Stock Market ends in the red; Sensex loses 500 points
The Indian stock market ended in the red on Tuesday, with the Nifty falling below the 23,900-mark and the Sensex dropping nearly 500 points.
The stock market on Wednesday saw a sharp rebound from the day’s lows. Sensex rose 550 points from the day’s low and Nifty traded above the 24,700 level.
At close, Sensex ended with a gain of 410 points, or 0.51%, at 80,567.71, while the Nifty 50 rose 135 points, or 0.55%, to settle at 24,715.05.
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The BSE Midcap index rose 0.63%, while the Smallcap index jumped 0.90%. The overall market capitalisation of BSE-listed firms rose to nearly Rs 453 lakh crore from Rs 450 lakh crore in the previous session.
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Among the sectors, almost all indices ended higher, except for Nifty IT which was down 0.74% and Media, down by 0.04%. The metal index surged 3.11%, while Pharma, Healthcare, and PSU Bank indices rose by over a per cent each.
Nifty Bank jumped 0.76%, while the Financial Services index rose 0.62%. Nifty Metal index closed trading 3.1% higher at 9,676 amid China’s anti-involution campaign to curb excess capacity and price wars in energy and solar supply chains.
Shares of Yes Bank jumped 2% after the Competition Commission of India (CCI) cleared Japan’s Sumitomo Mitsui Banking Corporation’s (SMBC) proposal to acquire up to 24.99% stake.
Around 126 stocks hit their 52-week high while 64 stocks touched 52-week lows.
Those on highs included Bosch Ltd, CCL Products (India) Ltd, Dalmia Bharat Ltd, Delhivery Ltd, HBL Engineering Ltd, India Cements Ltd, L&T Finance Ltd, Maharashtra Scooters Ltd, Manappuram Finance Ltd, Maruti Suzuki India Ltd, FSN E-Commerce Ventures Ltd (Nykaa), One 97 Communications Ltd (Paytm), Radico Khaitan Ltd, RBL Bank Ltd, TVS Motor Company Ltd, and Zydus Wellness Ltd.
While on the lows were notable mentions Deepak Nitrite Ltd, Indus Towers Ltd, Sri Lotus Developers and Realty Ltd, Maral Overseas Ltd, Regaal Resources Ltd, and Vikram Solar Ltd.
A significant meeting is being convened by the GST Council in New Delhi for two days to deliberate on the proposed reduction of tax rates to 5% and 18%. FMCG and consumer durable sectors were trading higher as the consumption-boosting tax cuts are expected on a range of goods.
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