Nifty hits fresh 2018 low; Tata Steel, Electrosteel Steels stocks down
Earlier today, Nifty broke 200-DMA due to downtrend in oil marketing companies, technology, metals, media and banks stocks.
Benchmark indices failed to sustain their opening gains. Nifty hit a fresh 2018 low weighed by oil marketing companies, technology, metals and banks stocks. Earlier today, the index broke below 200-DMA.
On the political front, the no-confidence motion against the government, pitched by Andhra Pradesh Chief Minister Chandrababu Naidu’s Telugu Desam Party, was not taken up as Lok Sabha was adjourned for the day amid protests by lawmakers, as per media report.
Losses in the ICICI Bank, Infosys, SBI, Tata Steel and Kotak Mahindra Bank also weighed.
Market sentiment was largely subdued ahead of US Federal Reserve’s two-day meet.
At 12:23 PM, the BSE Sensex was trading at 33,060, down 114 points, while the Nifty50 index was trading at 10,146, down 48 point.
The BSE Midcap and the BSE Smallcap indices down by 1.40% and 1.46%, respectively.
Shares of Indian Oil Corp and Bharat Petroleum Corp fell 4% each after a media report said both the companies are set to buy 26% stake each in GAIL India from the government.
Shares of Graphite India rose 1% after foreign investment firm Vanguard purchased 0.7% stake in the company on Friday.
VA Tech Wabag stock gained 2% after Porinju Veliyath’s Equity Intelligence bought 0.35% stake or about 1.9 lakh shares in the company.
Shares of Sona Koyo Steering Systems fell 4% today as promoter JTEKT Corp plans to sell up to 2.39% stake in the company through an offer for sale at a discount of 8% to the current market price.
Volatility index India VIX was up 2.80% to 15.6475.
Lupin (-1.2%), L&T (+0.90%), M&M (+0.9%), Maruti (+0.84%) and HUL (+0.72%) were the top gainers on Nifty50.
BPCL (-3.8%), IOC (-3.6%), HPCL (-3.2%), Coal India (-2.7%) and Tata Steel (-2.5%) were the top losers in today’s trade.
Out of 2,029 stocks traded on the NSE, 312 advanced, 1,351 declined and 366 remained unchanged today.
A total of eight stocks registered a fresh 52-week high in trade today, while 63 stocks touched a new 52-week low on the NSE.