Monday, December 23, 2024 | 03:16 AM ISTEN Hindi

Sensex dips 420 pts on weak global cues; Aurobindo Pharma down 12%, TaMo 5%

CLOSING BELL: Hero MotoCorp, HDFC Bank, Kotak Bank, ONGC, Bharti Airtel, and Dr Reddy's Labs, meanwhile, eked out gains up to 2.6 per cent

SI Reporter New Delhi

Sensex dips 420 pts on weak global cues; Aurobindo Pharma down 12%, TaMo 5%

CLOSING BELL

Stock market highlights: Nervousness in the cryptocurrency markets spilled over into equities as global stock markets, including Indian, remained subdued on Thursday. That apart, investors' interpretation of the incoming results from the US mid-term elections kept sentimemt in check.

Further, sentiment was also impacted due to nervousness ahead of US CPI data for October. A higher-than-expected print can see the US Fed hike rates more than consensus estimates in its December policy review. That apart, the weekly F&O expiry, back home, was also partly responsible for the overall weak sentiment.

The S&P BSE Sensex closed at 60,614 levels today, down by 420 points or 0.69 per cent. It had hit a low of 60,425.47 during the day.

The NSE Nifty50, on the other hand, fell 121 points, or 0.66 per cent, to shut shop at 18,036. The index breached below the 18,000-mark during the day to hit a low of 17,969.40.

25 of the Sensex constituents, and 39 of the Nifty50 constituents settled in the negative zone led by Tata Motors, Axis Bank, Bajaj Finserv, M&M, Titan, Grasim, Bajaj Finance, Apollo Hospitals, and IndusInd Bank. Hero MotoCorp, HDFC Bank, Kotak Bank, ONGC, Bharti Airtel, and Dr Reddy's Labs, meanwhile, eked out gains up to 2.6 per cent.

Sectorally, all the indices ended in the red with indices falling in the range of 0.3 per cent to 2 per cent.

IPO Update

Five Star Business Finance: The issue struggled to garner investors' interest on the second day as well, getting subscribed by only 8 per cent till 3:30 PM. The issue closes tomorrow.

Archean Chemical: This issue managed to nearly sail through on the second day of the offer with around 90 per cent subscription till 3:30 PM.

Kaynes Technology: This issue, too, walked at snail's pace with just 6 per cent subscription so far on day 1.

4:14 PM

Tech view: Trend may be sideways as long as Nifty hold 18,000

"The benchmark Nifty had started lower and slipped below 18,000 briefly. However, bulls managed to hold the 18,000 mark on a closing basis. The trend may remain sideways as long as it remains above 18,000. On the higher end, 18,300 will continue to act as crucial resistance."

- Rupak De, Senior Technical Analyst at LKP Securities

markets, stock market, sensex, correction, nifty, shares, growth, profit, economy, gain

4:13 PM

COMMENT:: Likely slowdown in US CPI inflation may boost market

"Following sluggish global markets, the cautious mood persisted in the domestic market. Losses on the Dalal Street were led by profit booking in auto and PSU banks, while selling in mid and small caps followed the trend. Investors around the globe are awaiting US inflation data, which is expected to slow for the fourth month, which can have a positive lead."

- Vinod Nair, Head of Research at Geojit Financial Services

Markets, Stock market, sensex, stock market indices

4:08 PM

Axis Bank dips nearly 4% as govt initiates SUUTI's 1.55% stake sale via OFS

Shares of Axis Bank dipped nearly 4 per cent at Rs 841 on the BSE in Thursday's intra-day trade after the government, via Specified Undertaking of the Unit Trust of India (SUUTI), initiated sale of over 1 per cent stake in the company via offer for sale (OFS) route today. READ MORE

4:06 PM

Aurobindo Pharma slumps nearly 12% amid reports of Sarath Reddy's arrest by ED

Shares of Aurobindo Pharma tumbled over 14 per cent to a low of Rs 464.20 on the BSE following reports of arrest of its director Sarath Reddy under sections of the Prevention of Money Laundering Act (PMLA) by the Enforcement Directorate (ED). READ MORE

4:02 PM

Tata Motors sheds 5% on Q2 earnings miss; brokerages divided on outlook

Improving chip supply and cooling commodity prices will aid revenue and margins recovery and hence aim to deliver strong improvements in EBIT and free cash flows in H2 FY23, the company said. READ MORE

4:00 PM

Neuland Labs hits 20% upper circuit after solid Q2; stock at 10-month high

The company reported a record EBITDA margin of 23.6 per cent, led by shift in business mix towards higher margin products as well as various cost optimization initiatives. READ MORE