Freaky Friday! Sensex Sheds 733 Pts, Nifty Dips Below 22,500

Ira Singh
Khabar Khabaron Ki,03 May’24

The domestic equity market indices traded low on Friday,as investors booked profits at higher levels. At close, the Sensex was down 732.96 points or 0.98 percent at 73,878.15, and the Nifty was down 172.35 points or 0.76 percent at 22,475.85. About 1241 shares advanced, 2013 shares declined, and 79 shares unchanged

Analysts attributed this correction to pre- Lok Sabha election outcome jitters, earnings season,and a high level of margin trading. However,experts hope the bullish momentum would remain intact in the near-term, given political stability is established.

Highlights of trade:
●Nifty hits new high, Sensex reclaims 75,000 mark,
●Coke bottler looks to uncork IPO plans,
●Britannia, Titan among key earnings today,
●Bajaj twins rise up to 7% on relief from RBI,
●Yes Bank has 2.1% of equity change hands,
●Coforge tanks 10% following weak Q4 show,
●MRF announces Rs 194/share dividend,
●Godrej Properties’ Q4 PAT rises 14% YoY,
●TBO Tek IPO announces price band of Rs 875-920/share.

Coal India, Grasim Industries, ONGC, Dr Reddy’s Laboratories and Hindalco Industries were the top gainers on the Nifty while losers included L&T, Maruti Suzuki, Reliance Industries, Nestle India and Bharti Airtel.

On the sectoral front, except metal, all other sectoral indices ended in the red with capital goods, realty, telecom and PSU Bank down 1 percent each, while oil & gas, auto, Information Technology and Media down 0.5 percent each. The broader indices also came under pressure after hitting fresh highs in the early part of the session. The BSE midcap index fell 0.2 percent and smallcap index down 0.5 percent.

Rupee Close:
On 03 May’24,the Indian rupee ended marginally higher at 83.43 against the U.S. dollar on Friday, tracking strong sentiment in the domestic equity markets and a weak American currency against major rivals overseas.Forex traders said the outflow of foreign funds and elevated level of crude oil prices, however, weighed on the Indian currency.

Trading Guide:
Market experts have recommended six buy or sell stocks on Friday – Bajaj Auto, Petronet, NHPC, Birla Corp, JSL, and BF Utilities.