Sensex Ends 289 Points Lower; RIL, Banks Drag Nifty To Near Five-Month Low
Financial traders monitor data on computer screens on the trading floor inside the Amsterdam Stock Exchange, operated by Euronext NV, in Amsterdam, Netherlands. (Photographer: Jasper Juinen/Bloomberg)

Sensex Ends 289 Points Lower; RIL, Banks Drag Nifty To Near Five-Month Low

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Closing Bell: RIL, Banks Drag Nifty To Near Five-Month Low

Indian equity benchmark NSE Nifty 50 ended near a five-month low, dragged by Reliance Industries Ltd., State Bank of India, IndusInd Bank Ltd. and HDFC Ltd.

The 50-stock index closed 0.93 percent lower at 11,085, the lowest since March 8, 2019. Meanwhile, the S&P BSE Sensex ended 289 points or 0.77 percent lower at 37,397.24. The broader market represented by the NSE Nifty 500 Index fell 1.15 percent.

Foreign investors spooked by the “super-rich” tax and waning earnings growth of Indian companies are impacting the nation’s equities, Chakri Lokapriya, managing director of TCG Asset Management told BloombergQuint in an interaction.

The market breadth was tilted in favour of sellers. About 1,422 stocks declined and 351 shares advanced on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty PSU Bank Index’s 4.9 percent fall. On the flipside, the NSE Nifty IT Index was the only sectoral gainer, up 0.65 percent.

Sensex Ends 289 Points Lower; RIL, Banks Drag Nifty To Near Five-Month Low

Fab Four Stocks Of The Day

Strides Pharma

  • Stock rose as much as 12.8 percent to Rs 397.95.
  • This after the company’s June quarter results beat estimates.
  • The company’s arm has entered in a JV with China’s Sihuan Pharma

AstraZeneca Pharma

  • Stock rose as much as 9 percent to Rs 2,068.
  • Trading volume at 15 times its 20-day average.

Gulf Oil Lubricants

  • Stock rose as much as 7.1 percent to Rs 745.
  • Stock snaps its three-day losing streak

Bharat Electronics

  • Stock rose as much as 8.3 percent to Rs 100.40.
  • Fresh longs were seen with high OI of 22.2 percent

Stocks Moving On Heavy Volumes

Shalby

  • Stock rose as much as 19.9 percent to Rs 100.40.
  • Trading volume was more than 30 times its 20-day average.

Hindustan Foods

  • Stock fell as much as 1.3 percent to Rs 400.
  • Trading volume was more than 30 times its 20-day average.

Jubilant Life Sciences

  • Stock rose as much as 4.3 percent to Rs 457.
  • Trading volume was almost 30 times its 20-day average.

Forbes & Co

  • Stock fell as much as 3.3 percent to Rs 1,676.75.
  • Trading volume was more than 20 times its 20-day average.

Market Check: Sensex Drops Nearly 600 Points From Day’s High; Nifty Below 11,100

Indian equity benchmarks were trading at day’s low, led by the declines in Reliance Industries Ltd. and private lenders.

The S&P BSE Sensex fell nearly 600 points from days high to 37,363 and the NSE Nifty 50 fell as much as 1 percent to 11,078.70.

The market breadth was tilted in favour of sellers. About 1,405 shares declined and 344 stocks advanced on National Stock Exchange.

Sectoral Indices Check: Nifty Bank At Day’s Low

The NSE Nifty Bank Index extended declines for the second consecutive trading session and fell as much as 1.5 percent to 28,854.05.

The fall in the 12-stock index were led by the declines in RBL bank Ltd. Bank of Baroda and Yes Bank Ltd.

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