Market Closing Updates: The benchmark BSE Sensex opened with a negative gap of 420 points at 60,485 on Thursday, weighed by weak global cues after the US Federal Reserve hiked interest rates by 75-bps.
The BSE index, on the other hand, quickly made up lost ground and bounced back into the green, rising as much as 509 points from the day's low. The benchmark eventually returned to the red, though, and finished with a slight loss of 70 points at 60,836. The Nifty50 of the National Stock Exchange was down 30 points at 18,053 at close on Thursday. Tech Mahindra experienced a 2.5% decline among the Sensex 30 stocks. Companies including PowerGrid Corporation, NTPC, Infosys, Wipro, HDFC, and TCS all had declines of 1% to 2%. SBI rose about 2% ahead of its Q2 earnings, which is good news. The other notable winners included Hindustan Unilever, Titan, and Bharti Airtel.
The BSE Midcap and Smallcap indices ended modestly higher in the overall market. With about 1,800 equities rising against 1,670-plus dropping stocks on the BSE, the overall breadth was also somewhat positive.
The BSE IT and Power indices both declined by more than 1% sectorally. Another significant loser was the Auto index. M&M Financial Services shares rose 13.5% among individual stocks despite a 55.0% YoY fall in net profit to Rs 492 crore in Q2FY23.
Besides, Varun Beverages' stock continued to rise as the firm released positive financial results for the third quarter that concluded in September 2022. (Q3CY22).
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