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Banking-finance stocks Sensex down 208 points to close at 61,774

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Mumbai: The US may be on the verge of defaulting on an increase in the debt ceiling, as the Biden administration currently faces uncertainty about whether to respond to new economic challenges to China and a rise in crude supply cuts and US strategic reserves. As a result whether the loan limit should be increased or not. The sentiment in global equity markets also weakened as industrial metals declined in the global market on fears of a global recession due to the rise in prices. Inflation in Britain rose more than expected, leading to a sharp fall in European markets. With global markets today including Hindalco disappointing corporate results, Indian stock markets also saw funds booking profits in banking-finance, metal-mining, automobile stocks, index-based markets again down. Markets declined today apart from selective buying in consumer durables, healthcare stocks as well as FMCG and IT stocks. The Sensex closed at 61773.78, down 208.01 points, and the Nifty closed at 18285.40, down 62.60 points. Crude oil prices rose in the international market this evening, with Brent crude rising $1.08 to $77.92 and New York-Nymex crude rising $1.13 to $74.04.

Bankex declined by 256 points

Selling of funds in banking-finance stocks was profitable today. The Reserve Bank of India’s decision to withdraw Rs 2000 notes was seen by the market and some experts as a move to improve the condition of banks, liquidity position and despite Governor Shaktikanta Das’s optimism that the situation was good, banking And there was selling in finance stocks today. Federal Bank declined by Rs 1.80 to Rs 123.85, ICICI Bank declined by Rs 12.40 to Rs 940.40, HDFC Bank declined by Rs 21.15 to Rs 1615.65. Along with this, the net worth of Monarch declined by Rs 9.40 to Rs 211.35, Nahar Capital declined by Rs 6.80 to Rs 280.10, Muthoot Finance declined by Rs 22.50 to Rs 1105.15, MCX India declined by Rs 27. 1361.20 to Rs.

Consumer durables index jumped 511 points

Funds today made aggressive purchases in shares of consumer durables companies. Dixon Technologies reported a 28.06 per cent rise in quarterly net profit to Rs 80.64 crore and 3.82 per cent rise in sales to Rs 3065.45 crore, while its share price rose Rs 238.65 to Rs 3514.30. Amber Enterprises rose by Rs 95.40 to Rs 2130.65, CG Consumer by Rs 10.05 to Rs 276.10, Blue Star by Rs 44.50 to Rs 1433.80, Havells India by Rs 23.25 to Rs 1273, Titan Company’s gain decreased by Rs 28.30 to Rs 2711.20. The BSE Consumer Durables index closed at 39589.72, up 511.09 points.

Fund rally in healthcare stocks:

Funds in Healthcare-Pharmaceuticals stocks are also climbing today. Laurus Labs up by Rs 19.70 to Rs 334.55, Caplin Labs up by Rs 27.25 to Rs 743.55, Glenmark Life up by Rs 18.60 to Rs 537.80, Medicaman Bio up by Rs 21.85 to Rs 667, Stride Pharma up by Rs .9.90 to Rs 378.80, Narayan Hoodalya up by Rs 19.10 to Rs 378.80 Rs increased to Rs 840.10 , Sun Pharma Industries rose by Rs 18.25 to Rs 949, Alkem Labs by Rs 41.75 to Rs 3299.95, Novartis by Rs 8.05 to Rs 717.70. The BSE Healthcare index closed at 23303.24, up 169.71 points.

valuations in IT stocks

In IT-Software Services, Technology Stocks, select funds appreciated today. KPIT Technologies up by Rs 53.35 to Rs 979.05, Nucleus Software up by Rs 26.05 to Rs 662.55, Nelco up by Rs 22.75 to Rs 621.95, R Systems up by Rs 7.95 to Rs 262.80, Tanla Platforms up by Rs 18.40 to Rs 737.75, Affle India by Rs 16.60 increase 925.15, RateGain Travel increased by Rs 5.45 to Rs 392.85. While L&T Technology declined by Rs 100 to close at Rs 3797 and Allied Digital declined by Rs 5.77 to close at Rs 93.44.

Selling pressure in small, mid cap stocks

Today market trend turned negative with selling by funds based on Sensex, Nifty as funds, small, mid cap, cash stocks of players also sold. However, funds remained buyers in select small and mid cap stocks. The gainers were 1673 and the decliners were 1796 out of total 3602 stocks traded on BSE.

Purchase of institutions worth Rs 1486 crore

Foreign portfolio investors (FPIs), foreign institutional investors (FIIs) made net purchases of shares worth Rs 1185.84 crore in the cash segment today-Wednesday. Total sales were Rs 7362.65 crore against total purchases of Rs 8548.49 crore. While DII-domestic institutional investors made net purchases of Rs 300.93 crore. Total sales were Rs 5579.89 crore against total purchases of Rs 5880.82 crore.