Stock Market Today: Nifty, Sensex End Lower As HDFC Bank, ICICI Bank Drag
Stay updated on the latest stock market trends.
KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends lower
The yield on the 10-year bond closed 2 bps lower at 7.09% on Monday.
Source: Bloomberg
Rupee Strengthens Against U.S Dollar
-The local currency strengthened 3 paise to close at 83 against the U.S dollar.
-It closed at 83.03 on Friday
Source: Bloomberg
Nifty, Sensex End Lower As HDFC Bank, ICICI Bank Drag: Closing Bell
Benchmark equity indices pared some of the day's losses and ended lower today as losses in banks offset the gains in IT stocks.
The Nifty 50 lost 166.45 points or 0.76% to close at 21,616.05 points and Sensex closed 522.95 points or 0.73% lower at 71,072.55. Intraday, the Nifty fell as much as 0.95% and Sensex fell 0.94%.
Benchmark indices opened on a cautious note and moved into the red led by selling in heavyweight banks, metals, and mining companies, said Avdhut Bagkar, technical and derivatives analyst at StoxBox. "The 50 index continued to trend with a negative bias as it marked the third consecutive lower low," he said.
Shares of HDFC Bank Ltd., ICICI Bank Ltd., ITC Ltd., State Bank Of India and Reliance Industries Ltd. dragged the Nifty.
While, those of Infosys Ltd., HCLTechnologies Ltd., Dr Reddy's Laboratories Ltd., Apollo Hospitals Enterprise Ltd., and Wipro Ltd., capped the downside.
All sectoral indices fell except Nifty IT and Nifty Pharma. Nifty Media and Nifty PSU Bank lost more than 4%.
On BSE, 18 sectors settled lower, while two ended higher. The S&P BSE Telecommunication declined the most among sectors, and the S&P BSE IT index rose the most. Broader markets ended sharply lower. The S&P BSE Midcap index settled 2.62% lower, and the S&P BSE Smallcap settled 3.16% down.
Market breadth was skewed in favour of sellers. Around 2,993 stocks declined, 998 stocks advanced, and 88 remained unchanged on BSE.
Bharat Forge Falls Nearly 14%
The scrip fell as much as 13.93% to Rs 1,131.00 apiece, the lowest level since Dec 1, 2023. It trading 12.02% lower at Rs 1,156.15 apiece, as of 2:47 p.m. This compares to a 0.63% decline in the NSE Nifty 50 Index.
It has risen 31.01% in 12 months. Total traded volume so far in the day stood at 5.1 times its 30-day average. The relative strength index was at 39.11.
Out of 29 analysts tracking the company, 18 maintain a 'buy' rating, three recommend a 'hold,' and eight suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 2.8%.
Edelweiss Financial Services Q3 Earnings FY24 (Consolidated, YoY)
Total income up 12.7% at Rs 2,414.6 crore vs Rs 2,141.6 crore
Net profit up 25.3% at Rs 152.3 crore vs Rs 121.5 crore
