Bull Market calls it a bears day as Sensex sheds 889 pts, Nifty settles at 16,985; Nifty IT outshines, up 1%

The benchmark indices were trapped by bears on Friday, with the Nifty falling below 17000 and selling observed across the board, with the exception of IT.

The Sensex was down 889.40 points, or 1.54%, at 57,011.74, and the Nifty was down 263.20 points, or 1.53%, at 16985.20 at the closing. 913 shares have increased in value, 2221 shares have decreased in value, and 76 shares have remained steady.

Among the top Nifty losers were IndusInd Bank, Tata Motors, ONGC, Kotak Mahindra Bank, and HUL. Wipro, Infosys, HCL Technologies, Power Grid Corporation, and Sun Pharma were among the gainers.

Reliance Industries, the index’s heavyweight, down 2.6 percent to Rs 2,341, accounting for a 176-point drop on the BSE benchmark. Apart from that, the HDFC twins were the other big movers (223 points loss).

The Sensex 30’s greatest percentage loser was IndusInd Bank, which fell 4.7 percent. Following it were Kotak Bank, Hindustan Unilever, Titan, Bajaj Finserv, and HDFC, all of which were down over 3%.

Except for IT, all other sectoral indices finished in the red. The BSE midcap and smallcap indices are both down over 2%.

The broader indices were also slashed significantly. The BSE Midcap and Smallcap indices were both down 2.4% and 2.1%, respectively. On the BSE, the overall breadth was also quite negative, with more than two dropping equities for every advancer.

Update on the Initial Public Offering:

As of 03:20 PM on Day 2 of the offer period, the Surya Lifescience IPO had been subscribed 4.4 times. Retail quotas were subscribed 21.36 times, while NIIs were subscribed 1.91 times.

HP Adhesives, which closes for subscription today, has been subscribed 17.55 times, including 74.59 times for the retail portion. The NIIs quota received up to 12.60 times the number of offers, while the QIBs part received 1.01 times the number of bids.

Cues from afar

The stock market in the United States concluded the day lower on Thursday. The Nasdaq fell by 2.5 percent. The Dow Jones Industrial Average fell 0.1 percent, while the S&P 500 index fell 0.9 percent.

Asia’s major markets were neutral this morning. The Nikkei was down 0.9 percent, and the Hang Seng was down 0.6 percent. Shanghai was down 0.2 percent as well. The Kospi, on the other hand, was up 0.2 percent, while the Straits Times and Taiwan were both unchanged.