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Mumbai: On the global front, on one hand, cautious funds, bets trimmed bullish trades in Asian markets today, stocks softened in futures and bond rates rose ahead of the release of US CPI numbers. With every surge in Indian stock markets, experts and local funds, especially small, mid-cap, A group stocks, which have risen exceptionally, are trimming bullish trades and are in a mood to lighten investment portfolios by 25 to 40 per cent. Automobile, oil-gas frontline stocks including Tata Motors, Mahindra & Mahindra were selling off along with Reliance Industries, metal-mining stocks including JSW Steel, Tata Steel and banking stocks including State Bank of India, IndusInd Bank and IT stocks including Wipro. Sensex closed 398.13 points lower at 81523.16 and Nifty 50 closed 122.65 points lower at 24918.45.
Tata Motors drops Rs 59 to Rs 876: Mahindra drops Rs 39, Bosch drops Rs 233: Auto index drops Rs 674
Funds witnessed a big selloff in auto stocks today amid sales challenges, with automobile companies offering discounts on vehicle prices amid concerns over vehicle inventory. The stock fell Rs 59.45 to Rs 976 due to the negative impact of Tata Motors announcing a discount sale of its electric vehicles. Motherson Sumi fell Rs 5.70 to Rs 183.80, Ashok Leyland fell Rs 6.50 to Rs 241.70, Mahindra & Mahindra fell Rs 39 to Rs 2653.10, Balkrishna Industries fell Rs 22.95 to Rs 3055. Bosch fell Rs 233.35 to Rs 33,285.05, Tube Investments fell Rs 16.25 to Rs 3908.20, MRF fell Rs 248.60 to Rs 1,35,464.30. The BSE Auto index fell 674.04 points to close at 57036.34.
ONGC, Oil India, IOC fall as OPEC cuts oil demand growth forecast
Oil-gas stocks fell in bullish trade today owing to the negative impact of OPEC cutting global oil demand growth forecast for 2024 and 2025. Oil India fell Rs 27.45 to Rs 581.70, ONGC fell Rs 10.40 to Rs 285.25, IOC fell Rs 5.80 to Rs 169.75, HPCL fell Rs 12.50 to Rs .60, BPCL fell Rs 5.45 to Rs 340.30, Reliance Industries fell Rs 19.90 to Rs 2903.10. The BSE Oil-Gas index closed 699.63 points lower at 30,360.95.
Vedanta drops Rs 14 to Rs 425: NMDC, SAIL, JSW Steel, Tata Steel, Hindalco fall
Funds sold metal-mining stocks today. Shares fell Rs 14.10 to Rs 425.90 amid reports of Vedanta Resources receiving offers worth $1.6 billion from its bond issue. NMDC fell Rs 4 to Rs 206.90, SAIL fell Rs 2.15 to Rs 127, JSW Steel fell Rs 13.35 to Rs 925.35, Hindalco fell Rs 9.30 to Rs 649.80, Tata Steel fell Rs 1.30 to Rs 148.15, Jindal Stainless fell Rs 5.10 to Rs 734.70. The BSE Metal index closed 419.81 points down at 30713.71.
State Bank fell Rs 14 to Rs 768: Sumit Sik. Rs 119 down: PNB Housing, Care Ratings increased
Funds sold off banking-finance stocks today. Canara Bank fell Rs 1.95 to Rs 101.65, State Bank of India fell Rs 14.30 to Rs 768.30, Bank of Baroda fell Rs 3 to Rs 232.75, IndusInd Bank fell Rs 15.40 to Rs 1419.50, HDFC Bank fell Rs 6.25 to Rs 1644.35. The BSE Bankex index fell 244.03 points to close at 57851.33. In financial services, among other banking stocks, Sumeet Securities fell Rs 118.95 to Rs 2600.55, New India Assurance fell Rs 9.80 to Rs 237.70, Geojit Financial fell Rs 5.30 to Rs 155, Samman Capital fell Rs 5.30 to Rs 2600.55, Reliance Securities fell Rs 5.30 to Rs 157.05, Angel One fell Rs 53.80 to Rs 2397.50, HUDCO fell Rs 7.45 to Rs 246. Among top gainers in financial stocks, PNB Housing Finance rose Rs 55.40 to Rs 1104.70, CARE Ratings rose Rs 28.15 to Rs 1001.65, CAMS rose Rs 118.80 to Rs 4369.30, Can Fin Homes fell Rs 5.30 to Rs 157.05. rose by Rs .22 to Rs 870.55, CSB Bank rose by Rs 7.30 to Rs 331.50, One97 Paytm rose by Rs 13.30 to Rs 667.
Select gains in FMCG stocks: Gokul Agro, Varun Beverages, Vadilal, Hindustan Unilever rise
Selective buying by funds in FMCG stocks continued today as well. Gokul Agro rose Rs 36.20 to Rs 302.25, Associated Alcohols rose Rs 53.45 to Rs 951.30, BCL Industries rose Rs 2.22 to Rs 59.36, Varun Beverages rose Rs 50.05 to Rs 1569, Vadilal Industries rose Rs 1.94.25 to Rs 4282.20, Hindustan Unilever rose Rs 16.70 to Rs 2915.20.
Big gain in small, midcap stocks of Maharsta, Fund, huge profit booking: 2368 stocks closed negative
In small and mid-cap stocks, the market breadth turned from positive to negative due to heavy selling by maestros, high net worth investors and funds. Out of total 4071 stocks traded on BSE, the number of gainers decreased from 2586 to 1603 and the number of losers increased from 1352 to 2368.
FPIs/FIIs made net purchases of shares worth Rs 1755 crore: DIIs made net purchases of Rs 231 crore.
Foreign Portfolio Investors – FPIs, FIIs made net purchases of shares worth Rs 1755 crore in cash today on Wednesday. There was a net sale of Rs 13,659.60 crore against a total purchase of Rs 15,414.60 crore. While DIIs-Domestic Institutional Investors made net purchases of Rs 230.90 crore in cash today. There was a net sale of Rs 11,171 crore against a total purchase of Rs 11,401.90 crore.
The asset-market capitalisation of investors in shares fell by Rs 2.73 lakh crore to Rs 460.76 lakh crore.
Today, Sensex, Nifty based bullish trading in stocks ended lower, with A group, small, mid cap stocks gaining and widespread profit booking selling taking investors' wealth i.e. total market capitalization of BSE listed companies also eroded by Rs. 2.73 lakh crore to Rs. 460.76 in a day.