Sensex tanks 709 pts from day

sensex-tanks-709-pts-from-day

CLOSING BELL

Stock market highlights:  Equity gains evaporated in the fag-end of the session as investors adjusted their positions amid the F&O expiry for the August derivatives series. The S&P BSE Sensex tumbled 709 points from the day’s high and closed at 58,775, down 311 points or 0.53 per cent.

The Nifty50 index, too, closed 83 points, or 0.47 per cent, lower at 17,522. It had touched a high of 17,727 during the day.

25 of the 30 Sensex constituents and 34 of the 50 Nifty constituents ended in the negative territory including Adani Ports, Bajaj Finance, IndusInd Bank, Infosys, NTPC, TCS, Axis Bank, PowerGrid, and HDFC. The gainers, meanwhile, were Shree Cement, Divis Labs, Hindalco, Eicher Motors, HDFC Life, Grasim, and SBI Life. Among heavyweights, Maruti Suzuki, SBI, Titan, Wipro, and Dr Reddy’s Labs held tepid gains.

The broader markets, however, held upbeat momentum with the BSE MidCap and SmallCap indices settling up to 0.2 per cent higher. Among sectors, all but the Nifty PSU Bank (up 2.74 per cent) and Realty (up 1.47 per cent) indices closed in the negative zone. 

Nifty PSU Bank index has more upside

With the pick-up in market momentum, and improved economic outlook, shares of public sector banks have staged a smart comeback on the bourses. The PSU Bank index has jumped 16 per cent over the past three months, as against a 9-per cent rally in the benchmark Nifty50 index. Going ahead, analysts see more legs in this rally. READ MORE

DreamFolks Services IPO
At 3:30 PM, the three-day issue of DreamFolks Services was subscribed nearly 5x with the retail portion seeing a subscription of 17 times. The NII and QIB quota, meanwhile, was subscribed 5.5 times and 0.57 times, respectively.

The grey market premium of the stock has jumped nearly 15 per cent after the issue’s strong demand. READ MORE

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