Sensex tumbles 284 pts, Nifty below 18,800; Bajaj Fin, TaMo fall 2%, RIL 1%

Closing Bell on June 22, 2023: The S&P BSE Sensex hit a fresh record high of 63,602 in intra-day trades on Thursday

SI Reporter New Delhi

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Stock Market Highlights: After hitting fresh record high of 63,602 in intra-day trades on Thursday, the benchmark S&P BSE Sensex tumbled to a low of 63,200.6 before closing at 63,239, down 284 points or 0.45 per cent.

The NSE Nifty50, meanwhile, missed hitting a fresh record high by just 1 point as it halted its intra-day rally at 18,886.6. The index settled at 18,771, down 86 points or 0.45 per cent. It hit an intra-day low of 18,760.

Bajaj Finance, Tata Motors, Tata Consumer Products, Asian Paints, Power Grid, NTPC, Nestle India, SBI Life, Infosys, Cipla, UPL, Grasim, Reliance Industries, IndusInd Bank, and Britannia Industries were the drags on the frontline index, falling between 1 per cent and 2.4 per cent.

Among sectors, the Nifty PSU Bank index came under heavy selling pressure as it fell 1.67 per cent. On the upside, the Nifty Metal index managed to rise 0.05 per cent.

In the broader markets, the BSE MidCap and SmallCap indices trailed frontline indices as they fell 1 per cent and 0.64 per cent, respectively.

IPO Alert :: HMA Agro

The three-day issue of HMA Agro was subscribed 95 per cent till 3:30 PM on the last day of the offer. The non-institutional investrors' quota was subscribed 1.85 times, while that of qualified institutional buyers (QIBs) and retail was subscribed 100 per cent and 51 per cent, respectively.

3:58 PM

COMMENT:: Fears of potential rate hikes in US weighs on market sentiment

"The domestic market is currently witnessing increased volatility as it hovers around its historical peaks. This heightened volatility has also affected mid- and small-cap stocks, which have shown resilience. Moreover, the weak global indicators have had an impact on the domestic market, as they experienced declines following concerns of potential rate hikes, prompted by comments from the Fed chair regarding the fight against inflation."

- Vinod Nair, Head of Research at Geojit Financial Services

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