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Sensex, Nifty drop in early gains; HCL Tech, Gujarat Gas, Radio City plunge up to 20%

Sensex, Nifty drop in early gains; HCL Tech, Gujarat Gas, Radio City plunge up to 20%

Sensex was trading 204 points or 0.34 per cent lower at 59,753.98, while NSE's barometer Nifty 50 dropped 46 per cent or 0.26 per cent to 17,812.20 at 9.23 am

Pawan Kumar Nahar
Pawan Kumar Nahar
  • Updated Jan 13, 2023 9:59 AM IST
Sensex, Nifty drop in early gains; HCL Tech, Gujarat Gas, Radio City plunge up to 20%HCL Tech topped the losers on the Nifty50 pack with a 2 per cent fall after Q3 earnings. Gujarat Gas tumbled 5 per cent, after downgrade by Macquarie

Domestic equity indices could not sustain early gains and dropped sharply on Friday despite the positive cues from the global peers. Even moderation of inflation in both India and US failed to support the market

 Relentless selling at Dalal Street from the FIIs spooked the domestic traders. Global investors have pulled out about Rs 15,000 crore from the domestic equities in January so far.

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At 9.23 am, the 30-share pack BSE Sensex was trading 204 points or 0.34 per cent lower at 59,753.98, while NSE's barometer Nifty 50 dropped 46 per cent or 0.26 per cent to 17,812.20.

Broader markets were trading with mixed as BSE midcap index was trading in red, whereas smallcap index was mildly up. Fear gauge India VIX jumped over a per cent to 15.5-mark.

There are significant near-term positives for equity markets. Globally, the decline in US inflation and the consequent decline in US 10-year bond yields are supportive of equity markets, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"DIIs have fundamental support coming from reduced CPI inflation and rising IIP numbers. RBI can now afford to soften rate hikes. The emerging interest rate scenario is favorable for banks and NBFCs. The impressive Q3 results from IT majors will keep the IT segment resilient," he said.

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On a sectoral front, Nifty metal index was the top gainers. Select banks and media counter were also trading higher. However, weakness in IT, technology, FMCG and capital goods counters dragged the indices lower.

HCL Tech topped the losers among the Nifty50 pack with a 2 per cent fall after Q3 earnings. It was followed by Eicher Motors, L&T, Tech Mahindra, Reliance, Sun Pharma and Apollo Hospital, which shed a per cent each. Among the gainers, IndusInd Bank, Power Grid, Tata Steel, UPL and Adani Enterprises jumped about a per cent each.

Music Broadcast (RadioCity) tanked up to 20 per cent, whereas L&T Technology Services plunged 7 per cent after approval of acquistion of Smart World & Communication business from Larsen & Toubro. Gujarat Gas tumbled 5 per cent, following a downgrade by Macquarie. Sah Polymers plunged 5 per cent over profit booking.

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On the contrary, HIL, Ramco Systems topped among the gainers with an 8-10 per cent rally. DB Realty, KBC Global and CG Power jumped 5 per cent each during the early trading.

Also Read: Vedanta Q3 preview: After softened commodity cycle, will mining major's PAT tank 75% YoY?

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Jan 13, 2023 9:59 AM IST
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