Stock market ends lower amid selling in select heavyweights
At the close, the Sensex was 142 points, or 0.19%, lower at 75,867.80, while the Nifty 50 settled with a nominal loss of 7 points, or 0.03%, at 23,907.15.
Stock market showed healthy signs of recovery on Monday after posting a weekly losing streak of six weeks. Sensex reclaimed 80,000-mark by rising nearly 750 points while Nifty closed trading above the milestone of 24,550.
Sensex closed 746.29 points or 0.93% higher at 80,604.08, and the Nifty ended 221.75 points or 0.91% higher at 24,585.05.
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During the day, about 2,136 shares advanced, 1,867 shares declined, and 161 shares were unchanged.
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The BSE Midcap and Smallcap indices ended 0.79% and 0.35% higher, respectively. The overall market capitalisation of BSE-listed firms rose to nearly Rs 444 lakh crore from Rs 440 lakh crore in the previous session.
Among the sectors, except consumer durables, all other indices ended in the green with pharma, metal, auto, oil & gas, PSU Bank and realty up 0.5-2%.
Shares of defence companies recorded strong gains, pushing the Nifty Defence index up nearly 1.3%, snapping a three-session losing streak.
Oil Marketing Companies (OMCs) such as Hindustan Petroleum, Bharat Petroleum, and Indian Oil recorded gains after the government approved a compensation package of Rs 30,000 crore for the under-recoveries on LPG.
HBL Engineering stood out as the stock surged 13.2% after the company posted stellar quarterly performance. DOMS gained 11.5%, Sai Life Sciences rose 7%, Transformers & Rectifiers climbed 7%, Craftsman Automation rose 5.2%, Home First Finance jumped 6.38%.
Some of the other key performers were PB Fintech, One97 Communications, and Swiggy rallied up to 5.5% while JM Financial, Kalpataru Projects, Afcons Infrastructure, Godawari Power & Ispat, Adani Enterprises, Sarda Energy & Minerals, Tube Investments of India, Indian Bank posted gains between 3% and 4.9%.
Those on the losing side were PG Electroplast ending 14.1% lower, Amber Enterprises falling 6%, Action Construction Equipment lost 6.5%, while PTC Industries, Schneider Electric, International Gemological Institute, Voltas, Jyoti CNC Automation, Sonata Software, Ipca Laboratories, Welspun Living, Titagarh Rail Systems ended the session with losses ranging between 2% and 5.6%.
Shares of the largest public sector lender, State Bank of India, gained by two percent after reporting steady June quarter results.
Voltas fell 8% after its June-quarter results missed Street expectations. Shares of Manappuram Finance fell 3%.
In Asian trade, oil prices fell, extending declines of more than 4% last week amid investors awaiting the outcome of talks between the US and Russia. Brent crude futures fell 33 cents, or 0.5%, to $66.26 a barrel by 0430 GMT, while U.S. West Texas Intermediate crude futures were down 39 cents at $63.49.
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