loader2
Partner With Us NRI

Sensex slides 304 pts, Nifty settles below 17,250; HDFC twins decline

Published on Mar 23, 2022 17:01

The key equity barometers ended with modest losses on Wednesday. The market opened with strong gains, but slipped as the session progressed. After hitting a high of 17,442.40 in initial deals, the Nifty 50 reversed trend and hit a low of 17,199.60 in afternoon trade. Banks, autos and financial stocks were under pressure. Metal shares bucked the weak market trend.

The barometer index, the S&P BSE Sensex, was down 304.48 points or 0.53% to 57,684.82. The Nifty 50 index fell 69.85 points or 0.40% to 17,245.65.

HDFC (down 2.36%), HDFC Bank (down 2.25%), Kotak Mahindra Bank (down 2.25%), Bharti Airtel (down 1.97%) and Infosys (down 0.82%) were major drags.

In the broader market, the BSE Mid-Cap index rose 0.39% and the BSE Small-Cap index lost 0.02%.

The market breadth was negative. On the BSE, 1461 shares rose and 1937 shares fell. A total of 127 shares were unchanged.

Numbers to Watch:

The yield on 10-year benchmark federal paper rose to 6.832% as compared with 6.831% at close in the previous trading session.

In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 76.32, compared with its close of 76.18 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement rose 0.54% to Rs 51,655.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, rose 0.19% to 98.68.

In the commodities market, Brent crude for May 2022 settlement rose $3.16 at $118.64 a barrel. The contract fell 14 cents or 0.12% to settle at $115.48 a barrel during the previous trading session.

Foreign Markets:

Most European shares declined while Asian stocks ended higher on Wednesday. Investors monitored oil prices and continued to assess the outlook for U.S. Federal Reserve monetary policy.

Traders also digested Federal Reserve Chair Jerome Powell`s latest rate hike comments. Powell said �inflation is much too high� and vowed to take �necessary steps� to curb inflation.

Stocks in Spotlight:

Shares of One 97 Communications (Paytm) fell 3.59% to Rs 524.40, extending decline for fourth consecutive session. The stock has lost 17.34% in four sessions.

The BSE sought a clarification from Paytm over the sharp fall in its share prices. Paytm clarified that there is no information, which may have a bearing on the price/volume behaviour in the scrip of the company. "The company would also like to point out the business fundamentals remain robust," it added.

Indian Hotels Company advanced 3.50% to Rs 216.05. The board of the hospitality company authorized opening the qualified institutional placement (QIP) issue of Rs 2000 crore on Tuesday, 22 March 2022. Floor price is set at Rs 203.48. The board is scheduled to meet on 25 March 2022 to approve the issue price.

Hero MotoCorp fell 1.07%. According to the media report, search operations are currently underway at about 25 premises of Hero MotoCorp, including at offices and residences of senior management in Delhi, Gurgaon and other parts of North India.

Infosys shed 0.82%. The IT major announced a definitive agreement to acquire oddity, a Germany-based digital marketing, experience, and commerce agency.

Adani Ports and Special Economic Zone (APSEZ) declined 0.76%. The company crossed a milestone by handling 300 MMT of cargo well ahead of the year end (March 2022).

Adani Power jumped 5.17% after the company said its board approved an amalgamation scheme for the merger of its six wholly-owned subsidiaries with itself.

Bajaj Electricals gained 2.09% after the company said it renewed trademark license agreement with Morphy Richards for fifteen years with effect from 1 July 2022.

Ducon Infratechnologies fell 3.97%. The company`s board approved the proposal of spinning off non-core business to new proposed separate wholly owned subsidiary company.

Bhansali Engineering Polymers (BEPL) advanced 5.04% after the company received approval from the Madhya Pradesh Pollution Control Board for expansion of high rubber graft from 15,000 TPA to 50,000 TPA.

Steel Strips Wheels (SSWL) jumped 4.09%. The company said that it has prepaid the long term debt of Rs 35.76 crore, thereby making the total prepayment of Rs 97.03 crore till date. After this pre-payment along with normal repayments for the period, the company`s long term debt is reduced to Rs 405.96 crore.

Powered by Capital Market - Live News