Saturday, April 20, 2024
Manpower of India
HomeInvestmentHigh-weightage financials and IT sectors lead losses as Indian shares extend decline...

High-weightage financials and IT sectors lead losses as Indian shares extend decline for second consecutive session

Indian shares fell on Wednesday, dragged by broad slide across sectors, as investors booked profits on a nearly 5 per cent rise in the benchmark Nifty 50 in fiscal 2024 so far, while weak global cues amid debt ceiling negotiations in the U.S. weighed.

The Nifty 50 was closed 0.57 per cent down at 18,181.75, while the S&P BSE Sensex fell 0.60 per cent to 61,560.64. Both indexes extended losses to a second consecutive session.

High-weightage financials and information technology (IT) led losses in the Nifty, falling 0.71 per cent and 0.97 per cent, respectively.

“The market is witnessing profit booking, especially in heavyweights from higher levels,” said Siddhartha Khemka, head – retail research at Motilal Oswal Financial Services.

  • Read: Stocks that will see action today—May 17, 2023

“Some consolidation may not be ruled out given the sharp up-move in the last few weeks.”

The Nifty has risen 4.74 per cent so far this fiscal, supported by a healthy results season and consistent buying from foreign institutional investors (FII), according to three analysts.

Vaishali Parekh, vice president – technical research at Prabhudas Lilladher, pegged 18,200 and 18,450 as the support and resistance levels for the benchmark.

Metal stocks lost almost 1 per cent on concerns over demand recovery in China in light of weak macroeconomic data from the world’s largest consumer and producer of metals.

Realty and Media lost over 1 per cent and 2 per cent respectively, dragged by weak earnings of key constituents such as Oberoi Realty Ltd and PVR INOX Ltd.

Among individual stocks, Amber Enterprises Ltd and CrediAccess Grameen Ltd jumped more than 15 per cent and 7 per cent respectively, on strong March-quarter results, while LIC Housing Finance Ltd tumbled 6.14 per cent on a profit slide.

Global equities were muted, as the ongoing debt ceiling negotiations in the U.S. and weak macroeconomic data from China dampened risk appetite. Asian markets were subdued.



Please enter your comment!
Please enter your name here

- Advertisment -
Manpower of India

Most Popular

Recent Comments

Translate »