Sensex, Nifty Snap Winning Streak; TCS Gains For Tenth Session
Catch all live updates on share prices, index moves, corporate announcements and more from Indian stock markets today.
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India’s stock benchmarks snapped a winning streak in which they closed at record for four consecutive sessions, weighed by the losses in banking and metal stocks.
The S&P BSE Sensex shed 0.29% to 55,629.49. The 30-stock index hit a record 56,118.57 in intraday trade. This is the first time Sensex has crossed 56,000 mark. The NSE Nifty 50 declined by similar magnitude to 16,568.85. Nifty 50 had also logged a record 16,701.85 in intraday trade, the first ever time the 50-stock index crossed 16,700 mark.
ICICI Bank Ltd. contributed the most to the index decline, decreasing 1.8%. Hindalco Industries Ltd. had the largest drop, falling 2.2%.
The S&P BSE MidCap outperformed, adding 0.26% while the S&P BSE SmallCap almost mirrored their larger peers, shedding 0.2%. Thirteen out of the 19 sectoral indices compiled by the BSE Ltd. declined, with S&P BSE Metal and S&P BSE Bankex falling 1%.
The market breadth was skewed in favour of bears. About 1,096 stocks advanced, 2,082 declined and 117 remained unchanged.
"The market have witnessed some correction from the higher levels of 16,700. It is going to be crucial for the short-term market scenario to sustain above the 16,500 level. Early signs of reversal in the market with deviation occurring in Nifty 50, Nifty MidCap, and Nifty SmallCap. Hence traders are advised the traders to refrain from building a new buying position until we see further improvement in the market breadth", Ashish Biswas, head of technical research at CapitalVia Global Research Ltd. wrote in a quote.
Aster DM Healthcare Extends Rally, Hits Record
Shares of Aster DM Healthcare Ltd. gained over 10% to record Rs 194.70 apiece and extended its rally for the third session.
On Sunday, the company stated plans to expand the number of labs and pharmacy distribution network in the country.
Founder Chairman and Managing Director, Azad Moopen said that the company intended to invest Rs 235 crore to add 411 beds in the next 18 months in India.
All the 9 analysts tracking the company maintained ‘buy’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 12.7%.
The relative strength index of the stock is at 76, suggesting that the stock may be overbought. Shares of Aster DM Healthcare have added 13.6% in 2021 compared to 21% gains for S&P BSE Healthcare.
Breweries & Distilleries' Stocks Advance, United Spirits Hits Record
Shares of United Spirits Ltd. climbed 10% to hit record Rs 725.90 a piece.
United Breweries added nearly 8% while GM Breweries and Globus Spirits shares rose over 5% as well.
Radico Khaitan was the exception as the company’s shares shed 3.25% in intra-day trade.
Tata Steel Commissions Its First Recycling Plant In Rohtak, Haryana
Tata Steel has commissioned its new 0.5 million tonnes per annum steel recycling plant at Rohtak, Haryana as part of the company's sustainability commitment.
In an exchange filing, Tata Steel said that the plan has been set up in collaboration with Aarti Green Tech Ltd. as a 'Build, Own, Operate' partner.
It is the first such facility in India, equipped with equipment such as shredder, baler, material handler etc.
Tata Steel intends to provide raw material fillip to Indian steel industry by making quality processed ferrous scrap available and reduce import-dependency, the company said in a statement.
Shares of Tata Steel added 1% in intraday trade before paring the gains.
TCS Clocks Longest Winning Streak Since 2004 listing
Shares of Tata Consultancy Services Ltd. rose for the 10th straight day. This is the longest winning streak since the company went public in 2004.
TCS shares gained 8.7% during the streak, including 0.21% gain on Wednesday. TCS shares also hit a record Rs 3,595 on intraday trade. Before today, the longest rally for TCS lasted nine days (September 2020).
The relative strength index of the stock is 83, indicating that it may be overbought.