Sensex falls for 2nd day, ends 299 pts lower dragged by RIL, ITC
Reliance Industries after its quarterly results, Kotak Mahindra Bank and ITC on demerger update. The 30-share BSE benchmark Sensex fell 299 points or 0.45% to settle at 66,385. The broader NSE Nifty declined 73 points or 0.37% to end at 19,672.
From the Sensex pack, ITC was the top laggard, falling over 4% after the cigarette-to-hotels major announced that its board has approved the demerger of the hotels business. Kotak Mahindra Bank, Tech Mahindra, Reliance Industries, JSW Steel, and Tata Steel also closed in the red. On the flip side, IndusInd Bank, M&M, Power Grid, Bajaj Finserv, UltraTech Cement, L&T, and TCS closed with gains.
Shares of Aarti Drugs ended 18% higher after the firm's consolidated net profit for Q1 FY24 jumped 38% YoY to Rs 48 crore, and its board approved share-buyback for an amount of Rs 59.85 crore. SJVN shares also closed 14% higher after the firm bagged a contract of Rs 7,000 crore. Sector-wise, Nifty FMCG declined 1.72%, and Nifty Metal fell 0.73%.
Nifty Bank and Nifty Oil & Gas also closed lower. In the broader market, Nifty Midcap100 dropped 0.15%, while Smallcap100 gained 0.37%. The market breadth was skewed in the favour of the bears.
About 1,937 stocks declined, 1,763 gained, and 155 remained unchanged on the BSE.Expert Take “Volatility has re-emerged as initial Q1 results are below the expectations. Sector-wise setbacks were experienced in IT and FMCG, unveiling weak demand and high input costs," said Vinod Nair, Head of Research at Geojit Financial Services, said. «Investors are also watchful of the upcoming FOMC meeting, addressing rate hike and quantitative tightening measures, which could have an implication on FIIs inflows,» Nair added.
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