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The Indian equity benchmarks resumed decline and ended lower on Dhanteras after a day’s breather in the previous session. The Sensex fell as much as 257 points and Nifty 50 index touched an intraday low of 17,847.60. Reliance Industries, Tata Steel, ICICI Bank, HCL Technologies, Asian Paints, Kotak Mahindra Bank and Tech Mahindra were among the top drags on the Sensex.
The Sensex ended 109 points lower at 60,029 and Nifty 50 index slipped 41 points to close at 17,889.
“Equity markets had a historical journey in Samvat 2077, as it touched new life time highs with Nifty/Sensex surpassing 18k/60k mark for the first time in history. The run up in the market has been driven by a strong global liquidity, containment of COVID-19 cases, significant pickup in vaccination and sharp recovery in corporate earnings. Nifty has given more than 40% returns in Samvat 2077 so far, while Midcaps/Smallcaps have outperformed with returns in excess of 70%/80% respectively. The key themes during Samvat 2077 were high beta, cyclicals and value stocks,” Motilal Oswal – MD & CEO, Motilal Oswal Financial Services said in a statement.
Shares of the Mumbai-based logistics company Allcargo Logistics were locked in 20 per cent upper circuit at Rs 328.95 after it reported September quarter earnings. Allcargo Logistics reported consolidated net profit of Rs 263.39 crore in second quarter of the current financial year compared with Rs 58 crore during the same period last year, marking an increase of 4.5 times of 354 per cent.
Tata Steel was top Nifty loser, the stock fell 2.71 per cent to close at Rs 1,328. Grasim Industries, JSW Steel, Reliance Industries, Hindalco, HCL Technologies, Bharat Petroleum, Tech Mahindra, IndusInd Bank and Nestle India also fell between 1-2 per cent.
On the flipside, Sun Pharma was top Nifty gainer, the stock rose over 2 per cent to close at Rs 831. Sun Pharma reported net profit of Rs 2,047 crore in second quarter of the current financial year, marking an increase of 13 per cent from Rs 1,812.79 crore during the same period last year. Its revenue from operations advanced 12.76 per cent to Rs 9,556.74 crore as against Rs 8,474 crore in the year ago period.
NTPC advanced on commissioning solar power plant in Rajasthan. State Bank of India rose ahead of September quarter earnings. Maruti Suzuki, Tata Consumer Products, Tata Motors, Larsen & Toubro, Bajaj Auto and HDFC were also among the gainers.
The overall market breadth was positive as 1,957 shares ended higher while 1,296 closed lower on the BSE.
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