Stock Market Today: Nifty, Sensex Reverse Gains To End 1% Lower As RIL, ITC, Bajaj Finance Decline
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KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.16% on Tuesday.
Source: Bloomberg
Rupee Strengthens Against U.S. Dollar
The local currency strengthened by 3 paise to close at 83.11 against the U.S dollar.
It closed at 83.14 on Monday.
Source: Bloomberg
Nifty, Sensex Reverse Gains To End Sharply Lower As RIL, ITC, Bajaj Finance Decline: Market Wrap
India's benchmark indices reversed gains from yesterday and ended sharply lower on Tuesday, as losses in index-heavy Reliance Industries Ltd, ITC Ltd, and Bajaj Finance Ltd weighed.
The NSE Nifty 50 settled 215.50 points or 0.99% lower at 21,522.10, and the S&P BSE Sensex ended 801.67 points or 1.11% down at 71,139.90.
Intraday, the NSE Nifty 50 touched a low of 21,501.80, and the BSE Sensex fell to a low of 71,075.72.
"As indicated yesterday, the Index performed on expected lines, making a Dark Cloud Cover candlestick pattern which is bearish evidently seen as the resistance level of 21,750 was served well with bears ruling throughout the day," said Aditya Gaggar, director, Progressive Shares.
The Index aggravated its losses to settle at 21,522.10 with a loss of 215.50 points. While PSU Banking continued to outperform; and on the flip side, profit-booking correction dragged the Energy segment lower, Gaggar said.
"The Nifty 50 index continues to face selling pressure over 21800 level, which was observed in today’s session," said Avdhut Bagkar, a technical derivatives analyst from StoxBox.
Furthermore, the price action highlighted weakness post slipping beneath 21,605, displaying an immediate obstacle. The entire session perceived selling pressure on successive resistances, with index finishing near day’s low. Derivative data point to writing in 21,700, with 21,700 PE acquiring resilient traction, Bagkar said.
"Benchmark Indian indices moved into the red during the session today. Investors appear cautious considering the slew of near-term triggers coming up including India's interim budget on Thursday and Fed policy decision on Wednesday," Bagkar said.
Reliance Industries Ltd, ITC Ltd, Bajaj Finance Ltd, Larsen & Toubro Ltd and HDFC Bank weighed on the index.
Tata Motors Ltd, State Bank of India, Bharat Petroleum Corp Ltd, Hindustan Unilever Ltd, and Adani Enterprises Ltd limited decline of the benchmark index.
On NSE, eight out of 12 sectors ended in red, while four ended in green. The Nifty Energy shed 1.69% to become the top loser among sectoral indices, while the Nifty PSU Bank rose 0.96% to become the top gainer.
Broader markets ended on a mixed note. The S&P BSE Midcap declined 0.53%, and the Smallcap gained 0.18%.
"Midcap index experienced selling pressure but outperformed the Nifty while Smallcap segment ended in the green," Gaggar said.
On BSE, 19 out of 20 sectors ended with gains, while one ended lower. The S&P BSE Power index fell the most among sectoral indices.
The market breadth was split between buyers and sellers. Around 1,961 stocks advanced, 1,853 shares declined, and 93 remained unchanged on BSE.
Shyam Metalics Q3 Results Key Highlights (Consolidated YoY)
Revenue rose 13.47% to Rs 3315.3 crore from Rs 2921.7 crore
Ebitda surged 83.28% to Rs 407.37 crore from Rs 222.26 crore
Margin rose 468 bps to 12.28% from 7.6%
Net profit rose 94.22% to Rs 125.8 crore from Rs 64.77 crore
Bharat Electronics Bags Order Worth Rs 847 Crore
Bharat Electronics Ltd received an order worth Rs 847 crore.
The company signed a pact worth Rs 665.8 crore with CBIC, Finance Ministry for implementation, management of IT infrastructure.
BEL has also received additional orders worth Rs 182 crore for miscellaneous spares & services.
Source: Exchange Filing
