0

0

0

0

0

0

0

0

0

Closing Bell: Sensex sheds 372 points as market extends losses to 3rd day; weak debut for Paytm

Mini

The Sensex and Nifty50 indices took their losses to the third day in a row, dragged by weakness across sectors led by IT, financial and auto shares.

Closing Bell: Sensex sheds 372 points as market extends losses to 3rd day; weak debut for Paytm
Indian equity benchmarks tumbled on Thursday amid weak global cues, extending losses to a third straight day. Selling pressure across sectors, led by IT, financial and auto shares, pulled the headline indices lower, though strength in select heavyweights such as HDFC Bank, Reliance Industries and SBI lent some support.
The 30-scrip index fell 372.3 points or 0.6 percent to end at 59,636 and the broader Nifty50 benchmark settled at 17,764.8, down 133.9 points or 0.8 percent from its previous close.
Tata Motors, Mahindra & Mahindra, Tech Mahindra, HCL Tech, Larsen & Toubro, Eicher Motors, Tata Steel, IndusInd Bank and Hero MotoCorp -- closing between 2.4 percent and 3.8 percent lower -- were the worst hit among the 43 laggards in the Nifty50 pack.
On the other hand, SBI, Indian Oil, HDFC Bank, Power Grid and Reliance Industries -- ending between 0.4 percent and one percent higher -- were among the top blue-chip gainers.
Digital payments platform Paytm's parent, One97 Communications, made a weak debut in the secondary market. The stock ended at Rs 1,564.2 apiece on BSE, a 27.3 percent discount compared with the issue price of its IPO.
"The weak listing of India’s largest IPO and soft global market amid rising inflation woes impacted domestic sentiment," said Vinod Nair, Head of Research at Geojit Financial Services.
Vedanta shares ended 8.5 percent lower a day after the mining company said it is mulling a complete overhaul of its corporate structure.
The Escorts stock jumped 10.6 percent to a record high after the farm machinery company said its Japanese partner Kubota Corporation would acquire an additional 5.9 percent stake in it for Rs 1,873 crore.
Broader markets weakened, with the Nifty Midcap 100 index falling 1.4 percent. The smallcap gauge fell 1.6 percent.
Tata Power, JSW Energy, Zensar and GNFC -- closing 5-8.8 percent lower -- were among the top losers in the midcap and smallcap indices. Dhani, VBL, Tanla and Trident -- rising between 2.3 percent and six percent -- were among the top gainers.
Almost 430 shares in the BSE 500 index -- the broadest barometer on the bourse -- ended with cuts.
Technical view
Resistance for the 50-scrip index is expected in the 17,900-18,000  band and immediate support lies at 17,500, according to Ajit Mishra, VP-Research at Religare Broking.
"We reiterate our cautious view on the market given the feeble global cues. Besides, the charts are indicating the prevailing corrective move to extend further... Traders should limit leveraged positions and maintain a few shorts," he said.
Global markets
European shares hovered near record levels on Thursday, fuelled by strong earnings. The pan-European Stoxx 600 index turned flat after rising as much as 0.1 percent.
S&P 500 futures up up 0.3 percent, suggesting a positive start ahead on Wall Street.
Note To Readers

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

next story