A break in the advance: Sensex slips – Mumbai Samachar

by Ana Lopez

(From Trade Representative)
MUMBAI: Sensex snapped a two-day rally amid weak cues from global markets, with selling pressure particularly high in metal, energy stocks. Equity benchmark Sensex fell 123 points on Friday due to selling pressure in metal and energy stocks amid bearish trend in global equity markets. In the last session of the week, Paytm’s shares fell by nine per cent while Adani Enterprises’ shares fell by five per cent.
Rising crude oil prices and continued selling by foreign investors had a negative impact on market sentiment, market instruments said. Ending its two-day rally, the 30-share Sensex closed down 123.52 points or 0.20 percent at 60,682.70 points. During the session, the index touched a high of 60,774.14 points and a low of 60,501.74 points. The broad-based National Stock Exchange’s benchmark Nifty index fell 36.95 points or 0.21 percent to settle at 17,856.50 points.
HCL Technology was the top loser on the Sensex chart with a fall of 2.79 percent, followed by Tata Steel, ICICI Bank, Reliance Industries, ITC, Wipro, Infosys and M&M in that order. In contrast, Tata Motors, L&T, Bharti Airtel, HDFC Bank and SBI were among the top gainers as they advanced up to 2.05 per cent. In the broader market, the midcap gauge gained 0.04 percent, while the smallcap index advanced 0.48 percent.
Stock oriented operations are seen based on corporate results. OK Play India Limited, engaged in the manufacturing of plastic molded toys, school furniture, outdoor play materials, infrastructure and automotive units, point of purchase products and e-vehicles, in the third quarter of FY2023 at Rs. 47 crores, which is Rs. 27.28 crore showing an increase of percent against Similarly, the same quarter last year recorded Rs. 2.26 crore against a loss of Rs. 4.48 crores has been recorded as a net loss. Similarly, in the first nine months of FY2023, with an increase of 113.62 percent, Rs. 128.32 crores income has been registered. Ebitda increased by 198.47% quarter-on-quarter to Rs. 11.7 crores and with an increase of 327.20% on a nine month basis to Rs. It reached the level of 22.77 crores. This session saw heavy selling in metal, energy, oil-gas, power IT, techno stocks while buying in consumer durables, capital goods, auto and pharma stocks. The midcap and smallcap indices closed up 0.04 percent and 0.48 percent respectively. Among the major stocks in the Nifty today, Tata Motors shares rose 1.75 percent. Other key stocks that closed in the green zone today include UPL, Cipla, Hero MotoCorp and HDFC Life. On the other hand, shares of Adani Enterprises recorded the biggest fall in Nifty today by 3.78 percent. Other major stocks closing in the red zone on the Nifty include HCS Techno, Hindalco, Tata Steel and Coal India.
Elsewhere in Asia, Shanghai and Hong Kong bourses slipped into negative territory with losses, while Tokyo and Seoul bourses improved. Equity exchanges in Europe were reported to be in the negative zone till the afternoon session. US markets were stuck at significantly lower levels in the overnight session. In the forex market, the rupee closed at 82.55 against the US dollar on Friday by four paise.

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