or 0.15 percent to 18,295.10.

Heavyweights like Asian Paints, ICICI Bank, and Reliance Industries were trading in a positive trajectory. Asian Paints was the top gainer, which rallied around six percent, followed by Sun Pharma, Dr Reddy’s, ICICI Bank, TCS, and Nestle India. Besides, IndusInd Bank, Tech Mahindra, Axis Bank, and Bajaj Finance were trailing in the pack.
Auto major Maruti Suzuki reported a significant dip in the PAT and margins, while its revenue increased slightly during Q2FY22.

Axis Bank declared its quarterly profit during the Q2FY22 amid improved limited restructuring and asset quality. Similarly, its NII grew slightly during the quarter. The bank reported 86 percent Year-on-Year growth in profit to Rs, 3,133 crore during Q2FY22 as compared to Rs. 1682.7 crore during the same quarter last fiscal.

In the 20-share index pack, 17 stocks advanced while three witnessed a decline. The major gainers were Sun Pharmaceuticals, Divi’s Laboratories, and Strides Pharma.

Rakesh Jhunjhunwala’s Nazara Technologies picked up a stake worth over Rs. 2 crore in gaming company—Rusk Media.

According to the National Stock Exchange (NSE), about eight stocks will be added to the Futures & Options (F&O) segment from October 29, based on SEBI’s stock selection criteria.

During the third session, the Sensex traded in range-bound but was in the green hovering between 100-150 points higher, and Nifty remained at around 18300. Pharma, IT, FMCG stocks winch up the market, while metal and private banks quelled the sentiment.

Meanwhile, during Tuesday’s session, the Sensex closed at 383.21 points or 0.63 percent higher at 61,350.26, while Nifty rose 143 points or 0.79 percent to 18,268.40. According to data, FIIs reportedly remained net sellers as they dumped shares valued at Rs. 2,368.66 crore.

This news was scripted by Prittle Prattle News

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