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Sensex, Nifty Off Day’s Low; I.T. Stocks Buck The Trend

Midday Market Update: Sensex, Nifty Off Day’s Low; Metal, Auto Stocks Slide, I.T. Pack Resilient

India’s stock benchmarks declined, but off day’s low, dragged by broad based losses across sectors led by metal, auto, power, realty, utilities, commodities, consumer discretionary, energy stocks. Information Technology stocks were resilient amid the sharp sell-off.

The Sensex lost over 650 points (1.13%) to 57,445.24. The 30-stock gauge lost 1,060.68 points to an intraday low of 57,038.24.

The Nifty 50 also declined by similar magnitude to 17,111.90. The Nifty lost nearly 350 points to an intraday low of 16,978.30. This is the first time Nifty slipped below 17,000 in intraday trade in two months.

Today 13 of Nifty 50 stocks declined while 37 fell. Tata Motors, Hindalco, Eicher Motors, Adani Ports & SEZ, Power Grid were the top Nifty 50 losers.

Divi’s Laboratories, Infosys, Asian Paints, HCL Technologies, Nestle India were among the gainers in the weak session.

The broader indices underperformed their larger peers with MidCap index losing 2.5% and SmallCap measure shedding 3%.

Barring Information Technology and Teck gauges, all the other 17 sectoral indices compiled by BSE declined.

The market breadth is skewed in the favour of bears. About 516 stocks rose, 2,959 fell and 126 remained unchanged

Read More: Sensex, Nifty Off Day’s Low; I.T. Stocks Buck The Trend

2022-09-26 02:55:24

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