Sensex snaps 8-day winning run, ends 415 points lower; IT, Auto stocks weigh
The frontline indices snapped their eight-day winning streak run as investors preferred to take home some profits ahead of the weekend and upcoming RBI policy next week. Auto and IT shares, in particular, witnessed selling pressure.
The S&P BSE Sensex dropped to a low of 62,680, and ended 415 points lower at 62,869. In the process, the benchmark trimmed its weekly gain to 575 points.
The NSE Nifty 50 settled just a shade below the 18,700-level, down 117 points on Friday.
Among the Sensex 30 shares, auto stocks were the major losers as they reacted to the monthly auto sales numbers. Mahindra & Mahindra slipped over 2 per cent. Maruti was down 1.5 per cent.
Hindustan Unilever, Nestle India, HDFC, Asian Paints, Bajaj Finance, PowerGrid Corporation, ICICI Bank, Sun Pharma, TCS and Infosys were the other significant losers, down over a per cent each.
Shares of Venus Pipes gained 6% as Himalaya Finance bought 5 mn shares via open market. On December 1, 2022, Himalaya Finance & Investment Company purchased 5 million shares, representing 2.5 per cent of total equity, of Venus Pipes via block deal.
Tata Steel shares hit over a 3-month high in a weak market as the stock climbed up 6% in 4 days. The removal of export duty is a significant relief and a long term positive for the domestic steel sector, according to an analyst at ICICI Securities.
Godrej Properties Ltd. on Friday said it has bought 18.6 acre land at Kandivali in Mumbai to develop a premium housing project and expects sales revenue of about Rs 7,000 crore. In a regulatory filing, the company informed that the project would have a developable potential of about 3.72 million square feet with an estimated revenue potential of around Rs 7,000 crore.
Skipper was locked at 20% upper limit on heavy volumes with the prices having zoomed 53% in two weeks. A combined 2.06 million shares representing 2 per cent of total equity of the company changed hands on the NSE and BSE. There were pending buy orders for a combined 672,845 shares or 0.66 per cent equity stake on both exchanges, the data shows.
Here are some picks from the week gone by.
