Indian Markets End Lower Dragged By Auto, Pharma And Bank Stocks
The Dalal-Street witnessed a bloodbath on Monday, March 15 as the indices fell drastically for the second consecutive session. However, the indices cleared some of its major losses as Metal stocks shined. The BSE Sensex closed at 50,395.08, down 397 points or 0.78 per cent, and Nifty-50 closed lower by 101 points or 0.67 per cent at 14,929.50. Overall, around 1788 shares declines and 1210 shares advanced.
Higher WPI (Wholesale Price Index), negative cues from global markets and fears of economic slowdown which arose after a partial lockdown in the country has turned the sentiment negative and dragged the markets today, said analysts.
Divis Labs, Hero MotoCorp, Bajaj Finance, and Coal India were the top drags for the indices at closing as they plunged over two per cent each in the intraday session.
Among the sectors, Pharma and Auto were the top contributors in the downfall, whereas Metals and IT stocks backed the markets to clear major losses that occurred in the early session on Monday.
In sync with the key indices, BSE Midcap and Smallcap also ended lower by 0.72 and 0.53 per cent. Bliss GVS shed nearly 20 per cent in the Smallcap index. AU Small Finance and IDBI Bank were top drags for the Midcap as they plunged over five and three per cent respectively.
However, JSW Steel, Tata Steel, and Tech Mahindra backed the indices to recover its losses in the late afternoon session on Monday. All three stocks surged over two per cent each.
Laxmi Organic Industries IPO: The IPO (Initial Public Offering) of the firm was subscribed 1.23 times on Day one of its biddings. The offer received bids worth Rs 3.99 crore against its issue size of Rs 3.25 crore. The retail portion was subscribed 2.34 times.
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