Sensex ends lower by 598 points on weak global cues and selling in Banks, Financials and Metals

The markets ended the three-day winning streak on Thursday as they closed lower on negative global cues as concerns over rising bond yields weighed the sentiment in U.S and Asian Markets. Shares of Banks, Financials and Metal stocks led to the decline in the markets today. However, Sensex cleared major losses of the day in the mid-session but closed lower by over one per cent.

The markets are likely to witness some correction after every rally that occurs in the near future but this is equally positive as investors can look forward to buying on dips, say analysts.

Sensex today closed lower by 598 points or 1.16 per cent at 50,846.08, Nifty-50 closed lower by 164 points at 15,080.80. In the 30-share pack, 25 shares declined, and 38 declined in the NSE 50-share pack. Overall, nearly 1580 shares advanced, 1350 declined and 183 shares were unchanged.

Shares of Reliance, Bajaj Finance, HDFC Bank and L&T dragged the index the most on Thursday. Tata Steel, JSW Steel and Tata Motors accounted to the top losers of Nifty, whereas UltraTech Cements, Shree Cements and Adani ports were among the top gainers.

Adani Ports surged over three per cent in the intraday session after the company acquired a 31.5 per cent stake in Gangavaram Port for Rs 1,954 crore. The stock recorded a fresh 52-week high of Rs 765.70.

On the sectorial front, almost all sectors were trading negative except for Realty and Media. The Financial sector contributed the most in the downfall as Bajaj Finserv shed over 2.5 per cent and HDFC shed over 2.7 per cent.

The Midcaps and Smallcaps added gains amid volatility, BSE Midcap gained 0.48 per cent or 100 points, and BSE Smallcap gained over 0.80 per cent. In the Smallcaps, Dilip Buildcoin marked a fresh 52-week high of Rs 719 after the company received Letter of Acceptance for a project in Odisha of Rs 36,819 crore.

MTAR Technologies IPO: The issue has received bids of 6.2 crore equity shares against its issue size of 72.60 lakh equity shares. The offer was oversubscribed by 8.57 times on the second day of its IPO and the Rs 596 crore IPO was fully subscribed on its first day itself.