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Sensex dips for 2nd day, falls 223pts; Nifty gives up 18,600; IEX tanks 10%

CLOSING BELL, JUNE 9, 2023: Tata Steel, HUL, State Bank of India (SBI), Infosys, HCL Tech, Asian Paints, ITC, TCS, and RIL were the top laggards

SI Reporter New Delhi

Sensex dips for 2nd day, falls 223pts; Nifty gives up 18,600; IEX tanks 10%

Stock market highlights: Pressure mounted on Dalal Street during the second half of the session amid a broad-based selling. The S&P BSE Sensex settled at 62,626, down 223 points or 0.35 per cent, while the Nifty50 shut shop at 18,563, down 71 points or 0.38 per cent.

Tata Steel, HUL, State Bank of India (SBI), Infosys, HCL Tech, Kotak Bank, Asian Paints, ITC, TCS, and RIL were the top laggards on the 30-pack index as they fell up to 2 per cent. Hero MotoCorp, HDFC Life, Divis Labs, Eicher Motors, UPL, and ONGC were additional losers on the Nifty50.

The BSE MidCap and SmallCap indices, however, ended flat with a positive bias.

Buzzing stocks

IEX: Shares of Indian Energy Exchange (IEX) hit a 52-week low of Rs 116, freezing at the 15 per cent lower circuit on the National Stock Exchange (NSE) in Friday’s intra-day trade on reports that the Power Ministry has directed the Central Electricity Regulatory Commission (CERC) to implement the process of market coupling in a timely manner. The stock of the country’s premier energy exchange has tanked 22 per cent in past two trading days.

HAL: Shares of Hindustan Aeronautics (HAL) rose 3 per cent to hit a new high of Rs 3,630 on the BSE in Friday’s intra-day trade after the company said it will consider a stock split. In the past one year, it has zoomed 90 per cent as against a 13.5 per cent gain in the benchmark index. Further, the market price of HAL skyrocketed 710 per cent from its March 2020 low of Rs 448 on the BSE, the exchange data shows.

4:09 PM

COMMENT:: Inflation numbers in focus ahead of US Fed meet

"The domestic market witnessed extended selling pressure as investors eagerly awaited the domestic inflation data due on Monday as the RBI refrained from an aggressive cut in their inflation forecast. The market is hopeful that the CPI inflation for May will further moderate from its current level of 4.7%. In addition to the domestic factors, global cues also failed to provide support, as the US reported high unemployment claims ahead of the release of the inflation figures and the Fed meeting."

- Vinod Nair, Head of Research at Geojit Financial Services

4:08 PM

VIEW:: 44,500 and 43,700 are the key levels to watch out for the Bank Nifty

"The Bank Nifty index is currently experiencing selling pressure as the bears maintain their control at higher levels. The resistance zone between 44,300 and 44,500 has proven to be strong, preventing the index from making significant upward moves. On the downside, there is a support level at 43,700, which has the potential to act as a buying opportunity. If the index manages to hold above this support level, it could attract buyers who see it as a favorable entry point.It is important to monitor the price action around these key levels, as a break above the resistance zone or a breach below the support level could indicate a potential change in the market sentiment and trigger further directional moves."

- Kunal Shah, Senior Technical Analyst at LKP Securities

4:06 PM

Zomato hits fresh 52-week high; surpasses its IPO price after a year

Shares of Zomato hit a fresh 52-week high of Rs 77.95 in Friday’s trade. The stock price of the food delivery platform company rose above their initial public offering price of Rs 76 per share on Thursday after more than a year. Zomato made its stock market debut on July 23, 2021. READ MORE

4:04 PM

Greenlam soars 18% as plywood facility begins operations in Tamil Nadu

The said facility has the potential to generate revenue of Rs 400 crore per annum on full capacity utilization. The total capex incurred for the project stands at Rs 130 crore. READ MORE

4:03 PM

HAL hits new high on stock split plan; zooms over 700% from March 2020 lows

The board of directors of state-owned defence company will meet on June 27 to consider a proposal of stock split of the equity shares of the company having a face value of Rs 10 each. READ MORE

4:01 PM

Bank of Maharashtra slips 7% as new shares allotted to QIBs get listed

The board of Bank of Maharashtra on Tuesday, June 6, 2023 allotted 350.88 million equity shares of Rs 10 each allotted to QIBs pursuant to QIP. READ MORE

4:00 PM

IEX plunges 10%, hits 52-week low amid market coupling worries

According to media reports the Power Ministry has directed the Central Electricity Regulatory Commission (CERC) to implement the process of market coupling in a timely manner. READ MORE

3:58 PM

Macrotech Developers hits 52-week high; surges 3% on healthy outlook

Macrotech Developers' operating performance is expected to remain healthy in FY24, supported by healthy enduser demand, a strong launch pipeline and healthy affordability, while maintaining a reducing debt trajectory. READ MORE

3:56 PM