Sensex Nifty fall adfter 7-day winning streak; Paytm shares down 19% and SpiceJet up 20%
Benchmark stock market indices fell on Thursday ahead of the Reserve Bank of India’s (RBI) policy review after rallying for seven consecutive sessions.
The S&P BSE Sensex fell 132.04 points to 69,521.69, while the NSE Nifty 50 settled 36.55 points lower at 20,901.15. Broader market indices also ended the day on a weak note, in line with the benchmark indices.
It may be noted that the Nifty 50 has gained over 5.7 per cent in the past seven sessions and hit record high levels. The Sensex, too, has experienced significant gains, and is less than 500 points away from hitting 70,000.
Major sectoral indices such as Nifty Financial Services and Nifty IT ended in the red, while Nifty Bank settled marginally higher. Nifty Auto, Nifty Pharma, Nifty Media and Nifty Oil & Gas were among the gainers.
The top five gainers on the Nifty 50 were Adani Ports, Power Grid, Ultratech Cement, Cipla and NTPC. ON the other hand, the top losers were Bharti Airtel, HUL, Apollo Hospitals, ONGC and Tata Steel.
Among individual stocks, Paytm’s parent firm One97 Communications Ltd tumbled 18.74 percent on the company’s plan to scale back on low-value personal loans after the Reserve Bank of India (RBI) tightened consumer lending rules.
On the other hand, IRCON International fell 6.28 per cent after the company said the government will sell up to an 8 per cent stake over the week, at a discount of 10.5 per cent to Wednesday’s close.
Meanwhile, SpiceJet shares climbed 19.99 per cent after reports indicated that the airline is likely to raise Rs 1,000-1,200 crore through issue of shares.
Shrey Jain, Founder and CEO SAS Online, said, “After a seven-day winning streak, benchmark indices experienced a decline in the midst of heightened volatility. Upon closing, the Sensex recorded a decrease of 132.04 points or 0.19 percent, settling at 69,521.69, while the Nifty saw a decline of 36.50 points or 0.17 percent, closing at 20,901.20.”
“The market trend is still positive and showing respect to the support levels at 20,850 for Nifty and 46,500 for Bank Nifty. These support levels offer strategic buying opportunities during market downturns, such as the dip observed today. The market attention has now shifted to the forthcoming monetary policy outcomes, scheduled to be disclosed on Friday,” he added.
