Six-day winning streak halted by Sensex, Nifty; auto, energy stocks fall
Energy, auto, and pharmaceutical companies pulled down Indian market indices on Monday, interrupting their six-day winning streak and causing them to close down.
Energy, auto, and pharmaceutical companies pulled down Indian market indices on Monday, interrupting their six-day winning streak and causing them to close down. Following a weaker-than-anticipated earnings report for the June quarter, index heavyweight Reliance Industries fell more than 3% today, highlighting the potential of a worldwide recession that might harm oil refining profits.
The NSE Nifty slipped 88 points or 0.53 percent lower to conclude at 16,631 Thursday, while the 30-share BSE Sensex dropped 306 points or 0.55 percent to close at 55,766.
The Nifty Midcap 100 and small-cap shares both ended the day on a shaky note, falling 0.09 percent and 0.58 percent, respectively.
The National Stock Exchange’s 15 sector gauges, which were 13 out of 15, finished in the negative. The NSE platform underperformed the sub-indices Nifty Oil & Gas, Nifty Auto, and Nifty Pharma, which saw declines of up to 1.36 percent, 1.67 percent, and 1.02 percent, respectively.
Nifty Metal and Nifty IT, on the other hand, had increases of up to 1.42 and O.17 percent, respectively.
The top Nifty loser in terms of individual stocks was M&M, whose share price fell 3.99% to 1,134. ONGC, Maruti, Eicher Motors, and Reliance Industries were all among the backwards.
1,514 shares rose and 1,909 fell on the BSE, resulting in a negative market breadth overall.
M&M, Reliance, Maruti, Tech Mahindra, UltraTech Cement, Nestle India, Dr. Reddy’s, Bajaj Finserv, Hindustan Unilever, PowerGrid, and Sun Pharma were among the top losses on the 30-share BSE index, with their shares falling as much as 3.80%.
Additionally, after a 2021 IPO, a one-year lock-in period for promoters, staff, and other investors came to an end, causing shares of meal delivery service Zomato to drop 11.37 percent to 47.55.
The largest domestic financial investor and insurer in the nation, Life Insurance Corporation of India (LIC), too had a 0.70 percent decline to close at 684.15 rupees.
Tata Steel, IndusInd Bank, Asian Paints, HCL Technologies, Wipro, NTPC, SBI, L&T, HDFC, ITC, HDFC Bank, Titan, and ICICI Bank, on the other hand, all had positive results.