The 30-share BSE Sensex ended in red at 59,364.60, down 303 points, or 0.51 per cent. the broader Nifty was also trading in the negative territory at 17,697.75, down 50.85, down 0.29 per cent. At close, on NSE, NTPC was the top gainer with 6.86 per cent, followed by Coal India with 6.42 per cent, Power Grid with 6.06 per cent, Sun Pharma with 4.63 per cent and IOC with 3.74 per cent. In the loser pack, HDFC, Asian Paint, Kotak Bank, Ultra Cement, Tech Mahindra were among the laggards. Sectorally, Nifty PSU Bank was the top gainer followed by Nifty Metal, Nifty Pharma, Nifty Realty.
“Markets were volatile for the second consecutive day with the street wary of inflation on the back of supply side disruptions and higher commodity prices. As China pulls back on the back of power shortages, export opportunities are seen opening up for several Indian companies with the PLI schemes providing the catalyst. PSE index rose for the second consecutive day with Power stocks hogging the limelight. As the gap between growth and value stocks widen, we are witnessing sector rotation in several pockets. Metals & PSU banks helped stage a recovery in Afternoon Trade,” S Ranganathan, Head of Research at LKP securities said.
In early trade, The 30-share BSE Sensex opens in the red at 59,265.99, down 401.61 points, down 0.67 per cent. On the other hand, blue-chip Nifty50 was trading at 17,748.60, down 106.50 points, or 0.60 per cent. “Domestic equities witnessed brisk recovery from days’ low amid mixed cues from global equities mainly led by strong rebound in metal, pharma, and PSU banks. Further, IT and realty stocks also recovered sharply. Notably, baring financials (excluding PSU Banks), most key sectoral indices recovered from lows and traded in green today, while stronger buying was seen in midcap and smallcap stocks with Nifty midcap index gaining more than 1 per cent,” Binod Modi, head strategy, Reliance Securities said.
On BSE, PTC India, Godfrey Phillips India, OIL, Tata Power, IRB were the top gainers, While Abbot India, HDFC AMC, KPR Mill, Info Edge India, Thyrocare were the top losers at close. BSE Midcap was up 0.64 per cent, BSE SmallCap was up 0.39.
“Metals stocks were in focus today led by sustained visibility of earnings growth and improving export outlook for domestic metal companies. Coal India witnessed sharp uptick today on account of rise in underlying commodity prices and general shift from growth to value stocks. In addition to coal India, NTPC, Powergrid and Sun Pharma were among top Nifty gainers, while Kotak Bank, HDFC, UltraTech and ICICI Bank were laggards,” Modi added.
The Indian market opened in red, taking negative cues from the global market. The US stock market also opened in the red and the US stocks saw their worst day since May. The Hang Seng Index sank 0.91 percent, or 223.68 points, to 24,276.71. The Shanghai Composite Index lost 0.80 percent, or 28.70 points, to 3,573.52, while the Shenzhen Composite Index on China’s second exchange also retreated 0.80 percent, or 19.34 points, to 2,382.86. Tokyo’s key Nikkei index opened down two percent on Wednesday, extending global market jitters, as traders worried about rising oil prices and fears of a US debt default.
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