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Market at Close | Sensex, Nifty fail to hold opening gains, ends at day’s low
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The Sensex and Nifty relinquished their morning highs and plunged to their day’s lows, with Sensex shedding 609 points to settle at 73,730, and Nifty dropping 150 points to end at 22,420.
The equity benchmark indices Sensex and Nifty experienced a rollercoaster ride on Friday (April 26) as they failed to sustain the early gains, closing the session on a downbeat note.
The Sensex and Nifty relinquished their morning highs and plunged to their day’s lows, with Sensex shedding 609 points to settle at 73,730, and Nifty dropping 150 points to end at 22,420. The Nifty Bank index also faced a significant setback, slipping 294 points to 48,201, while the Midcap Index defied the trend, surging 396 points to a historic high of 50,624.
IndusInd Bank, Nestle, Kotak Mahindra Bank and Mahindra & Mahindra were among the other laggards. Wipro, ITC, UltraTech Cement, Titan and Axis Bank were among the gainers. Bajaj Finance and Bajaj Finserv took a hit, sliding 8% and facing disappointment over their Q4 earnings performance. Similarly, IndusInd Bank stumbled on mixed Q4 results, while subdued guidance weighed down Larsen & Toubro Technology Services (LTTS).
Despite initial gains post-earnings, Nestle and ACC faltered, each slipping 2%, unable to hold onto their early momentum. However, Tech Mahindra witnessed substantial buying activity following its in-line Q4 results and optimistic guidance.
In the midst of market turmoil, Divi’s Laboratories announced plans to establish a new manufacturing plant, boosting its stock by 5%. Shriram Finance managed to eke out minor gains amid the volatility, although its Q4 earnings report presented a mixed picture.
Vodafone Idea, after initially grappling with losses, managed to reverse its trajectory and closed 1% higher following block deals worth ₹2,063 crore. Meanwhile, among the midcap gainers were GMR Airports, Coromandel International, Container Corporation of India (CONCOR), Dixon Technologies, and Havells India. Despite the overall downturn, market breadth favoured advances, with an advance-decline ratio standing at 1:1.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory. European markets were trading in the green. Wall Street ended lower on Thursday. Global oil benchmark Brent crude climbed 0.31% to $89.29 a barrel. The rupee declined 7 paise to close at 83.35 (provisional) against the US dollar on Friday.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,408.88 crore and Domestic Institutional Investors (DIIs) ₹4,356.83 crore on Friday.
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