Sensex down for 2nd day, dips 365 pts; Nifty near 19,400; all but PSBs fall
CLOSING BELL ON AUGUST 11, 2023: 14 out of the Sensex 30 stocks declined over a per cent each, while HCL Tech gained 3 per cent on Friday.
SI Reporter New Delhi
Stock Market Highlights: The key benchmark indices extended losses on Friday as investors preferred to stay on the sidelines ahead of the key inflation data on Monday.
The RBI, while holding rates steady in the policy review, had revised its inflation forecast upward to 5.4 per cent for FY24, and said it expects a ‘substantial increase’ in headline inflation in the near term due to the recent spike in vegetable prices.
The S&P BSE Sensex ended near the lows of the day, down 365.53 points at 65,322.65 dragged by weakness in private banking, pharma and metal shares. In the process, the BSE benchmark ended the week with a loss of 398 points.
Meanwhile, the NSE Nifty 50 shed 115 points to settle at 19,428 on Friday.
Among the Sensex 30 shares 14 stocks declined over a per cent each. IndusInd Bank and NTPC slipped over 2 per cent each. Tech Mahindra, Bajaj Finance, Sun Pharma, Hindustan Unilever, Asian Paints, JSW Steel, Infosys, Wipro, Bajaj Finserv, HDFC Bank, Nestle and ICICI Bank were the other p prominent losers, down 1 – 2 per cent each. On the other hand, HCL Technologies rallied 3 per cent on inking $2.1 billion deal with Verizon. Power Grid Corporation of India and Titan were the other visible gainers.
The broader indices also turned negative towards the end of the day. The Nifty MidCap index slipped 0.5 per cent, while the SmallCap was down 0.2 per cent.
Sectorally, the Nifty Media index plunged nearly 2 per cent, and the Pharma index shed 1.5 per cent. Nifty Private Bank and FMCG indices were the other loser losers. The Nifty PSU Bank index was the sole gainer, up 1.3 per cent.
That apart, shares of companies that were either added or deleted to/from the MSCI India and SmallCap indices as part of the MSCI Global Standrd Indices review for August 2023 were in focus on Friday. Supreme Industries, REC and Sula Vineyards were among the top movers. READ MORE
Primary Market Update
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First Published: Aug 11 2023 | 12:00 PM IST