Sensex, Nifty were revisited by the bears on Wednesday as they ended deep in red and at one point even looked to give up Tuesday’s gains.
Sensex, Nifty were revisited by the bears on Wednesday as they ended deep in red and at one point even looked to give up Tuesday’s gains. The 30-share index Sensex was down 422 points or 1.10 per cent to trade at 38,071, while the broader Nifty 50 settled at 11,202. Volatility, after falling 5% on Tuesday was back to revisit stocks as it surged 2%. Analysts say the fall in indices could be attributed to profit booking after as markets reached a 5-month high in the previous trading session.
Reliance Industries drags: Oil-to-telecom conglomerate Reliance Industries fell out of favour with two domestic brokerages that warned of the rally in the stock cooling down now. Today RIL shares slipped 3.75% to end the day at Rs 2,095 per share. Although some brokerages are now cautious on the stock, many still think that the RIL may still beat expectations.
Top losers: ICICI Securities dived 5.2% on Wednesday, followed by Hathway, AU Small Finance Bank, and GMR Infrastructure. Some other big names on the losers board were, Maruti Suzuki, TCS, Titan, Tech Mahindra, and HDFC Bank.
Top gainers: IndusInd Bank was up 4.5% on Wednesday defying the market trend. Tata Steel, Sun Pharma, Bajaj Finance, and Ultra Cement were the other top gainers. Tata Coffee was up 12.13% while Maharashtra Bank gained 8%.
Stock specific moves: Analysts have been warning to make stock specific moves in the current market condition. “Stock specific action was also visible, post earnings results, and this trend is expected to continue. Adequate liquidity in the market should ensure that these corrections are bought into,” said Vinod Nair, Head of Research at Geojit Financial Services.
Eyes on Fed: Focus now moves to the moves that the US Fed will make and that is expected to reflect in early trade on Thursday. “Indian markets continue to give mixed signs with alternate days of gain and loss. The indecision period could soon end with a lot of macro data including US Fed decision expected soon,” said Deepak Jasani, Head Retail Research, HDFC Securities.
SEBI extends deadline: In what can be seen as a breather for listed companies that are struggling to compile their financial results in the wake of the pandemic and the resultant lockdowns, SEBI today extended the deadline for submitting April-June quarter results. Companies, as per the regulations, have to submit their quarterly results for the first quarter of every fiscal year by August 14, this has been extended to September 15 by SEBI.