BSE stocks such as Apollo Tyres, Anand Rathi Wealth, TVS Srichakra are among 90 stocks that touched their respective one-year high levels on Wednesday, despite overall weakness in the domestic benchmarks.
Indian equity benchmarks fell sharply in afternoon deals, dragged by banking, financial and information technology stocks. BSE and NSE barometers extended their fall for the second straight day after logging gains in the initial two sessions of 2023.
On BSE, 90 stocks hit their 52-week high-level today, while 25 recorded their one-year lows. The overall market breadth stood weak as 1,923 shares were seen declining while 1,456 were advancing.
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Bajaj Finance, ICICI Bank, Infosys, Bajaj Finserv, HDFC twins (HDFC and HDFC Bank), Axis Bank, Reliance Industries, Infosys, Tata Consultancy Services (TCS) and Titan pulled the BSE index lower today.
That said, 184 stock touched their upper circuit levels today, while 123 hit their respective lower price bands.
On NSE, Yes Bank, Suzlon, Vodafone Idea, PNB, Tata Steel, Indian Overseas Bank, IRFC, Godha Cabcon & Insulation, South Indian Bank and Bank of Maharashtra were the most active stocks, in terms of volume.
In terms of value, Bajaj Finance, Reliance (RIL), Infy, Bajaj Finserv, HDFC twins, Tata Steel, TCS and Axis Bank were the most active.
Nine out of the 15 Nifty sub-indices plunged today. Nifty Financial, Nifty Bank and Nifty IT were the worst-performing sub-indices today, falling 1.36 per cent, 0.98 per cent and 0.65 per cent, each.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, the US Federal Reserve minutes were distinctly hawkish, with the message that a restrictive policy stance would need to be maintained until the incoming data provided confidence that inflation was on a sustained downward path to 2 per cent.
Further, foreign institutional investors sold Rs 2,620.89 crore worth of equities on a net basis on Wednesday, while domestic investors bought about Rs 773.58 crore worth of shares, as per provisional NSE data.
“In India, the near-term challenge to the market comes from the sustained selling by FIIs who sold Rs 2,620 crore equity in the cash market yesterday,” Vijayakumar added.
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In contrast, Asian markets were seen trading on a higher note today.
