Stock Market Today: Nifty, Sensex Log Worst Losing Streak In Over A Month As Financial Stocks Drag
Broader indices outperformed the benchmarks. The Nifty Midcap 100 was 0.9% higher and Nifty Smallcap 250 was 1.6% higher.
KEY HIGHLIGHTS
Rupee Weakens To End At Record Closing Low Against US Dollar
Rupee weakened by 2 paise to close at a record low of 83.71 against the US dollar.
Intraday, the local currency fell as low as 85.726
It closed at 83.69 on Tuesday.
Source: Bloomberg
Nifty, Sensex Log Worst Losing Streak In Over A Month As Financial Stocks Drag: Market Wrap
Benchmark equity indices fell for a fourth consecutive session on Wednesday logging their worst streak since five consecutive sessions of fall till May 30. Today's fall was due to losses in the shares of financial services stocks.
The Nifty closed at 24413.50, down by 0.27% or 65.55 points and the was Sensex at 80148.88, down 0.35% or 280.16 points. Intraday, the Nifty fell 0.70% and the Sensex fell 0.84%.
"On the daily chart, the Index has formed a spinning top candlestick pattern indicating indecisiveness between the bulls and bears," according to Aditya Gaggar, director of Progressive Shares. "The level of 24,200 will remains a crucial support while 24,560 is considered as an immediate resistance."
Shares of HDFC Bank Ltd., Axis Bank Ltd., State Bank Of India, Hindustan Unilever Ltd., and Kotak Mahindra Bank Ltd. pulled the Nifty lower.
While those of NTPC Ltd., Reliance Industries Ltd., Tata Motors Ltd., HDFC Life Insurance Co. Ltd., and Tech Mahindra Ltd cushioned the fall.
Most sectoral indices were higher with Nifty Media leading by adding 2.4%. Nifty Bank was the top loser.
Market breadth was skewed in favour of buyers. Around 2,810 stocks advanced, 1,088 stocks declined, and 110 stocks remained unchanged on BSE.
Broader markets outperformed benchmark indices. The S&P BSE Midcap and Smallcap indices ended 0.68% and 1.91% higher, respectively.
On BSE, 16 sectors advanced, and four declined out of 20. The S&P BSE Oil and Gas rose the most, while the S&P BSE Bankex declined the most.
Syngene International Q1 Earnings (Consolidated, YoY)
Net profit down 18.3% at Rs 76 crore vs Rs 93 crore
Revenue down 2% at Rs 790 crore vs Rs 808 crore
EBITDA down 23.7% at Rs 173 crore vs Rs 227 crore
EBITDA margin at 21.9% vs 28.1%
HUDCO Signs Rs 1 Lakh Crore MoU With Rajasthan Govt
Signs MoU of Rs 1 lakh crore with Rajasthan govt for 5 years
Source: Exchange filing
Petronet LNG Q1 Results (QoQ)
Revenue down 2.8% at Rs 13,415 crore vs Rs 13,793 crore
EBITDA up 41.6% at Rs 1,563 crore vs Rs 1,104 crore
EBITDA margin at 11.6% vs 8%
Net profit up 44.6% at Rs 1,105 crore vs Rs 764 crore
