Monday, December 23, 2024 | 09:33 PM ISTEN Hindi

Sensex sheds 106pts amid volatility; Tata Steel cracks 7%, HUL gains 3%

The BSE Midcap and Smallcap indices ended with heavy losses of over 2 per cent each. Debutant Rainbow Children's Medicare ended a steep discount of 17 per cent to its issue price.

SI Reporter New Delhi

Photo: Bloomberg

The key benchmark indices gyrated between zones on Tuesday as index heavyweights witnessed selective buying, before eventually ending near the lows of the day.

The BSE Sensex recouped early morning losses and rallied to a high of 54,857 only to fall back to the low of the day at 54,226 at the fag end of the trade. The BSE benchmark index finally ended 106 points lower at 54,365. The NSE Nifty was down 62 points at 16,240.

Among the Sensex 30 stocks, Tata Steel slumped over 7 per cent to Rs 1,162. Metal as a sector has witnessed strong selling pressure after the Metal index hit an historic high in April 2022. Click here for a chart check on select metal stocks.

Sun Pharma, NTPC, Titan, Reliance Industries and Bajaj Finance were the other major Sensex losers. On the postive side, Hindustan Unilever gained 3 per cent. Asian Paints, IndusInd Bank and UltraTech Cement were the other major gainers, up over 2 per cent each.

The broader market ended with heavy losses. The BSE Midcap and Smallcap indices were down over 2 per cent each. The overall breadth too was extremely negative - with nearly three declining stocks for every advancing share on the BSE.

Sectorally, the BSE Metal index slumped 5.6 per cent. The Power index tumbled over 4 per cent. The Power, Energy and Realty indices were down 2-3 per cent each.

Shares of debutant Rainbow Children's Medicare (RCML) listed at Rs 506 on the BSE - a 7 per cent discount when compared with its issue price of Rs 542 per share. The stock touched a high and low of Rs 519.35 and Rs 421, respectively, before ending Day 1 at Rs 450 a huge 17 per cent discount to its issue price. READ MORE

Primary Market Update

Prudent Corporate Advisory Services IPO was off to a slow start. The issue was subscribed up to 32 per cent as of 03:30 PM on Day 1 of the offer period. The retail investors category received maximum bids, up to 64 per cent of the reserved portion.

Delhivery IPO opens for subscription tomorrow. Here's what brokerages say about the issue. READ MORE

4:08 PM

Market view: S Ranganathan, Head of Research at LKP Securities

A weakening rupee despite forex swaps by the Central Bank failed to lift IT stocks even after good deal wins and management commentary post-earnings. FMCG stocks saw investor interest today as Bulls attempted to halt the famous adage - Sell in May & Go Away. The Metal Index however played spoilsport for the Bulls and dropped over 5% today in Afternoon Trade led by Aluminium and Steel. The indices in no way represented the damage done today in the broader markets with the Advance-Decline ratio describing the weak undertone.

4:05 PM