Banks, IT drag Sensex 678 points down, Nifty gives up 17,700; IRCTC falls 8%
The markets exhibited a high amount of volatility for the second day in a row on the back of unabated selling pressure in select index heavyweights. The BSE Sensex tumbled to a low of 59,089, but eventually ended 678 points lower at 59,307. In the process, the BSE index has now shed 5 per cent (2,938 points) from its recent peak of 62,245.
The NSE Nifty logged its second straight weekly loss, down 185 points at 17,672. The Nifty has declined 3.8 per cent (677 points) in the last two weeks. In intra-day trades on Friday, the 50-share index dipped to a low of 17,613, and was within striking distance of its 50-DMA (Daily Moving Average) at 17,570-odd levels.
The broader markets outperformed the benchmark indices in trades today. The BSE Midcap index edged 0.2 per cent higher, while the Smallcap index ended slipped 0.4 per cent, as against a 1.1 per cent decline in the Sensex.
Among sectors, the BSE Energy index plunged 1.9 per cent, and the IT index shed 1.6 per cent. The Bankex was down over a per cent. The Auto, Healthcare and Realty indices ended marginally in the positive zone.
The overall breadth was marginally negative at close. Out of 3,399 stocks traded on the BSE, 1,796 declined, while 1,452 advanced.
Tech Mahindra, NTPC, IndusInd Bank, Kotak Bank, Larsen & Toubro, Reliance Industries, Axis Bank, Infosys and HDFC were the major losers among the Sensex 30 stocks, down around 2-3 per cent each. Whereas, UltraTech Cement, Dr. Reddy’s, Maruti, Tata Steel and Titan were the prominent gainers.
IRCTC tanked nearly 30 per cent in early trades after RailMin asked the company to share 50% of the convenience fee with the ministry, and staged an equally swift recovery after the ministry rolled-back its decision. The stock finall ended 7.5 per cent lower at Rs 846.
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Atul Ltd cracked 7.5 per cent, and SBI Cards dropped 5.5 per cent. Birla Soft, Firstsource, Laurus Labs and Whirlpool India were down 3-4 per cent each. GSPL declined 2 per cent. Chambal Fertilisers, however, surged 4 per cent.
In the Primary Market, Nykaa was subscribed 2.2X as of 15:30 hrs on Day 2 of the issue, the retail quota was 3.4X, QIBs were 2.5X and non-institutional investors were 0.9X. Fino Payments Bank IPO was off to a subdued start, with 0.25x subscription as of 15:30 hrs, with interest only from retail investors, the quota was subscribed 1.4x.
Shares of RBL Bank plunged 15 per cent to Rs 172.10 on the BSE in Friday’s intra-day trade after the private sector lender reported a disappointing set of numbers, with profit after tax (PAT) down as much as 95 per cent year-on-year (YoY) at Rs 31 crore in September quarter (Q2FY22), due to higher provision and weak net interest income (NII).
Here are some picks from the week gone by.
