Market breadth turns negative as bears take control!

Indigo and CreditAccess rally against market sentiment on the back of strong Q3 results!

As tensions stiffen between Russia and Ukraine with over 1,00,000 Russian troops amassed along the Ukraine border, the headline indices tumbled with BSE Sensex closing at 57621.19 shedding a massive 1023.63 points or 1.75 per cent, while the Nifty closed at 17213.60 with a loss of 302.70 points or 1.73%.

Among the sectoral indices, Banking and Financials and Capital Goods were the biggest losers as losses extended to most sectors barring Utilities led by Adani Group while HDFC twins bore the brunt of the bears. BSE 500 closed at 23630 with a loss of 336 points or 1.4 per cent.

The day’s movers which gave a breather to the falling market are CreditAccess Grameen, Interglobe Aviation and NLC India.

Microfinance lender - CreditAccess Grameen reported healthy business growth and higher interest income which grew by 18.4 per cent at Rs 690 crore and 36 per cent at Rs 412 crore. The stock rallied 11.19 per cent to close at Rs 729 with intraday high and low of Rs 786.75 and Rs 675.

Indigo’s parent company Interglobe Aviation’s share took off as the company posted Profit after Tax (PAT) of Rs 117 crore compared to a loss of Rs 79 crore for the same period last year. The share zoomed 10 per cent during the trading session logging a high of Rs 2183.15. The stock closed at Rs 2160 logging a day’s gain of 9.41 per cent.

NLC India (formerly Neyveli Lignite Corporation ) gained 7.93 per cent in today’s trading session to close at Rs 73.50. The intraday high and low for the stock was at Rs 74.15 and Rs 6915. The stock has been in some action in the past one month logging a gain of 9.93 per cent.