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Mumbai: Ahead of the start of the corporate results season in late June and despite expectations of an encouraging Union Budget, funds, bets today booked profits in stocks with a cautious bias on speculation that some provisions could lead to a bigger post-budget correction in the market. Funds particularly booked profit in bullish trades in automobile frontline stocks as well as metal-mining, IT-software services, technology stocks and banking stocks. Funds today booked profit in capital goods stocks against selective buying in power stocks following positive impact of reports of deals including nuclear power projects in Prime Minister Narendra Modi's Russia visit. The Sensex closed 426.87 points lower at 79924.77 and the Nifty 50 spot index closed 108.75 points lower at 24324.45.
Auto index down 971 points: Mahindra down Rs 194: Tube up Rs 136, Cummins up Rs 52
In automobile stocks today, the BSE Auto index closed 971.04 points lower at 57735.38 due to profit booking by funds in frontline stocks. The price of AQV 700 AX7 was negatively impacted by Mahindra & Mahindra reducing bullish trade in stocks by funds as competition intensifies in the SUV segment, falling Rs 193.70 to Rs 2732.10, Apollo Tyres fell Rs 7.90 to Rs 529.05, Hero Motocorp fell Rs 72.80 to Rs 5514.75, Tata Motors fell Rs 9.30 to Rs 1005.45, Bosch fell Rs 234.35 to Rs 35,389.95. Tube Investments rose by Rs 136.25 to Rs 4524.75, Cummins India rose by Rs 51.80 to Rs 4038, Sundaram rose by Rs 5.65 to Rs 1395.45, Eicher Motors rose by Rs 8 to Rs 4835.
Profit booking in metal stocks: SAIL, NMDC, Tata Steel, Jindal Stainless, Hindalco fall
The BSE Metal index closed 534.44 points lower at 32947.90 as funds continued to book profits in metal-mining stocks. SAIL closed down Rs 4.95 at Rs 150.90, NMDC fell Rs 5.95 to Rs 245.20, Tata Steel fell Rs 3.80 to Rs 168, Jindal Stainless fell Rs 16.35 to Rs 794, Hindalco closed 50 points lower at Rs 14.15 to Rs 693.05, Jindal Steel fell Rs 9.55 to Rs 1011.90.
Bankex down 388 points: State Bank, Bandhan Bank, IIFL Ph., MCX down
The BSE Bankex index closed down 387.67 points at 59916.33 due to profit booking by funds in banking stocks today. State Bank of India fell by Rs 11.85 to Rs 849.10, Bank of Baroda fell by Rs 5.20 to Rs 256.55, Canara Bank fell by Rs 1.30 to Rs 114.70, HDFC Bank fell by Rs 10.25 to IndusInd Bank fell by Rs 7.95 to Rs 1626.25, and BSE fell by Rs 1426.10. Along with this, SG Finserv fell by Rs 18.40 to Rs 341.10, Bandhan Bank fell by Rs 8.35 to Rs 192.40, MCX India fell by Rs 146.35 to Rs 3727.35, IIFL Finance fell by Rs 17 to Rs 484, Tourism Finance fell by Rs 6.30 to Rs 197.20.
Pfizer price hiked by Rs 311 to Rs 5016: Fortis Health, Mankind Pharma, Syngene Int, Sigachi in spotlight
Shares of healthcare-pharmaceutical companies were favorite buys today. Pfizer's price rose by Rs 310.80 to Rs 5016.30, Sigachi Industries' price rose by Rs 1.98 to Rs 62.69, Syngene International's price rose by Rs 21.85 to Rs 746, Fortis Healthcare's price rose by Rs 13.60 to Rs 468.65, Mankind Pharma's price rose by Rs 47.90 to Rs 2151.90, Divi's Lab's price rose by Rs 66.05 to Rs 4620.55, Glenmark's price rose by Rs 19.55 to Rs 1379.40, Novartis India's price rose by Rs 15 to Rs 1160.
Profit booking by local funds, HNIs in small, mid cap stocks: 2576 stocks closed negative
Sensex, Nifty hit record highs, Sensex, Nifty based overbought conditions turned lower, market breadth turned negative again as local funds, high net worth investors booked profits in small, mid cap stocks. Out of total 4021 stocks traded on BSE, number of gainers were 1363 and number of losers were 2576.
IT stocks sell-off as city signals profit booking in AI stocks: Netweb, Axiscad, Sasken fall
Funds sold stocks in IT-software services, technology stocks ahead of TCS quarterly results due end-June 2024, profit booking in artificial intelligence-AI companies ahead of Citi report. Netweb fell Rs 93.15 to Rs 2569.55, Axiscades Technology fell Rs 19.95 to Rs 572.40, Sasken Technology fell Rs 54.20 to Rs 1746.15, Quick Hill Technology fell Rs 13.20 to Rs 515, TCS fell Rs 81.80 to Rs 3909.90, HCL Technology fell Rs 24.20 to Rs 1506.65, Persistent fell Rs 75.55 to Rs 4560.75, Birlasoft fell Rs 11.55 to Rs 691.85. The BSE IT index closed at 38120, down 379.90 points.
The asset-market capitalisation of investors in shares fell by Rs 1.22 lakh crore to Rs 450.05 lakh crore.
Selling in many stocks broke the upward trend of Sensex and Nifty, the investors' wealth of the companies listed on BSE i.e. the total market capitalization fell by Rs 1.22 lakh crore in a day to Rs 450.05 lakh crore.
FPIs/FIIs made net purchases of Rs 584 crore in shares in cash: DIIs made net purchases of Rs 1082 crore.
Foreign Portfolio Investors – FPIs, FIIs made net purchases of shares worth Rs 583.96 crore in cash today on Wednesday. There were sales of Rs 16,880.27 crore against total purchases of Rs 17,464.23 crore. While DIIs-Domestic Institutional Investors made net purchases of Rs 1082.40 crore in cash today. There were sales of Rs 14,070.45 crore against total purchases of Rs 15,152.85 crore.