Saturday, Aug 13, 2022
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Sensex Reverses Intra-Day Gains To Settle Down By 100 Points

The index opened higher and later jumped 631.16 points or 1.18 per cent to touch the day's high of 53,865.93 after buying in banking, metals, energy and pharma shares boosted by gains in most Asian markets

 The 30-share BSE index declined by 100.42 points or 0.19 per cent to settle at 53,134.35 points.
The 30-share BSE index declined by 100.42 points or 0.19 per cent to settle at 53,134.35 points.

Benchmark BSE Sensex on Tuesday reversed its intra-day gains to close down by 100 points due to fag-end selling in FMCG, banking and IT stocks amid a weak opening in European stock markets.

The 30-share BSE index declined by 100.42 points or 0.19 per cent to settle at 53,134.35 points.

The index opened higher and later jumped 631.16 points or 1.18 per cent to touch the day's high of 53,865.93 after buying in banking, metals, energy and pharma shares boosted by gains in most Asian markets.

However, the barometer lost steam in the pre-close session due to selling in IT, FMCG and select banking counters as European stock markets opened with losses on recession fears.

The broader NSE Nifty also erased its intra-day gains and dipped 24.50 points or 0.15 per cent to close at 15,810.85.

"The current trend in the global market indicates that uncertainties around recession and tightening monetary policy continue to haunt investors' confidence. Dollar index opened sharply high affecting the performance of emerging currencies, depreciating INR," Vinod Nair, Head of Research at Geojit Financial Services, said.

Among Sensex stocks, ITC fell the most by 1.73 per cent. Wipro dropped by 1.58 per cent, M&M by 1.2 per cent, L&T by 1.12 per cent, Maruti by 1.1 per cent and IndusInd Bank by 0.98 per cent.

Infosys fell 0.77 per cent and TCS by 0.57 per cent while Axis Bank, Asian Paints and HDFC twins also declined.

Gains in Reliance Industries (0.8 per cent) and HUL (0.92 per cent) restricted losses in Sensex. Power Grid, Bajaj Finserv, Sun Pharma, and Tata Steel were among the major gainers.

"It was a roller-coaster ride for markets as the Nifty swung volatile in a broader range and finally settled around the day’s low. The decline in the index can be attributed to the uncertain global markets and caution ahead of the earnings season," Ajit Mishra, VP - Research, Religare Broking Ltd said.

"Nifty gave up morning gains and ended in the negative zone. Following early weakness in European markets, it fell and closed lower," said Deepak Jasani, Head of Retail Research, HDFC Securities.

The BSE midcap gauge declined 0.35 per cent, while smallcap index gained 0.20 per cent.

Among the BSE sectoral indices, Information Technology declined 0.59 per cent and teck fell by 0.57 per cent, while bank (0.37 per cent), auto (0.32 per cent), realty (0.29 per cent) and telecom (0.28 per cent) also dropped.

Power, healthcare, utilities, metal and oil & gas ended with gains.

Elsewhere in Asia, markets in Tokyo, Seoul and Hong Kong ended with gains, while Shanghai settled marginally lower.

European bourses were trading in the negative territory in mid-session deals.

The US markets were closed for a holiday on Monday.

In the previous session, the BSE index had gained 326.84 points or 0.62 per cent to settle at 53,234.77 on Monday. The Nifty went higher by 83.30 points or 0.53 per cent to close at 15,835.35.

Meanwhile, international oil benchmark Brent crude declined 0.88 per cent to USD 112.5 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,149.56 crore on Monday, as per exchange data.

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