The 30-share pack Sensex dropped 598.57 points, or 1.16 per cent, to close at 50,846.08. Its broader peer NSE Nifty declined 164.85 points, or 1.08 per cent, to 15,080.75.
“Markets took a breather after the recent surge and settled with a cut of over a percent. Weak global cues triggered a gap-down start, followed by volatile swings till the end. On the flip side, resilience on the broader front kept the participants busy,” said Ajit Mishra, VP – Research, Religare Broking.
Here are the major movers of the day:
IPO Watch
MTAR Technologies was subscribed 9.21 times so far on Day 2 of the bidding process. The issue was fully subscribed on the first day itself. As most institutional investors bid on the last day, this number could go much higher.
India VIX jumps
India VIX, the barometer of nervousness on Dalal Street, spiked again, after three days of tumbling. The index closed up 9.32 per cent to 24.15 levels.
Sugar stocks rally
Most sugar stocks rallied for the second consecutive day on Thursday. Balrampur Chini Mills was the biggest gainer, rising over 8 per cent. Shakti Sugar was among the few losers, falling over 5 per cent.
spikes 7%
Shares of Dilip Buildcon soared over 7 per cent to Rs 703.70 after the company received an order worth Rs 36,419.07 crore for developing a coal mine. The tenure of contract is for 25 years.
Who flashed sell signals
Union Bank of India, Bank of Maharashtra, IndusInd Bank, Punjab and Sind Bank and Reliance Industries were among the 30-odd stocks that flashed ‘sell’ signals, according to MACD indicator.
Stocks @ 52-week highs
ACC, Adani Ports, Ambuja Cements, Concor Drugs, DLF, Grasim Industries, UPL, Power Finance and Tata Power were among the 321 stocks that hit their 52-week highs on Wednesday.
Where is market headed?
Considering the highly volatile and uncertain phase in which markets are passing through, traders are advised to remain neutral. Positional shorting opportunities may arise if Nifty closes below 15,000 whereas strength shall resume above 15,276, said Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in.
