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Mumbai: Despite signs of a resolution to the US debt ceiling standoff, uncertainty remains and the risk of a global recession looming, and domestically expected delay in the onset of monsoon raising concerns, Indian stock markets posted a hat-trick of losses as funds sharply reduced overbought positions for the third day in a row. Corporate India ended March 2023 despite good results from several companies as other negative factors weighed on funds, with cautious high net-worth investors reducing bullish trade. The Sensex opened 395.26 points higher at 61955.90 led by selective gains in banking-finance stocks. In view of the rise, heavy selling by funds in automobile, consumer durables, capital goods, FMCG, oil-gas, metal-mining, realty stocks wiped out the Sensex’s gains and finally closed with a loss of 128.90 points. at 61431.74. While the Nifty spot was initially at 115.
Auto stocks in reverse gear: Eicher down Rs 53 to Rs 3575: Mahindra, Tata Motors, Maruti fall
Automobile stocks were in reverse gear today as funds continued to book profits. Eicher Motors fell by Rs 52.50 to Rs 3575.50, Mahindra & Mahindra by Rs 18 to Rs 1245.30, Tata Motors by Rs 7.15 to Rs 508.40, TVS Motors by Rs 11.65 to Rs 1240.60. Maruti Suzuki declined by Rs 71.10 to Rs 9051.75, MRF by Rs 712.90 to Rs 96,949.75, Balkrishna Industries by Rs 12.95 to Rs 2191.10, Bosch by Rs 95.85 to Rs 19,041.90. The BSE Auto index closed 250.52 points down at 31,721.80.
ITC down on strong results in FMCG stocks: Sukhjit Starch, Sula Vineyards, Zuari down
In FMCG stocks also there was profit booking by funds at the end of the day. ITC Ltd reported a 23 per cent rise in quarterly net profit, the share fell Rs 8 to Rs 419.65 on profit booking, despite the company declaring higher dividend. Sukhjit Starch down Rs 16.70 to Rs 438, Sula Vineyards down Rs 9.85 to Rs 416.40, Zuari Industries down Rs 2.90 to Rs 126.10, Uttam Sugar down Rs 5.30 to Rs 264.25, Adani Wilmar down Rs 7.15 to Rs 378.50 The Rupee, Hindustan Unilever declined by Rs 35.40 to Rs 2626.55, Britannia by Rs 60.70 to Rs 4569.60.
Capital Goods Index 373 Down: Thermax, Siemens, Larsen Down: Honeywell Up Rs 2350
In capital goods-power stocks too, the BSE Capital Goods index closed 373.36 points lower at 36472.05 as funds booked profits today. Thermax fell Rs 183 to Rs 2280.15, Sona BLW fell Rs 11.60 to Rs 521.60, Siemens fell Rs 55.05 to Rs 3833.90, Bharat Forge fell Rs 10.85 to Rs 766, Larsen & Toubro fell Rs 30.80 to Rs 2188.65. However, Honeywell Automation’s quarterly net profit rose 54 per cent to Rs 112.03 crore and revenue rose 27 per cent to Rs 849.68 crore.
Wide distribution in small, mid-cap stocks after initial surge: 1971 stocks close negative
Sensex, Nifty edged higher for the third day in a row today, funds hammered and hit a hat-trick of declines, with cash stocks of funds, small, mid-cap, players initially delivering bullish stocks, market breadth widening negative from sales. Out of total 3606 scrips traded on BSE, gainers were 1517 and decliners were 1971.
DII’s net sales stood at Rs 850 crore.
Foreign portfolio investors (FPIs), foreign institutional investors (FIIs) made net purchases of shares worth Rs 970.18 crore in the cash segment today-Thursday. Total sales were Rs 6761.28 crore against total purchases of Rs 7731.46 crore. While DII-Domestic Institutional Investors net sales stood at Rs 849.96 crore. Total sales were Rs 5680.81 crore against total purchases of Rs 4830.85 crore.
Investor’s assets – market capitalization. Rs 2.89 lakh crore reduced to Rs 275.81 lakh crore in three days
Along with the fall in index-based stocks, selling in small, mid-cap, cash stocks reduced investors’ wealth, ie total market capitalization of BSE-listed companies by Rs 2.89 lakh crore to Rs 275.81 lakh crore. three days Which decreased by Rs 1.37 lakh crore in one day today.
