Sensex, Nifty settle marginally lowers& slump on profit booking

The Sensex fell 25 points to 33,819 while Nifty edged 15 points lower to 10,382.

Stock markets closed almost flat with Sensex and Nifty settling in marginally lower as a profit-booking was seen in the shares of Reliance Industries, Maruti Suzuki and HDFC Bank. A market-wide sell-off was seen across the indices with decreased volatility. The S&P BSE Sensex lost 25.36 points or 0.07% to end the day at 33,819.5 and NSE Nifty settled 14.75 points or 0.14% lower at 10,382.7. The Nifty Next 50 index witnessed a major drag led by a slump in shares of Siemens, Colgate-Palmolive (India), Cummins India, Bharat Electronics, Tata Power, Torrent Pharma, PNB, Idea Cellular, Bank of Baroda, Motherson Sumi Systems, BHEL, LIC Housing Finance, Titan, DLF and SAIL.

During the day, the benchmark Sensex lost as much as 153.3 points to hit the day’s low of 33,691.56 whereas the wider shares indicator Nifty 50 fell below 10,350-mark shedding 56.8 points to hit a day’s low at 10,340.65. Shares of Sun Pharma, Adani Ports, Kotak Mahindra Bank, IndusInd Bank, Yes Bank, M&M and Infosys emerged as the notable gainers on Thursday rising 1-3.5% while decline was seen in the shares of Dr Reddy’s, ONGC, Power Grid, Tata Motors, Maruti Suzuki, Axis Bank, Bajaj Auto, NTPC, Asian Paints, Bharti Airtel, Reliance Industries, ICICI Bank and HDFC.

The volatility indicator on NSE, India Vix shed as much as 6.83% to end at 14.8325. Almost all the broader and sectoral indices settled in red barring Nifty Bank, Nifty IT, Nifty Pharma, Nifty Private Bank, and Nifty Realty. Shares of heavyweight companies such as RIL, Maruti Suzuki, ONGC, Tata Motors, HDFC, Axis Bank, HDFC Bank and ICICI Bank contributed heavily to the index losses. Collectively these eight stocks alone wiped off about 100 points out of the index while a sustained uptick in shares of Kotak Mahindra Bank, Infosys, Sun Pharma, IndusInd Bank, M&M and L&T helped to trim the losses adding 105 points.

Shares of the scam-hit Punjab National Bank slipped as much as 2.9% to a day’s low of Rs 113.7 before selling down 2.09% at Rs 114.65. On the other hand, Gitanjali Gems which was also named by the investigative agencies in Rs 11,400 crore fraud continued the declining streak. The stock of Gitanjali Gems tripped as 4.92% to close at 26.1. Shares of Gitanjali Gems are falling since the day when PNB informed about the unauthorised transactions on 14 February. Over the course of 6 days from then till now, Gitanjali Gems had lost 55.43%. Gitanjali Gems shed 20% on first two days, then 10% on each day from Monday to Wednesday. Today, stock exchanges further revised the circuit limits on the share to 5% to diminish the losses.

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