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Volume IconMarket wrap: Sensex falls for a 3rd day, sheds 634 pts; Nifty holds 17,750

PTC India slumps 18% after 3 independent directors quit; SBI Card hits 52-week low; Mastek tumbles 11% on muted Q3 numbers; AGS Transact Technologies IPO subscribed 1.4 times on day 2

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·        Sensex falls for a 3rd day, sheds 634 pts; Nifty holds 17,750
·        PTC India Financial slumps 18% on resignation of 3 independent directors
·        SBI Card hits 52-week low, stock falls 26% from 52-week high
·        Mastek tumbles 11% on muted December quarter numbers
·        AGS Transact Technologies IPO subscribed 1.4 times on day 2
 
The benchmark indices closed with huge losses for a third session today as investors remained concerned over rising US bond yields, soaring oil prices, and inflationary pressure build-up. The BSE Sensex fell 634 points to end at 59,465 levels. With today’s fall, the index has shed over 1,800 points over three sessions.
 
On the NSE, the Nifty50 dropped 160.5 points to settle at 17,757 today. Both benchmarks fell 1% each.
 
Infosys, Reliance, TCS and HDFC were the top four contributors to the Sensex loss. Bajaj Finserv was the biggest loser, down 4.6%, while HUL, HCL Tech, and Sun Pharma were the other notable losers. On the Nifty, Bajaj Auto, Divis Labs and ONGC were the additional laggards.
 
The broader markets, however, outperformed their large-cap peers for a second day. The BSE MidCap index slipped just 0.07% while the BSE SmallCap rose 0.05%.
 
Among sectors, only the Nifty Metal and Realty indices ended in the green. They were up 0.5% and 0.2%, respectively. The Nifty IT and Pharma indices, on the other hand, were the worst-hit sectors, down 1.7% each, followed by Oil & Gas, Financials, FMCG and Auto indices.
 
Individually, the shares of PTC India Financial Services were in the limelight as they slumped 18% on the BSE after three independent directors of the non-banking financial company resigned from the board with immediate effect citing instances of alleged serious lapses in corporate governance and compliance.
 
Similarly, SBI Cards and Payment Services hit a 52-week low on the BSE and ended nearly 10% lower. The stock of the finance company quoted lower for a fourth day, slipping 4% during this time. Further, it has corrected 26% from its 52-week high level of Rs 1,164 touched on September 1 last year.
 
Among those that announced their Q3 results, IT software company Mastek was a significant loser. It tanked over 11% on the BSE after reporting muted earnings for the December quarter.
 
Further, FMCG major Hindustan Unilever will be in focus on Friday as it announced its Q3 numbers after the market hours. The company posted a 17% jump in net profit to Rs 2,243 crore, while its volumes grew 2%, as against 4% reported in the previous quarter and a year ago. Meanwhile, its revenue growth stood at Rs 12,900 crore, up 10% from last year. The stock closed 2.13% lower on the BSE today.
 
Lastly, the IPO of AGS Transact Technologies was subscribed only 1.4 times as of 4:30 pm on the second day. The retail investor portion was subscribed the most, at 2 times, while the non-institutional investor and qualified institutional buyer categories were subscribed 1.13 and 0.49 times, respectively.

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First Published: Jan 20 2022 | 6:39 PM IST

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