Sensex and Nifty closed lower on Wednesday after recovering partially yesterday. The stocks of heavyweight companies ITC, Sun Pharma, ICICI Bank, Axis Bank, TCS, Infosys and State Bank of India contributed the most to the decline of Sensex.
Sensex and Nifty closed lower on Wednesday after recovering partially yesterday. Indian stock market opened down today as Asian stocks were tepid in the early morning trade, and later on continued to trade lower led by a weak start in European markets. BSE Sensex which dipped as much as 223 points to the day’s low of 31,586.53 points closed 0.46% down at 31,661.97 points while the broader Nifty 50 which lost 69 points to the day’s low of 9,882.55 points settled 0.36% lower at 9,916.2 points.
Shares of Sun Pharma (down 3.73%), ITC (down 2.43%), Lupin (down 2.05%), Axis Bank (down 1.79%), Adani Ports (down 1.17%), and State bank of India (down 1.12%) were the biggest losers on the benchmark Sensex today. The stocks of heavyweight companies ITC, Sun Pharma, ICICI Bank, Axis Bank, TCS, Infosys and State Bank of India contributed the most to the decline of Sensex. Collectively these seven stocks erased off over 150 points while Reliance Industries, Kotak Mahindra Bank, HDFC, HDFC Bank and Maruti Suzuki helped to trim the losses.
Shares of the Bajaj Finance advanced more than 3% on Wednesday to hit a 52-week high after company’s Rs 4,500 QIP (qualified institutional placement) of equity shares received bids – 3.5 times of the total offer size. Reportedly many long term investors have shown interest in the QIP of Bajaj Finance. The stock of Bajaj Group’s financial services firm rose as much as 3.2% to a 52-week high of Rs 1,851.45 on NSE today.
After opening lower at 31,713.50, the 30-share Sensex slipped further to touch a low of 31,586.53. A rally in Reliance Industries and Kotak Bank helped the index recover some of the losses. The index had risen by 107.30 points yesterday on bargain buying. The NSE Nifty remained in the negative terrain through the session and cracked below the 9,900-mark at one stage to hit a low of 9,882.55.
European market got off to a weak start as Britain’s FTSE 100 fell 0.6% to 7,330.83 points; France’s CAC 40 was down 0.3% to 5,073.72 points and Germany’s DAX dipped 0.2% to 12,098.87 points. Meanwhile, among the regional markets — Japan’s Nikkei 225 fell 0.1% to 19,357.97 points and South Korea’s Kospi was down 0.3% to 2,319.82 points. Hong Kong’s Hang Seng index fell 0.5% to 27,613.76 points and Shanghai Composite Index was flat at 3,385.39 points. Australia’s S&P/ASX 200 fell 0.3% to 5,689.70 points.