Sensex falls 361 points, Nifty holds 17,500; Realty index drags; VIX cools 6%
The benchmark indices ended lower for the fourth straight day on Friday amid slowing global economic growth and inflation fears. At close, the Nifty50 index was down 86 points at 17,532 while the BSE Sensex ended with a loss of 361 points at 58,765. The broader markets, however, ended the day in the positive territory with the BSE Midcap and Smallcap indices rising 0.5 per cent each.
Sectorally, buying was seen in pharma, metal, PSU Bank and energy sectors whereas selling was witnessed in realty, banking and IT space.
Shares of ZEEL fell 3% as Zee board rejected Invesco’s demand to hold EGM. Taking a confrontational stand against its largest shareholder, the Zee board on Friday rejected its demand to hold an extraordinary general meeting to remove current MD and CEO, Punit Goenka and induct its nominees.
Shares of Tata Power Company continued to climb higher, hitting a new 13-year high at Rs 165, up 4 per cent on the BSE in Friday’s intra-day trade, on improved outlook. The stock of Tata Group electric utilities company was trading higher for the fourth straight day and has rallied 19 per cent during the period. The previous record high was Rs 158 recorded on January 4, 2008.
Shares of Canara Bank hit a fresh 52-week high of Rs 178.90, up 3 per cent on the BSE in Friday’s intra-day trade, in an otherwise weak market. The market price of public sector undertaking (PSU) bank surpassed its previous high of Rs 177.40, touched in Thursday’s intra-day trade.
Shares of VST Tillers Tractors were locked in the 10 per cent upper circuit at Rs 2,964.80 on the BSE in Friday’s session after the company announced that it has entered into a master service agreement with Zimeno, Inc, USA. to develop an integrated tractor powertrain for the electric tractor of Zimeno.
Shares of gas-related sector were in focus on Friday after the government announced a 62 per cent hike in natural gas price for the second half of the fiscal year on Thursday. The price of domestic-produced natural gas was hiked to $2.9 per million British thermal units (mBtu) for the October 2021-March 2022 period on Thursday.
Shares of GTPL Highway hit a record high of Rs 305 as it rallied 19 per cent on the BSE in Friday’s intra-day trade on the back of heavy volumes. At 11:10 am, the stock was trading 17 per cent higher at Rs 299.95, as compared to a 0.61 per cent decline in the S&P BSE Sensex. Trading volumes on the counter jumped 9-fold with a combined 2.66 million equity shares having changed hands on the NSE and BSE. In the past one week, it has gained 35 per cent as against a 2 per cent fall in the benchmark index.
Shares of Delta Corp hit an over three-year high of Rs 287.70 after they rallied 9 per cent on the National Stock Exchange (NSE) in the intra-day trade on Friday. The stock has been included in the derivatives segment with effect from today. In the past one month, it has zoomed 52 per cent as compared to a 2.3 per cent rise in the Nifty50 index.
Paras Defence and Space Technologies (PDSTL) made a strong debut on the bourses as the stock price of the company more-than-doubled or rose 171 per cent to list at Rs 475 on the BSE on Friday over its issue price of Rs 175 per share. Post listing, the stock zoomed 185 per cent over the issue price and was locked in the upper circuit of 5 per cent at Rs 498.75 on the BSE.
Here are some picks from the week gone by.
