Indian indices: Sensex falls 435 points on profit bookings in the duo HDFC, RIL; Nifty ends below 18K

Indian indices finished near the day’s low after a weak start on Tuesday, dragged down by heavyweights and a lack of indices from other Asian markets, many of which were closed for a public holiday. A day after the HDFC twins’ blistering run on merger news, some traders resorted to booking profits, and HDFC and scrips fell more than 2-3%.

Renewed inflation concerns from rising global crude prices have also shaken investor confidence.

After a lackluster session, the 30-pack Sensex shares fell 435.24 points or 0.72% but managed to close above the 60,000 mark. Its broader counterpart NSE Nifty fell 96 points or 0 .53%, to close at 17,957.

Top performers and laggards

Benchmarks recorded the worst day in more than two weeks, dragged down by weakness in financial meters. While auto stocks gained, bank stocks fell in the past hour.

Among the Sensex names, HDFC Bank was the biggest loser, losing more than 3%. Bajaj Finserv, HDFC, Kotak

Bank, , Bajaj Finance and other stocks that ended in cuts.

On the contrary, energy stocks defied the market mood and emerged as the biggest winners, with NTPC and Power Grid up more than 2% each.

TCS, ITC, Nestlé and HCL Tech were other stocks to end with gains in a choppy session.

“Major indices took a breather after yesterday’s rally and as the global market moderated. But the broader market continued its positive trend. Mid and small caps became attractive after the consolidation of the 5 to last 6 months. Such a trend of outperformance can be expected with volatility in the short to medium term as war, rate hikes and inflation are factored into the current market price,” said Vinod Nair of Geojit Financial Services.

The market at a glance:

  • Ramkrishna Forgings rose 7.25% after the company received its largest recent export order worth Rs 1,350 million.
  • Tata Power jumped 8% to a record high after the firm’s arm commissioned a 160-megawatt solar project in Jetstar, Rajasthan.
  • Adani Power surged 10% to hit a new high after 32 lakh changed hands.
  • TCS jumped more than 1% to a six-week high thanks to a strategic partnership with Payments Canada.
  • fell 2.5% after CCI announced an investigation into Zomato and Swiggy.
  • jumped more than 3.5% on the back of increased orders.

Sector matrix

Although the benchmarks halted their 2-day winning run, the broader indices outperformed their larger counterparts, with mid and small cap Nifty adding around 1.38% and 0.85%. The nifty small cap index gained for the 6th session in a row, with more than 60% of stocks ending in the black.

Six of 15 sector indices – compiled by the NSE – fell, with Nifty Bank and Nifty Financial Services dropping as much as 1.47% and 1.58%. On the other hand, the FMCG, auto and consumer durables indices gained more than 1-2% each. Power-exposed stocks also rose, with Polycab and Havells among the top gainers.

Index statistics

The breadth of the market was in favor of the winners, the lead-lower ratio was 2:1, according to BSE.

About 2,306 stocks advanced, 1,102 stocks declined and 99 stocks remained unchanged. 173 stocks tested their 52-week highs during the session, while 10 others tested their 52-week lows.

Global Markets

The Shanghai, Hong Kong, Tokyo and Seoul stock exchanges closed on solid footing. US stock futures fell and European stocks erased their gains after the European Union proposed a ban on coal imports from Russia, increasing pressure on Moscow following the invasion of Ukraine.

The international oil benchmark, Brent, jumped 1.59% to $109.24 a barrel.

India is the world’s third-largest oil importer and consumer, and a rise in crude prices tends to push up the country’s trade and current account deficit while hurting the rupee.