Sensex, Nifty Log Losses For Third Day Dragged By Energy, I.T. Stocks
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.
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Closing Bell
India's stock benchmarks declined for the third session, dragged by losses in information technology and energy stocks.
Over the past three sessions, the S&P BSE Sensex and NSE Nifty 50 shed 3%.
On Thursday's session, Sensex fell 1.06% to 59,464.62. The 30-stock gauge shed over 1,000 points in intraday trade, for the first time in a month. This is also the first time the Sensex closed below 60,000 in nine sessions. The Nifty also declined by similar magnitude to 17,757. This is the second consecutive session that the 50-stock gauge closed below 18,000. The index dropped to the lowest closing level since Jan. 6. Bajaj Finserv Ltd. had the largest drop, falling 4.5%. Today, 35 of 50 shares fell, while 15 rose.
The broader indices outperformed their larger peers with both the S&P BSE MidCap and S&P BSE SmallCap closing little changed. Thirteen of the 19 sectoral indices compiled by BSE Ltd. declined, with S&P BSE Information Technology shedding 1.7%.
The market breadth was skewed neither in the favour of bulls nor bears. About 1,746 stocks advanced, 1,662 declined and 76 remained unchanged.
"Benchmark indices are showing corrections for the third day in a row on the back of FIIs' selling, rising US bond yields, and concerns of surge in cases of the Omicron variant", Mohit Nigam, Head - PMS, Hem Securities wrote in a note and added that the "correction might be seen as a buying opportunity to enjoy the post budget rally".
Broader Indices Outperform Sensex, Nifty
Hikal Shares Slips Over 30% In 11 Sessions
Shares of Hikal Ltd. fell for the 11th consecutive session, the longest losing streak in over five years.
The stock has shed over 30% during this period.
The company's name was mentioned in relation to a gas-leak incident that killed six people. Last week, Hikal informed bourses that it abided by all rules and regulations and is rendering all assistance to the police investigation in the matter.
Source: Bloomberg
Strides Pharma Partners With Medicines Patent Pool To Commercialise Molnupiravir In 105 Countries
Strides Pharma Science Ltd. announced partnership with Medicines Patent Pool to commercialise molnupiravir in the international markets.
The MPP covers 105 countries. Strides and its Kenyan subsidiary Universal Corporation Ltd. will manufacture molnupiravir at their WHO facilities in India and Nairobi.
Strides receives Emergency Use Authorization from India's drug regulator to launch molnupiravir 200 mg, under the name Stripiravir, on December
Source: Exchange Filing
Investo Vs Zee Entertainment: Bombay High Court Begins Hearing Arguments For Stay On EGM
Aspi Chinoy begins arguments on behalf of Zee Entertainment.
In Dec., Invesco had concluded its arguments against a single judge order granting stay on the EGM.
Source: Bombay HC proceedings