Sensex falls 509 pts, Nifty near 16,850; RIL, ITC shed 3%, pharma stocks up

CLOSING BELL: Among sectors, the Nifty Metal, and PSU Bank indices dipped 2 per cent each, while the Nifty Pharma index gained 0.6 per cent

Image SI Reporter New Delhi
Sensex falls 509 pts, Nifty near 16,800; RIL, ITC shed 3%, pharma stocks up

CLOSING BELL

Stock market highlights: 
The bear-party, which started with the US Federal Reserve (US Fed) hiking rates by 75 basis points last week, continued for a sixth straight day on Dalal Street on Wednesday. The S&P BSE Sensex fell 509 points to close at 56,598, while the Nifty50 ended 149 points lower at 16,859. Both the frontline indices fell 0.89 per cent each.

Axis Bank, ITC, Reliance Industries, HDFC twins, Bajaj Finserv, IndusInd Bank, Tata Steel, and SBI were the top large-cap losers, while Sun Pharma, Power Grid, Asian Paints, Dr Reddy's Labs, M&M, and Tech M climbed on the bourses. 

In the broader markets, the BSE MidCap, and SmallCap indices lost 0.4 per cent each. Among sectors, the Nifty Metal, and PSU Bank indices dipped 2 per cent each, while the Nifty Pharma index gained 0.6 per cent.

Taking stock :: ITC's rally to end?
ITC has been one of the best performing large-cap stock at the bourses thus far in calendar year 2022 (CY22), rallying nearly 52 per cent during this period and outperforming the sector benchmark – the S&P BSE FMCG index – by a wide margin that moved up around 17 per cent during this period. READ MORE

Sector analysis :: IT stocks
Rising concerns of a potential global recession, which investors fear can dampen demand for the export-facing domestic IT giants, has sent the index down over 30 per cent on a year-to-date basis. READ MORE

4:10 PM

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

Investors continue to be sceptical of the domestic market's higher premium amid the ongoing global deceleration while foreign investors are fleeing emerging economies in search of safer havens. Although the domestic economy is buoyed by solid fundamentals, the stock market's appetite for risk has been hindered by the rising worries of a worldwide recession. Domestic investors are turning to IT and pharma companies, which have been in a consolidation phase for the past year and are now gaining from the INR depreciation. The RBI policy meeting is currently underway, and the central bank is likely to raise repo rates by 35-50 basis points, however, the inflation outlook may soften in reaction to declining commodity prices.

4:06 PM

GLOBAL CHECK | European markets tepid on muted global cues

4:02 PM

GLOBAL CHECK | US equity futures fall in trade: Dow Futures down 150pts

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Hindalco, JSW Steel, Axis Bank top Nifty50 losers

3:54 PM

Asian Paints, Sun Pharma, Dr Reddy's top Nifty50 gainers

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Gland Pharma, Glenmark among stocks that hit 52-week low

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Broader markets subdued in trade; India VIX gains 2%

3:41 PM

SECTORAL CHECK: Nifty PSU Bank ends as worst sectoral performer

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SENSEX HEATMAP: 11 out of 30 index constituents close in green

3:32 PM

CLOSING BELL: Bears takeover Dalal Street, Nifty50 closes below 16,850

3:31 PM

CLOSING BELL: Sensex closes lower by over 550 points

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Pharma industry says taking steps to check misuse of codeine drugs

Sales declining anyway and there is no need to ban because of alleged misuse, say experts. READ MORE

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PSBs lose steam in trade: PNB slips over 4%

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Electronics Mart India IPO to open on Oct 4; price band Rs 56-59/share

Consumer durables retail chain Electronics Mart India Ltd on Wednesday said it has fixed a price band of Rs 56-59 a share for its Rs 500 crore initial public offering (IPO). READ MORE

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Small savings rate may remain unchanged for Oct-Dec qtr despite RBI moves

The central government is unlikely to hike interest rates of small saving schemes for the October-December 2022 quarter, Business Standard has learnt. If this happens, it will be the 10th consecutive quarter of small savings rates remaining unchanged. READ MORE

Poor batting and dropped catches not helping matters, indicates Rohit Sharma


2:47 PM

Market Check:: S&P BSE Sensex slips again, down nearly 400 points

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2:42 PM

NEWS ALERT: Suzlon Energy Rs 1,200 rights issue to open on October 11

Suzlon Energy proposed Rs 1,200 crore rights issue will open on October 11. The stock was down 1.7 per cent in trades so far.

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HPCL-Mittal Energy to start 100,000-tpy bio-ethanol plant in 2023

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2:27 PM

Asian Paints gains 3%, hits 8-month high on hopes of margin improvement

Shares of Asian Paints hit an eight-month high of Rs 3,559, gaining 3 per cent on the BSE in Wednesday's intra-day trade, outperforming the market. The stock price rose, even in a weak market, as falling raw material costs are expected to aid margin expansion for the paint maker. READ MORE

Increasing disposable incomes, surge in sales of high-end products and rapid urbanisation, among other things, are driving demand for luxury and premium paints. Source: Adobe Stock

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First Published: Sep 28 2022 | 8:14 AM IST

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