Sensex Sheds Over 1,000 Points, Nifty Hits New Lows in Market Rout

Ira Singh
Khabar Khabaron Ki,09 May’24

Bears dominated the domestic market indices on Thursday, amid heightened volatility with NSE Nifty 50 falling below 22,000, and BSE Sensex tumbling over 1,000 points.At close,the Sensex was down 1,062.22 points or 1.45 percent at 72,404.17, and Nifty 50 down 345 points or 1.55 percent at 21,957.50.

Leading stock exchange BSE on Wednesday reported a 21 per cent increase in net profit to Rs 107 crore for the fourth quarter that ended March 31, 2024.In comparison, the bourse had posted a net profit of Rs 88.6 crore in the year-ago period.

Highlights of trade:
●Jefferies maintains a buy rating on TVS Motor, Hero Moto,
●Citigroup maintains sell rating on Bharat Forge,
●L&T tanks 6% post March quarter earnings,
●Fitch affirms Axis Bank, ICICI Bank at ‘BB+’; outlook stable,
●Go Digit IPO to open on May 15 and close on May 17,
●PNB reports nearly three-fold jump in Q4 profit,
●Asian Paints Q4 net profit rises 2% YoY to Rs 1,257 crore,
●SBI Q4 PAT jumps 24% YoY, beats estimates.

The Sensex and Nifty have been trading weak for the last five sessions, falling from near all-time highs.A multititude of factors such as uncertainty over election results,lackluster Q4 results for the 2024 season, rising crude, among other factors have led to this prolonged downturn, believe experts.

On the sectoral front,Nifty Auto were the top gainers, rose by 1 percent.While losers included Nifty Oil and Gas,falling by 2.7 percent, FMCG and Realty dropped 2.3 percent and 2.1 percent respectively. Nifty Pharma and Metal indices fell 2 percent each.

Rupee Close:
On 09 May’24,the Indian rupee appreciated 8 paise to 83.44 against the US dollar in early trade on Thursday, as the American currency retreated from its elevated levels.Forex traders said a negative trend in domestic equities and foreign fund outflows weighed on the local unit and restricted the up move.

Trading Guide:
Market experts have recommended four buy or sell stocks for today — SBI, ABB India, BEL, and Dr Lal Pathlabs.