Benchmark equity indices BSE Sensex and NSE Nifty extended their fall for the second straight session on Wednesday following mixed global cues. The 30-share index Sensex settled 314 points, or 0.52 per cent, down at 60008.33, while the 50-share Nifty closed 100.55 points, or 0.56 per cent, lower at 17,898.65.
However, as many as 15 stocks in the Business Today top 50 list ended in the green despite the weakness in the domestic equity market. With a gain of 2.36 per cent, Asian Paints emerged as the top gainer in the list. The scrip closed higher by Rs 74.25 at Rs 3,225.95. Asian Paints hogged momentum amid reports that the company is mulling another round of price hike from December 5.
Other players including Maruti Suzuki, SBI Life Insurance, Tata Motors, NTPC, ITC, Power Grid, Tech Mahindra and Hindustan Zinc also advanced between 1 per cent and 2.50 per cent.
Ajit Mishra, vice president-research, Religare Broking said, “Profit taking in the final hours pushed the index in red on Wednesday. Feeble global cues are also weighing on sentiment and there’s nothing much to cheer on the domestic front as well. Indications are in the favour of further slide but the pace would be gradual.”
He further added that the Nifty has next support at around 17,800-17,700 zone. In case of a rebound, 18,000 would act as a hurdle.
BT50 stocks are the top players from the BT500 universe. These players are ranked based on the gain in their 12-month average market capitalisation between October 2020 and September 2021 against the same period a year ago.
Commenting on Wednesday’s movement, Vinod Nair, head of research, Geojit Financial Services said, “UK’s rising annual inflation rate reported at 4.2 per cent in October from 3.1 per cent a month ago. It has begun to sour investor moods, adding to the existing inflationary worries. The surge in fresh Covid cases is keeping global investors on the edge fanning fears of an economic slowdown.”
Bajaj Finance, State Bank of India, ONGC, Wipro, Bajaj Finserv and TCS also gained between 0.15 per cent and 0.75 per cent. On the other hand, energy-to-telecom behemoth Reliance Industries (RIL) declined 2.19 per cent to Rs 2,462.80. It was followed by Britannia Industries (down 2.04 per cent), Indian Oil Corporation (down 1.95 per cent), Axis Bank (down 1.95 per cent) and Coal India (down 1.89 per cent).
Divi’s Labs, Kotak Mahindra Bank, SBI Cards, Adani Ports and Shree Cement also declined up to 1.60 per cent.
Sector wise, the BSE Power and Auto indices gained 0.63 per cent and 0.61 per cent, respectively. Healthcare (up 0.24 per cent) and FMCG (up 0.05 per cent) also ended in positive.
“The auto sector is in focus as reports suggested relief in chip and semi-conductor shortages,” Nair said.
