Closing bell: Markets tank amidst weak global cues; banks, metals, and pharma stocks suffer!

HDFC Bank, Reliance Industries, Bajaj Finance, Tata Steel, and TCS rallied heavily whereas a large volume was traded in Coal India, Hindalco Industries, Adani Ports, SBI, & ITC.

At market close today, the core equity indices i.e. Sensex and Nifty 50 were down by 1.25 per cent each. Weaker global cues, the aggressive rate hike confirmation from FED Chairman, and rising bond yield in the US coupled with a volatile rally in technology sector stocks have led to the bloodbath on the bourses yet again.  

HDFC Bank, Reliance Industries, Bajaj Finance, Tata Steel, and TCS rallied heavily whereas a large volume was traded in Coal India, Hindalco Industries, Adani Ports, SBI, & ITC.  

The shares of sugar manufacturers were seen extending their positive streak for the third time in a row despite the falling market levels. Shree Renuka Sugars (up by 13.30 per cent), Bajaj Hindusthan Sugar, Rajshree Sugar & Chemicals, and Rana Sugars were some of the Top Gainers in the sector.   

BSE Sensex plunged 1.23 per cent and was at the 57,197.15 level. BSE Midcap index also ended at 24,698.37, down by 175.41 points or 0.71 per cent.  BSE Smallcap index closed at 29,247.98 levels, lower by 0.38 per cent.   

The top gainers on BSE Sensex today were Mahindra & Mahindra, Maruti Suzuki, Bharti Airtel, Asian Paints, and ITC. On the other hand, the stocks of SBI, Hindustan Unilever, IndusInd Bank, Dr Reddy’s Laboratories, and Axis Bank turned out to be the Top Losers.        

Nifty 50 dived 220.56 points at the 17,171.95 mark. Likewise, Bank Nifty also plunged 2.10 per cent or 771.35 points and closed the day at 36,044.75 levels. AU Small Finance Bank and SBI were the top losers on Bank Nifty index. The top gaining stocks were Adani Ports, Mahindra & Mahindra, Bharti Airtel, Maruti Suzuki, and ITC. The stocks losing the most were Hindalco Industries, Hindustan Unilever, Cipla, SBI, and IndusInd Bank.  

The total stocks traded today were 3,531, out of which 1,451 advanced while 1,956 stocks declined. There were 124 stocks that were unchanged. The number of stocks that were locked in the upper circuit was eight while only four stocks closed in the lower circuit today. Around 178 stocks touched a fresh 52-week high while 15 stocks hit a new 52-week low today.    

On the sectoral front, Bank, Metal, Pharma, and Realty stocks suffered and were trading lower by almost 2 per cent on the bourses today