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Market at Close | Sensex, Nifty fall for 3rd straight session, wipe out ₹10 lakh crore market cap in 3-days
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The 30-share BSE Sensex declined 383.69 points or 0.52% to settle at 73,511.85. The NSE Nifty dipped 140.20 points or 0.62% to finish at 22,302.50.
The equity benchmark indices Sensex and Nifty extended their decline for the third consecutive day, erasing ₹10 lakh crore in market capitalisation over the course of just three trading sessions.
The 30-share BSE Sensex declined 383.69 points or 0.52% to settle at 73,511.85. The NSE Nifty dipped 140.20 points or 0.62% to finish at 22,302.50. The Nifty Bank and Midcap Index also witnessed sharp declines, slipping by 610 points and 988 points respectively.
The downturn was exacerbated by weakness in sectors such as metals and autos, which dragged down the overall market performance. However, the IT and FMCG sectors provided some respite, lending support amidst the broader sell-off.
Broader market indices witnessed significant underperformance compared to the benchmarks, with the Midcap Index experiencing its worst day in two months. An overwhelming 88 out of 100 stocks in the Midcap Index closed in the red, with individual stocks plummeting by as much as 6%.
From the Sensex basket, Hindustan Unilever, Tech Mahindra, Nestle India, Tata Consultancy Services, ITC, Infosys and Wipro were the major gainers. Power Grid Corporation Of India, IndusInd Bank, Tata Motors, HCL Technologies, NTPC and Tata Steel were the biggest laggards.
Lupin saw a 4% drop after missing revenue expectations in both the Indian and US markets. Meanwhile, Voltas slipped by 4% ahead of its earnings report. The real estate sector continued to face profit booking, with DLF witnessing another 4% decline today. Titagrah Rail emerged as a rare gainer in the market turmoil, surging by 10% after a leading brokerage firm initiated an overweight call on the stock.
The Nifty FMCG rose by 2%, led by gains in heavyweights such as HUL, Britannia, Nestle, Marico, Godrej Consumer, and Dabur. Gujarat Fluorochemicals’ commentary on product pricing weighed on SRF, dragging the stock down by 7%.
Similarly, a miss on volume estimates by Gujarat Gas impacted city gas companies, resulting in stock declines ranging from 1% to 6%. Market breadth heavily favoured declines, with the advance-decline ratio skewed at 1:3.
The Foreign Institutional Investors (FIIs) emerged as net sellers, offloading equities worth ₹3,668.84 crore. Conversely, Domestic Institutional Investors (DIIs) turned into net buyers of equities worth ₹2,304.50 crore.
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