CLOSING BELL: It was an eventful day for equity markets, which witnessed wild swings between losses and gains, to eventually end the Budget day session with nominal gains. The BSE Sensex moved 1,956 points between the highest and lowest points of the day. It leapt 1,223 points to the day’s high tracking the populist announcements made in the Budget but tanked 733 points later. Finally, the index recovered to close 158 points higher at 59,708. The NSE Nifty oscillated 263 points in the session to end 46 points lower at 17,616.
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CLOSING BELL: It was an eventful day for equity markets, which witnessed wild swings between losses and gains, to eventually end the Budget day session with nominal gains. The BSE Sensex moved 1,956 points between the highest and lowest points of the day. It leapt 1,223 points to the day’s high tracking the populist announcements made in the Budget but tanked 733 points later. Finally, the index recovered to close 158 points higher at 59,708. The NSE Nifty oscillated 263 points in the session to end 46 points lower at 17,616.
Adani Enterprises and Adani Ports were the top culprits behind the erasure of benchmark gains. The two sank 27 per cent and 18 per cent, respectively on the Nifty, after Credit Suisse’s private bank stopped accepting bonds of the group companies as collateral for margin loans,
Bloomberg reported.
The other top laggards on the Nifty were HDFC Life, SBI Life, which dropped up to 11 per cent. Bajaj Finserv, SBI, IndusInd Bank, BPCL and M&M slipped 2-5 per cent.
Meanwhile, ICICI Bank, HDFC twins, ITC, Infosys, TCS, Wipro, L&T, Tata Steel were the top Sensex winners that helped it recoup losses.
Among indices, Nifty PSB and Metal indices shed the most with cuts of up to 6 per cent, while FMCG and IT pockets were the only sectoral outperformers.
Broader
markets were unable to recover from the intra-day lows with BSE Midcap and Smallcap indices dropping up to 1 per cent.
Rout in Adani Group stocks triggers panic sell-off in PSU banks
State Bank of India, Bank of Baroda (BoB), Canara Bank, Punjab National Bank, Union Bank of India, Indian Bank and Indian Overseas Bank were down in the range of 5 per cent to 10 per cent.
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BS SPECIAL | ITC, NTC Ind: Strategies for Cigarette-related stocks after duty hike
Shares of cigarette-related companies will be in limelight starting today, as the Finance Minister raised Natural Calamity Contingent Duty (NCCD) on certain cigarettes by 16 per cent in her Union
Budget 2023 speech.
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