Financial, IT shares drag Sensex 453 pts, ends below 60K; Nifty near 17,850
Closing Bell: Nifty IT fell 2 per cent followed by 0.7-1 per cent cuts each in Bank, Financial, Metal, Realty and Pharma indices. FMCG and Consumer Durables outperformed with fractional gains
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CLOSING BELL
STOCK MARKET HIGHLIGHTS
STOCK MARKET HIGHLIGHTS
Weakness gripped Dalal Street on Friday as equity markets declined for a third straight session registering their first weekly loss of 2023. Investors remained on the sidelines as they awaited a key jobs report in the US due for release later today.
The jobs data will likely dictate market trend in the US as strong job additions could mean continued monetary tightening by the Federal Reserve.
The BSE Sensex sank 683 points to the day's low of 59,670 before closing 453 points lower at 59,900. The NSE Nifty touched a low of 17,796 and eventually pulled back to end 133 points lower at 17,859.
The top laggards that weighed on the benchmark indices were financial and IT shares. TCS, IndusInd Bank, Bajaj twins, Tech M, Kotak Bank, Infosys, Airtel, Tata Motors, Titan and Wipro led losses on Sensex, shedding 1-3 per cent, while JSW Steel was the top Nifty loser.
Handful of index winners included M&M, Reliance, Nestle, ITC, L&T, Britannia, BPCL and ONGC, which closed up to 1 per cent higher.
Besides, broader markets also could not escape the selloff and declined in line with benchmarks. The BSE Midcap and Smallcap indices slipped 0.7 per cent each.
Losses were equally spread across sectors. Nifty IT fell 2 per cent followed by 0.7-1 per cent cuts each in Bank, Financial, Metal, Realty and Pharma indices. FMCG and Consumer Durables outperformed with fractional gains.
Among buzzing stocks, IDBI Bank ended the day with a 8 per cent gain after SEBI allowed the government's stake in the lender to be reclassified as public after divestment. Read here
Shares of Sigachi Industries soared 20 per cent after the pharmaceutical company announced that its board will meet on January 10, 2023 to mull fund raising via preferential issue. Read here
BS Special: Bajaj twins need to sustain these key levels to prevent extended selloff
Bajaj Finance reported its strongest-ever loan book growth in the recently concluded December quarter. Despite this, its share price took a hit and extended losses into Friday’s trade as the assets under management (AUM) growth came below expectations. The broader trend in Bajaj Finance and Bajaj Finserv stocks has turned weak and if both these stocks fail to rebound and overcome key levels, the sell-off could intensify. Read here
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Topics : MARKET WRAP Markets Indian stock market stock market trading Markets Sensex Nifty S&P BSE Sensex Nifty50 stock markets Market news Global Markets Wall Street SGX Nifty Reliance Industries Vodafone Idea IDBI Bank L&T Pokarna Tata Motors
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First Published: Jan 06 2023 | 7:49 AM IST
