FINAL TRADE: RIL, HDFC duo drag markets lower; Sensex drops 413 points, Nifty ends at 18,286.50
The benchmark indices ended 0.6 per cent lower on May 16, 2023, amid selling in heavyweights such as HDFC Bank, HDFC, and Reliance Industries (RIL). At close, the S&P BSE Sensex stood at 61,932.47, down 413.24 points, or 0.66 per cent while NSE's Nifty ended at 18,286.50, down 112 points, or 0.61 per cent. "The domestic benchmark's ascent towards record high was interrupted by selling pressure in heavyweight stocks, although small and mid-cap stocks outperformed. As anticipated, the Eurozone economy experienced modest growth of 0.1% QoQ in the Jan-Mar period, following a stagnant previous quarter. In the US market, cautious trading prevailed as debt-ceiling negotiations took precedence," says Vinod Nair, Head of Research at Geojit Financial Services.
Bajaj Finance (up 1 per cent) emerged as the top gainer on the index, followed by NTPC, and State Bank of India (SBI). The S&P BSE MidCap index ended 0.18 per cent higher at 26,371.28 while the S&P BSE SmallCap index settled at 29,798.94, up 0.12 per cent.
BUZZING STOCKS
Indian Oil Corporation (IOC) gained over 3 per cent to Rs 87 apiece on the BSE after it reported a 55 per cent rise in its consolidated net profit at Rs 10,289.82 crore. Bank of Baroda ended over 1 per cent higher at Rs186.35 apiece on the BSE after March quarter numbers. HDFC Bank and HDFC ended slipped up to 2.21 per cent in the trade. The stocks traded ex-dividend today.
GLOBAL MARKETS
Global shares edged up on Tuesday, while the dollar eased back from five-week highs as US lawmakers prepared for another round of talks to resolve the deadlock over the government’s borrowing limit. The weaker dollar supported crude oil and equities, although investors were wary of crucial US government debt-ceiling negotiations, with a little more than two weeks to go before the government could run short of money to pay its bills.
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04:14 PM IST