Sensex gyrates 1,073 points, ends 460 points down; Axis Bank dips 6.5%, Maruti 2.5%
Benchmark indices turned sharply lower in the last hour of trade as investors booked profits at higher levels. The S&P BSE Sensex, which had touched a high of 57,975, tanked 1,073 points to hit a low of 56,902. The index, however, closed at 57,061, down 460 points or 0.8 per cent.
On the NSE, the Nifty50 dropped 325 points from the day’s high of 17,378 to hit a low of 17,053. It ended at 17,102.5, down 142.5 points or 0.83 per cent.
Axis Bank was the biggest loser on the benchmark indices, down 6.5 per cent, as analysts do not expect valuation to catch up with peers in light of the NII undershoot, impending dilution to fund the Citi deal, and higher operating expenditure guidance.
Coal India, Adani Ports, Power Grid, Maruti Suzuki, Bajaj Auto, ONGC, Wipro, and Britannia Industries were the other laggards, down between 2.5 per cent and 4 per cent.
On the upside, HDFC Life, Tata Consumer Products, Kotak Bank, Sun Pharma, HDFC Bank, Tata Motors, Tata Steel, and Ultratech Cement were the only gainers.
In the broader markets, the MidCap and SmallCap indices slipped about 1 per cent each. Sectorally, all the indices ended the day in the red zone, dragged by Nifty Oil and Gas index, down 2.5 per cent.
Shares of Wipro hit an eleven-month low of Rs 510.55, down 2 per cent on the BSE in Friday’s intra-day trade, ahead of its January-March quarter (Q4FY22) result later in the day. The stock of the information technology (IT) company hit its lowest level since May 2021.
Shares of Varun Beverages soared 9% and hit a new high on bonus issue plan coupled with healthy Q1 nos. On the back of an improving demand environment, the management remains confident of delivering healthy volume growth in the medium to longer term.
Shares of Chennai Petroleum Corporation Limited (CPCL) hit a 52-week high of Rs 279.55, up 10 per cent on the National Stock Exchange (NSE) in Friday’s intra-day trade, thus surging as much as 16 per cent in the past two trading days on strong March quarter results (Q4FY22).
Varroc zoomed 20% on divestment plan of 4W lighting biz in US and Europe. The company said that the divestment was part of company’s strategy to align its resources with the high value and high growth primary markets in China, India, and two-wheeler sector globally.
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