Market Ends In Red As Auto, FMCG Weigh
In the Nifty50 index, 23 stocks end in the green territory while 27 stocks conclude with loss in the session
The Indian stock market slumps in the Wednesday trading session after the benchmark indices, Nifty and Sensex snapped their three-days winning streak due to weakness in the market.
The National Stock Exchange (NSE) Nifty 50 index concluded 0.08 per cent lower at 22,200, whereas the S&P Bombay Stock Exchange (BSE) Sensex settled 117 points or 0.16 per cent down at 72,987 levels on the closing bell.
Nifty Moves
In the Nifty50 index, 23 stocks ended in the green territory while 27 stocks concluded with loss in the session.
Coal India topped the index with 4.27 per cent gain followed by more than 3 per cent gain in Cipla and BPCL. Bharti Airtel gained almost 2 per cent, while Power Grid, NTPC, Mahindra & Mahindra and Hindalco traded with robust gains.
Conversely, in the laggard segment, Asian Paints, Tata Motors, Bajaj Auto, Eicher Motors and HDFC Bank pulled the Nifty into the red territory.
Analysts Note
“Markets languished throughout the session and slipped into the red towards close on profit taking in banking, auto and FMCG stocks, whereas gains in realty, oil & gas and power capped the downside. With rate cuts from the US Fed getting delayed further and FII selling worsening the sentiment, investors are getting nervous and taking a cautious stance amid growing uncertainty,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Sectoral Movement
In terms of sectoral performance, Auto and FMCG witnessed profit booking, while Bank and Finance remained muted. Blue-chip IT also continued to display its bearish mood, while PSU Banks, Realty and Metal traded in green with robust gains.
The more domestically focussed indices, mid-cap surged almost 1 per cent while small cal index gained 0.58 per cent.
Stocks Specific
Bharti Hexacom gained 6.54 per cent after Bharti Airtel’s arm posted fourth quarter earnings with 10 per cent growth in net profit followed by increase in target price by brokerage firm, Jefferies.
Oberoi Realty gained more than 3.5 per cent to Rs 1,574 after the real estate developer posted a jump in consolidated net profit.
IPOs
Aadhar Housing Finance debuted flat on the bourses at Rs 314 against its issue price of Rs 315, however the stock climbed during the session and gained more than 4 per cent to conclude at Rs 329.
On the other hand, travel distributor TBO Tek also kicked-off its journey to the bourses with 55 per cent premium listing at Rs 1,426 against its issue price of Rs 920.
