Sensex, Nifty snap 8-day winning streak; Manappuram & Adani Enterprises tank up to 12%
On the Nifty50 pack, Adani Enterprises was the top loser, falling more than 4 per cent, followed by Adani Ports and ONGC dropped 2 per cent each.
- May 3, 2023,
- Updated May 3, 2023 4:21 PM IST
The eight-day winning streak of benchmark indices was halted on Wednesday as the benchmark equity indices settled lower on the back of muted global cues. However, the losses were trimmed on the back of positive domestic equity data and strong inflows from global investors.
Traders were on tenterhooks amid the uncertainty over the US Federal Reserve's policy outcome. The US central bank is likely to push interest rates higher by another 25 basis points. However, the renewed banking turmoil triggered bearish sentiments in the global spectrum.
For the day, the 30-share pack BSE Sensex dropped 161.41 points, or 0.26 per cent, to close at 61,193.30. NSE's Nifty50 declined 57.80 points, or 0.32 per cent, to settle at 18,089.85. Broader markets outperformed the headline indices as BSE midcap and smallcap indices settled in green. Fear gauge India VIX eased slightly to 11.84 level.
Markets traded dull and lost nearly half a percent, citing caution ahead of the outcome of the US Fed meeting. After the initial downtick, the Nifty index hovered in a narrow band and finally settled at 18,082 levels. Most of the sectoral indices traded in tandem with the benchmark and ended lower wherein IT, metal and energy were among the top losers, said Ajit Mishra, VP - Technical Research, Religare Broking. "With all eyes on the US Fed, we will see the reaction in early trades on Thursday. Besides, the scheduled weekly expiry would further add to the choppiness. Some consolidation can’t be ruled out in the index but the tone is likely to remain positive till Nifty manages to hold 17,850 levels. We thus reiterate our view to focus on stock selection," he said.
On a sectoral front, Nifty Metal, IT and PSU Bank indices dropped a per cent, each. The Nifty Oil and Gas index was the other key laggard for the day. On the contrary, the Nifty FMCG index rose about a per cent. Nifty Media, Realty and Private Bank indices settled with mild gains.
On the Nifty50 pack, Adani Enterprises was the top loser, falling more than 4 per cent, followed by Adani Ports and ONGC dropping 2 per cent, each. ONGC, UPL, Bharti Airtel, Tech Mahinda, Bajaj Finance and Axis Bank were among the other top laggards on the index.
Among the gainers, Hindustan Unilever and Asian Paints rose more than a per cent, each. Tata Motors, Ultratech Cement, ITC, Divis Labs and Maruti Suzuki were among the other top gainers for the session.
The eight-day winning run of the domestic market was disturbed by adverse headwinds from the US market. Renewed concerns over the US regional banking turmoil, uncertainty regarding the Fed's policy outcome, and the need to increase the US treasury debt borrowing limit triggered a bearish attack on Wall Street, said Vinod Nair, Head of Research at Geojit Financial Services.
"Despite this, the robust growth of India’s services and manufacturing sectors in April and the strong inflow of foreign funds helped minimise the losses in the domestic market," he said.
A total of 3,652 shares were traded on BSE on Wednesday, of which 1,725 settled in green. 1,770 stocks ended the session with gains, while 157 shares remained unchanged. A total of 198 shares hit their upper circuit, whereas 133 tested the lower circuit levels for the day.
In the broader markets, Manappuram Finance plunged more than 12 per cent as ED conducted searches at the company's registered office. Dishman Carbogen Amcis and Punjab & Sind Bank tanked 8 per cent, each, as the latter reported muted performance in the March 2023 quarter. Bombay Burmah Trading Corporation dropped over 6 per cent as Go First filed for insolvency.
On the contrary, Engineers India surged 15 per cent on the back of heavy trading volumes. Bhansali Engineering Polymers jumped about 11 per cent after the company announced a board meeting to consider bonus shares. Rail Vikas Nigam continued to hit a new 52-week high on the back of order wins. Gravita India and Himadri Speciality Chemical rose 9 per cent, each.
