Closing Bells: Indian Benchmark Indices End Lower Amidst Volatility
Benchmark index negative

Indian stock market indices ended lower in a volatile session on Tuesday. The BSE Sensex dropped by 236 points to close at 54,052.61 points, while the Nifty 50 fell by 89.55 points to slide below 16,150 points. Bear gripped the stock markets with the IT, Pharma, Power, FMCG, metal and realty indices falling by 1% to close in the red. 

Rising interest rates and soaring inflation impacted global markets, leading to unease over a slowing economy. However, all major sectors in the domestic market fell under the pressure of a volatile market, with IT, Pharma and Metals dragging the Sensex down. However, the automobile sector stood firm amidst the fall of other significant sectors riding on the back of the fuel price cut and a rise in the customs duty on steel. 

BSE Midcap Index fell by 0.85%, while the smallcap index lost 1.14%. Moreover, 1005 shares advanced, 2220 shares declined, while 121 shares remained unchanged for the day. However, stock markets continued to swing throughout the day because of a lack of fresh triggers for a decisive move. 

The Nifty was powered by Dr Reddys Labs, which surged by 1.97%. It was followed by HDFC, Kotak Mahindra Bank, Powergrid and HDFC Bank, which rose 1.70%, 1.44%, 1.42% and 1.23%, respectively. Moreover, the BSE Sensex was ably supported by Dr Reddys Labs, HDFC, Kotak Mahindra Bank, HDFC Bank and Nestle India which rose by 1.8%, 1.63%, 1.35%, 1.23% and 1.17%, respectively. 

The top losers on the NSE were Divis Labs, Tech Mahindra, Grasim, HUL and Hindalco, which fell by 6%, 4.02%, 3.87%, 3.05% and 2.82%, respectively. Moreover, the top losers on the BSE were Tech Mahindra, HUL, HCL Tech, Asian Paints and NTPC, which fell by 3.92%, 2.98%, 2.57%, 2.33% and 2.10%, respectively. The Nifty Pharma Indices and the Nifty IT lost 2% and 1.4%, respectively. However, the Nifty Financial Services Index bucked the trend gaining 0.4%. 

Delhivery, the logistics and supply chain startup, saw a muted listing at around a 2% premium above its IPO issue price. It listed at Rs 495 on the NSE against the IPO issue price of Rs 487. However, its shares rose by nearly 10% to Rs 540 in early deals even though retail investors barely participated in the IPO. Moreover, market experts had predicted a weak listing for the company’s shares, citing lack of enthusiasm from the investor community.

For any clarifications/feedback on the topic, please contact the writer at cleyon.dsouza@cleartax.in

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