Financials, Reliance drag Sensex down 396 pts; Maruti zooms 7%, M&M

Closing Bell

The broader indices outperformed the benchmark indices in trade on Tuesday owing to selective buying. Auto shares were in favour today, while financials and index heavyweight Reliance Industries witnessed selling pressure.

The BSE Sensex opened touched a high of 60,803 in opening trade and soon slipped into the negative zone. The BSE index very briefly managed to sneak into the positive zone in mid-noon deals, before a fresh sell-off began. The Sensex dipped to a low of 60,200 at the fag end of the day, and evenutally ended with a loss of 396 points at 60,322.

The NSE Nifty swung in a range of 174 points, from a high of 18,133, the index slipped to a low of 17,959. The Nifty finally settled at 17,999, down 110 points.

“For the Nifty, sustaining above 18,000 will be important for the overall direction to stay positive. If the Nifty is able to sustain at 18,000 levels, it can head towards 18,250-18,300 mark. Key technical indicators such as the RSI and MACD indicating positive momentum in the market for now,” said Vijay Dhanotiya, senior research analyst at CapitalVia Global Research.

Movers and shakers

Maruti was the stand out gainer among the Sensex 30 stocks, up 7.3 per cent at Rs 8,050. Mahindra & Mahindra jumped 3 per cent. Tech Mahindra was the only other prominent gainer.

On the other hand, Reliance Industries declined over 3 per cent to Rs 2,497. SBI, UltraTech Cement, IndusInd Bank and NTPC dropped around 2 per cent each. Reliance alone accounted for nearly half the BSE index day’s loss.

Market Dashboard: Snapshot of key movers and shakers in trade today

Among sectors, the BSE Auto index surged 2.4 per cent to 26,892. Shares of automobiles and auto ancillaries companies were in limelight with the likes of Motherson Sumi Systems, Tata Motors, Hero MotoCorp and Bosch, Varroc Engineering, JBM Auto, VST Tillers Tractors and Sharda Motor Industries logging smart gains. READ MORE

The BSE Energy index shed 2.6 per cent. The Bankex, Oil & Gas and Realty indices were also down over a per cent each.

Newly listed PB Fintech, parent company of PolicyBazaar, almost hit the 20 per cent upper circuit in intraday trades and eventually ended 10.7 per cent higher at Rs 1,332. Capital Research and Management Co A/C New World Fund Inc had purchased 3.41 million equity shares worth of Rs 408 crore of PB Fintech via block deals on the NSE. READ MORE

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In the primary market, Tarson Products IPO was subscribed 2.9 times with demand for retail portion at 4.1 times and wealthy investor portion at 3.7 times as of 03:30 PM. Go Fashion IPO will open for subscription on Wednesday in the price band of Rs 655 to Rs 690.
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Markets at 02:30 PM

LIVE market updates: The key benchmark indices have once again slipped to lower levels on the back of persistent selling pressure in…