Also read: Adani Wilmar Q4 earnings effect: Shares fall after two sessions, down 4.5% since Q3 results
Also read: Tata Motors, Bajaj Auto, Maruti Suzuki, M&M: Stocks that analysts like after muted April sales data
The eight-day winning streak of benchmark indices was halted on Wednesday as the benchmark equity indices settled lower on the back of muted global cues. However, the losses were trimmed on the back of positive domestic equity data and strong inflows from global investors.
Traders were on tenterhooks amid the uncertainty over the US Federal Reserve's policy outcome. The US central bank is likely to push interest rates higher by another 25 basis points. However, the renewed banking turmoil triggered bearish sentiments in the global spectrum.
For the day, the 30-share pack BSE Sensex dropped 161.41 points, or 0.26 per cent, to close at 61,193.30. NSE's Nifty50 declined 57.80 points, or 0.32 per cent, to settle at 18,089.85. Broader markets outperformed the headline indices as BSE midcap and smallcap indices settled in green. Fear gauge India VIX eased slightly to 11.84 level.
Markets traded dull and lost nearly half a percent, citing caution ahead of the outcome of the US Fed meeting. After the initial downtick, the Nifty index hovered in a narrow band and finally settled at 18,082 levels. Most of the sectoral indices traded in tandem with the benchmark and ended lower wherein IT, metal and energy were among the top losers, said Ajit Mishra, VP - Technical Research, Religare Broking. "With all eyes on the US Fed, we will see the reaction in early trades on Thursday. Besides, the scheduled weekly expiry would further add to the choppiness. Some consolidation can’t be ruled out in the index but the tone is likely to remain positive till Nifty manages to hold 17,850 levels. We thus reiterate our view to focus on stock selection," he said.
On a sectoral front, Nifty Metal, IT and PSU Bank indices dropped a per cent, each. The Nifty Oil and Gas index was the other key laggard for the day. On the contrary, the Nifty FMCG index rose about a per cent. Nifty Media, Realty and Private Bank indices settled with mild gains.
On the Nifty50 pack, Adani Enterprises was the top loser, falling more than 4 per cent, followed by Adani Ports and ONGC dropping 2 per cent, each. ONGC, UPL, Bharti Airtel, Tech Mahinda, Bajaj Finance and Axis Bank were among the other top laggards on the index.
Among the gainers, Hindustan Unilever and Asian Paints rose more than a per cent, each. Tata Motors, Ultratech Cement, ITC, Divis Labs and Maruti Suzuki were among the other top gainers for the session.
The eight-day winning run of the domestic market was disturbed by adverse headwinds from the US market. Renewed concerns over the US regional banking turmoil, uncertainty regarding the Fed's policy outcome, and the need to increase the US treasury debt borrowing limit triggered a bearish attack on Wall Street, said Vinod Nair, Head of Research at Geojit Financial Services.
"Despite this, the robust growth of India’s services and manufacturing sectors in April and the strong inflow of foreign funds helped minimise the losses in the domestic market," he said.
A total of 3,652 shares were traded on BSE on Wednesday, of which 1,725 settled in green. 1,770 stocks ended the session with gains, while 157 shares remained unchanged. A total of 198 shares hit their upper circuit, whereas 133 tested the lower circuit levels for the day.
In the broader markets, Manappuram Finance plunged more than 12 per cent as ED conducted searches at the company's registered office. Dishman Carbogen Amcis and Punjab & Sind Bank tanked 8 per cent, each, as the latter reported muted performance in the March 2023 quarter. Bombay Burmah Trading Corporation dropped over 6 per cent as Go First filed for insolvency.
On the contrary, Engineers India surged 15 per cent on the back of heavy trading volumes. Bhansali Engineering Polymers jumped about 11 per cent after the company announced a board meeting to consider bonus shares. Rail Vikas Nigam continued to hit a new 52-week high on the back of order wins. Gravita India and Himadri Speciality Chemical rose 9 per cent, each.
Also read: Adani Wilmar Q4 earnings effect: Shares fall after two sessions, down 4.5% since Q3 results
Also read: Tata Motors, Bajaj Auto, Maruti Suzuki, M&M: Stocks that analysts like after muted April sales data