Stock Market Highlights | Sensex, Nifty 50 witness sharp fall in the last hour led by ICICI and HDFC Bank

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Stock Market Highlights | On April 30, the stock market experienced a significant downturn in the final hour of trading, sliding from its record highs. The Nifty, which had reached an intra-day peak of 22,783, closed in negative territory, while the Sensex dropped by 189 points to 74,483. Profit booking dominated heavyweights like ICICI and HDFC Bank.

Nifty closed 39 points lower at 22,605, with Nifty Bank also slipping by 27 points to 49,397, though the Midcap Index managed to rise by 34 points to 50,868. Seven Nifty stocks, including M&M, Power Grid, Grasim, and Eicher Motors, hit 52-week highs.

REC surged 10% on the back of strong Q4 earnings, while PFC saw a 7% increase. Newgen Soft and Star Health also saw gains of 7% and 2%, respectively, after announcing their Q4 earnings. Manappuram Fin ended positively following SEBI’s approval of the Asirvad Micro IPO. On the other hand, Birlasoft dropped more than 3% due to lower-than-expected Q4 earnings, while IOC fell over 4% due to disappointing Q4 results, with GRM at $8.40 versus an estimated $15/bbl.

SBFC Fin slipped 4% after a stake sale by the promoter group via block deals, while Central Bank and Spandana Sphoorty also declined by 4-7% following their Q4 results.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow