Sensex trims losses, ends 107 pts down; Nifty below 19,650; NTPC soars 4%

CLOSING BELL ON JULY 28, 2023: NTPC and PowerGrid were the major gainers among the Sensex 30 stocks, while Bajaj Finserv and HDFC Bank declined up to 2 per cent on Friday.

Stock Market Highlights: It was yet another volatile trading session on the Dalal Street on Friday, as the frontline indices were pressured due to selling pressure in select IT and financial shares. 

From a high of 66,351, the S&P BSE Sensex slid to a low of 65,879 – down 472 points in intra-day deals. A late recovery helped the BSE benchmark recoup some of the losses and end at 66,160 – down 107 points. 

The NSE Nifty 50 swung in a range of 133 points, the index from a high of 19,696 dipped to a low of 19,563. The Nifty finally settled with a minor loss of 14 points at 19,646.

NTPC was the top gainer among the Sensex-30 stocks; it soared over 4 per cent to Rs 210. In the process, the stock has reclaimed the Rs 2 trillion market cap after a gap of 15 years. 

PowerGrid Corporation also rallied 3 per cent. Mahindra & Mahindra, JSW Steel, Bajaj Finance and Reliance Industries were the other notable movers. On the flip side, HDFC Bank, Tata Motors and Bajaj Finserv declined nearly 2 per cent each.  TCS, HCL Technologies, Axis Bank, Infosys, Tech Mahindra, IndusInd Bank and Maruti were the other notable losers.

The broader market continued to outsmart the frontline indices. The BSE MidCap and Smallcap indices were up 0.5 per cent each. The market breadth was marginally positive, more than 1,830 shares advanced as against near about 1,700 declining stocks on the BSE.

Sectorally, the BSE Power index jumped over 2.5 per cent, and the Realty index surged almost 2 per cent. The FMCG index added 0.9 per cent; whereas the IT index slipped 0.7 per cent.

Primary Market Update

Yatharth Hospital and Trauma Care Services IPO was subscribed 33.2 times as of 03:45 PM on final day of the offer period. Retail portion received bids up to 7.9 times, HNIs (Non-institutional segment) 36.6 times and Qualified Institutional Buyers (QIBs) 75.9 times.

3:55 PM

Comment :: 'Better-than-expected US Q2 GDP data hindered mood of domestic market'

The better-than-expected US Q2 GDP data, though positive, hindered the mood of the domestic market as it signalled the chances of another rate hike. The Fed chief's comments about a data-centric approach without ruling out rate hikes added to the uncertainty. Furthermore, the reversal of the buying trend by FII and the rise in US bond yields contributed to market volatility. However, Asian markets remained largely positive due to the BOJ's decision to retain the policy rate, contrary to speculation about the removal of stimulus measures.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

3:52 PM

ALERT :: Piramal Ent board approves share buyback up to Rs 1,750 cr at Rs 1,250/sh via tender route

>> Buyback price at 16.5% premium to today's closing price

3:51 PM

Currency check :: Rupee ends at 82.25/$ against Thursday’s close of 81.93/$

3:50 PM

BSE Stats :: Rally in broader markets supports overall breadth

3:49 PM

MARKET CHECK :: Top losers on the BSE today

3:48 PM

MARKET CHECK :: Top gainers on the BSE today

3:46 PM

Buzzing stock :: NTPC hits decadal high; m-cap touches Rs 2-trn milestone

3:45 PM

Buzzing stock :: Indiabulls Housing Finance leaps 6% on dividend, fund raise plan

3:44 PM

Buzzing stock :: Bharat Electronics hits record high post Q1

3:43 PM

Buzzing stock :: Indian Bank hits 4-year high on healthy Q! results

3:42 PM

Buzzing stock :: Zomato hits 15-month high intra-day

3:40 PM

Sector check :: IT stocks fall across the board

3:39 PM

Sector check :: Realty stocks in demand; Prestige Estates surge 7%, Mahindra Life 4.4%

3:38 PM

Broader indices outperform benchmarks, gain up to 0.55%

3:37 PM

Sectoral trends :: Realty, Media Indices gain up to 2%, IT index falls the most