Sensex snaps 8-day winning run, ends 415 pts lower; IT, Auto stocks weigh
CLOSING BELL: The NSE Nifty shut shop at 18,696, down 117 points. Broader indices - BSE Midcap and Smallcap bucked the trend, and were up 0.8 per cent and 0.7 per cent, respectively, on Friday.
SI Reporter |
Last Updated at December 2, 2022 16:00 IST
STOCK MARKET HIGHLIGHTS
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. READ MORE
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.
On the positive front, Tata Steel surged to a 3-month high and was up over a per cent. Analysts at ICICI Securities sees removal of export duty as a significant relief and a long term positive for the domestic steel sector. READ MORE
The broader markets bucked the trend. The BSE Midcap and Smallcap indices were up 0.8 per cent and 0.7 per cent, respectively. The overall market breadth too was fairly positive with more than 2,000 shares advancing as against 1,450 declining stocks on the BSE.
Among individual stocks, ONGC and Oil India logged strong gains in intra-day deals after government slashed tax on domestically produced crude oil to Rs 4,900 per tonne from Rs 10,200 per tonne w.e.f December 02, 2022. READ MORE
PB Fintech soared 5 per cent to Rs 485 after around 22.84 million shares representing 5 per cent of total equity of the company worth of Rs 1,042.53 crore changed hands in pre-open deals on the NSE today. READ MORE
Primary Market Update
Uniparts India IPO was subscribed up to 25 times as of 03:40 PM on the final day of the offer period. The IPO has received strong response from QIB investors, with oversubscription up to 66 times. The HNIs segment was subscribed over 17 times, while retail quota saw bids of up to 4.2 times.
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