Sensex banking closed 323 points lower than metal stocks


The S&P BSE Sensex and NSE Nifty 50 indices fell on Thursday, ending weekly selling futures and options contracts as well as selling pressure in banking, metal, auto and real estate stocks. An inter-opening in the benchmark was followed by weak global cues amid concerns of worldwide economic recovery. The Sensex dropped 377 points and the Nifty 50 index fell below the critical psychological level of 11,500.

The Sensex fell 323 points to 38,980 and the Nifty fell 88 points to close at 11,516.

Eight of the 11 sectors compiled by the National Stock Exchange closed down 1.7 per cent on the Nifty Realty Index. Banking, financial services, FMCG, metals, infrastructure and energy stocks also saw selling pressure.

On the other hand, select information technology and pharma stocks saw interest buying.

In broader markets, the Nifty Midcap 100 index slipped 0.25 percent and the Nifty Smallcap 100 index slipped 0.48 percent.

Among individual stocks, Happiest Mind shares made a grand debut on the stock exchanges. The stock was listed at Rs 351 at a premium of 111.4 per cent against the issue price of Rs 166 on BSE. Happiest Minds outstripped IRCTC and DMart, which made just over 100 per cent returns for the debut.

Happiest Minds Technologies’ Rs 702 crore IPO was subscribed over 150.98 times, making it one of the most subscribed share offerings in recent history.

Hindalco lost the top Nifty, the stock fell 4 percent to close at Rs 176. Tata Motors, Shree Cements, Bajaj Finserv, Adani Ports, Bharti Infratel, Power Grid, Larsen and Toubro, Bajaj Finance, ICICI Bank and Kotak Mahindra Bank are also included. Each fell 1.4–2.5 percent.

On the other hand, Zee Entertainment, Infosys, Maruti Suzuki, Hero MotoCorp, Grasim Industries, BPCL and Coal India were also notable beneficiaries.

In news shares, Drs. Reddy’s Labs rose 4 percent, as it announced the introduction of over-the-counter olopatadine hydrochloride ophthalmic solution USP, 0.2 percent and 0.1 percent in the US market.

HCL Technologies advanced 2 percent after the IT chief announced the expansion of his strategic partnership with Google Cloud.

The overall market breadth was negative as 1,574 shares ended lower while 1,153 closed higher on the BSE.

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