Sensex Falls Over 400 Points From Day's High As Markets Turn Flat
The Indian equity benchmarks came off intraday highs in noon deals on the back of weakness in index heavyweights like Reliance Industries, Bajaj Finance, Tata Steel, HDFC and Axis Bank. The Sensex fell as much as 401 points from the day's highest level and Nifty 50 index briefly fell below its important psychological level of 18,100 as investors booked profits at higher levels, analysts said.
As of 12:25 pm, the Sensex was up 39 points at 60,725 and Nifty 50 index rose 11 points to 18,113.
Among market debutants, SoftBank-backed PolicyBazaar's parent PB Fintech opened at a premium 17 per cent to the IPO price. Refined wood pulp maker Sigachi Industries listed at a 250 per cent premium over its IPO price of Rs 163.
Eight of 15 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Metal index's 1.5 per cent fall. Nifty PSU Bank, Media, Financial Services, Auto and Bank indexes also fell between 0.1-1 per cent.
On the other hand, FMCG, Information Technology, Pharma, Healthcare and Consumer Durable indexes rose between 0.5-1.8 per cent.
Mid- and small-cap stocks were trading mixed as Nifty Midcap 100 index rose 0.11 per cent while Nifty Smallcap 100 index declined 0.2 per cent.
Coal India was top Nifty loser, the stock fell 3.8 per cent to Rs 160 after an international agreement to reduce coal use dragged miners' shares lower.
Hindalco, Tata Steel, Mahindra & Mahindra, JSW Steel, Bajaj Auto, Bajaj Finserv, Shree Cements, SBI Life, HDFC Life, Eicher Motors, Axis Bank and Bajaj Finance also fell between 0.8-1.9 per cent.
Power Grid, UPL, ONGC, Cipla, Asian Paints, ITC, Hero MotoCorp, Nestle India, Infosys and Hindustan Unilever rose between 0.85-2.5 per cent.
The overall market breadth was extremely negative as 2,034 shares were declining while 1,282 were advancing on the BSE.
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