Sensex, Nifty Slide For Second Day Dragged By I.T., New Age Stocks; FPIs Stay Net Sellers
India's stock benchmarks declined 1%, extending losses for the second day, after snapping longest winning streak in 2022 on Monday
- Oldest First
India's stock benchmarks declined 1%, extending losses for the second day, after snapping longest winning streak in 2022 on Monday, ahead of anticipated rate hike from U.S. Federal Reserve. Information technology shares tumbled while new age stocks, like Paytm and Zomato declined, in-line with similar fall in global prices.
The Sensex fell 500 points (0.90%) to 55,268.49, to close near day's low. The Nifty 50 also declined by similar magnitude to fall to 16,483.85. Today, 13 of the Nifty 50 stocks rose while 37 fell. Bajaj Finserv surged over 5.5% while JSW Steel gained 2.1%. Infosys led the losses in information technology stocks. It was also the top laggard in Nifty 50, followed by Hindustan Unilever and Axis Bank.
The broader indices underperformed their larger peers with both the MidCap and SmallCap gauges losing 1.2%. All the 19 sectoral indices compiled by BSE fell, with Information Technology shedding nearly 3%.
The market breadth is skewed in the favour of bears. About 1,159 stocks rose, 2,169 fell and 139 remained unchanged.
Foreign Investors Net Sellers
Foreign portfolio investors net sold equities worth Rs 1,548.3 crore on Tuesday, data from the National Stock Exchange showed. FPIs have been net sellers for three days in a row.
Domestic institutional investors, however, bought stocks worth Rs 999.4 crore on Tuesday.
Institutions have net bought Rs 419.9 crore worth of equities in July alone and net sold Rs 51,998.1 crore so far this year.
10-Year Bond Yield Falls
Yield on the 10-year bond fell 3bps to 7.37% on Tuesday.
10-Year bond yield has fallen for four sessions in a row.
Rupee Closes Little Changed
Indian Currency fell 5 paise to 79.78 against the U.S. dollar, in a rangebound session.
Ramco Systems Falls Most In Over Five Weeks As Net Loss Widens In Q1
Shares of Ramco Systems Ltd. fell over 13%, the steepest intraday decline in over five weeks.
The downturn comes after the IT services provider reported widening of net loss for the quarter-ended June, during market hours on Tuesday.
June Quarter Earnings (Consolidated, YoY)
Net loss at Rs 50.69 crore Vs. net loss of Rs 8.93 crore
Revenue at Rs 119.92 crore Vs. Rs 140.45 crore
EBITDA loss at Rs 30.63 crore Vs. EBITDA at Rs 11.58 crore
Trading volume is twice the 30-day average. Both the analysts tracking the company maintain 'buy'. The relative strength index of the stock is 36%.
Source: Exchange filing, Bloomberg