Sensex tanks 461 points, Nifty below 18,300 amid global rout; all sectors fall
Selling pressure intensified in late noon deals on Friday after reports emerged of fresh Russian onslaught on Ukrainian soil. According to media reports, at least three cities in Ukraine faced major missile attack on energy facilities and infrastructure. Meanwhile, recession fears in the US and Euro region, coupled with growth slowdown concerns back home, weighed on the sentiment.
Against this backdrop, the S&P BSE Sensex dropped 461 points, or 0.75 per cent, to settle at 61,338. The Nifty50, too, slumped 146 points or 0.79 per cent to end at 18,269.
Dr Reddy’s Labs, M&M, Asian Paints, SBI, TCS, Titan, Power Grid, and Ultratech Cement fell the most among the 27 losers within the Sensex pack. Adani Ports, BPCL, Bajaj Auto, and Hero MotoCorp were the additional laggards on the Nifty.
Tata Motors, HDFC Bank, HUL, and Tata Steel were the only large-cap gainers on the benchmark indices.
Meanwhile, in the broader markets, the BSE MidCap index declined 1.4 per cent, while the BSE SmallCap index dipped 0.9 per cent.
Among sectors, the Nifty PSU Bank index sunk the most, down nearly 3 per cent. This was followd by losses in the Nifty Realty, Pharma, and Media indices, down over 1 per cent each.
Mahindra CIE surges 16% in two days, hits 52-week high in weak market. India is projected to be one of the fastest growing large economies in the world and CIE Automotive’s global strategy continues to focus on India as a key market, the company said.
ONGC, Oil India hits over 5-month high after govt slashes windfall tax. In the past three months, shares of ONGC (up 13 per cent) and Oil India (up 15 per cent) outperformed the S&P BSE Sensex, which gained 4.6 per cent, during the period. However, in the past six months, ONGC (up 3 per cent) and Oil India (down 18 per cent) have underperformed the market. In comparison, the benchmark index has rallied 20 per cent during the period.
Shriram Pistons is set to acquire a majority stake in EMFi to foray into EV space. Shriram Pistons & Rings (SPRL) Managing Director & CEO Krishnakumar Srinivasan said that with this strategic investment, the company aims to expand its presence in electric vehicle (EV) space to supply electric powertrain components, such as motor and controller, covering all the vehicle segments from two-wheelers, three-wheelers, passenger vehicles and commercial vehicles.
ITC stock hits 2-month low amid market weakness, slips 4% in two days. The stock of the diversified fast moving consumer goods (FMCG) was trading at its lowest level since October 17, 2022. With the past two days’ decline, ITC is now down 8 per cent from its record high level of Rs 361.90, touched on November 11, 2022. In the past three months, the stock has underperformed the market and remains flat, as compared to 4.3 per cent rise in the S&P BSE Sensex.
GMM Pfaudler plunged 18% after over 11 mn shares changed hands in block deal. According to media reports, Pfaudler Inc, a promoter of GMM Pfaudler, was looking to sell a majority of its stake in the company in a block deal that will likely fetch the shareholder Rs. 2,278 crore.
Hindustan Foods jumped 5% on plans to acquire Reckitt Benckiser Health. The company has executed Business Transfer Agreement for acquisition of Reckitt Benckiser Health India Private Limited’s manufacturing facility in Village Sandholi, Baddi, Himachal Pradesh as a move to further expand its Health Care & Wellness division. Subject to fulfilment of the conditions precedent set out under BTA, the transfer of the Undertaking is expected to be completed by H2 of calendar year 2023.
Here are some picks from the week gone by.
