Indian Equity Indices Extended the Losses

Indian equity indices continued to decline on the fourth consecutive session. Nifty opened at 22,762.75 a gap down of 125.40 points from Tuesday’s close and made an intraday high of 22,825.50 and closed at 22,704.70 down 183.45 points or 0.80%. Heavy-weight stocks like HDFC Bank, ICICI Bank, Reliance Industries, Axis Bank, and Infosys weighed the most on the Nifty 50. While Hindalco, Power Grid, ITC, Bajaj Auto, and Divi’s Laboratories helped to limit the losses in the index. The S&P BSE Sensex ended 667.55 points or 0.89%, lower at 74,502.90.

The broader market ended on the mixed note; The S&P BSE Mid-Cap index declined by 0.38% and the S&P BSE Small-Cap index advanced by 0.23%. On BSE, 2,127 stocks declined, 1,693 stocks advanced and 109 remained unchanged.

Among the sectoral indices, the Nifty Pharma index (up 0.55), the Nifty Healthcare index (up 0.43%) and the Nifty Metal index (up 0.27%) outperformed the Nifty 50 index. Meanwhile, the Nifty Financial Services index (down 1,65%), the Nifty Private Bank index (down 1.36%) and the Nifty Bank index (down 1,30%) weighed the Nifty 50 index.

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• The Indian equity market continued their losing streak for the fourth consecutive session on May 29 with Nifty at 22,700 amid selling seen in the oil & gas, IT, realty, and banking names. At close, the Sensex was down 667.55 points or 0.89% at 74,502.90, and the Nifty was down 183.50 points or 0.80% at 22,704.70. On the back of mixed global cues, the market opened on a negative note and extended the losses as the day progressed, with Sensex and Nifty falling below 74,500 and 22,700, respectively.

• S&P Global revised India’s sovereign outlook from ‘stable’ to ‘positive’ on Wednesday, citing confidence in the country’s policy stability, economic reforms, and infrastructure investments. The agency maintained its ‘BBB-‘ long-term and ‘A-3’ short-term unsolicited foreign and local currency sovereign credit ratings.

• Samvardhana Motherson International Ltd. plans to raise up to Rs 5,000 crore via the private placement of non-convertible debentures in one or more tranches. The face value of the bonds will be Rs 1 lakh each. The auto components maker reported a 20% year-on-year growth in revenue to Rs 27,058 crore in the January-March quarter. Net profit doubled to Rs 1,444 crore from Rs 699 crore reported in the same period last year.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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