Produced by: Aseem Thapliyal
Jio Financial
The domestic equity market was trading lower on Wednesday. Sensex fell 485 pts to 73,183 and Nifty declined 197 pts to 22,138. Market cap of BSE-listed firms fell to Rs 376.67 lakh crore.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "In the near-term, investors should focus on the sustained weakness in the broader market, particularly the smallcap segment. The excessive valuations in these segments driven by the irrational exuberance of retail investors has been a concern for many months now. But it has taken the strong message from the regulator SEBI to trigger a correction in the Nifty Smallcap index by 10% from the February 8 peak. It is important to understand that 396 stocks are in the lower circuit indicating that there is more pain to come in this segment. Actions from mutual funds also indicate the excessive valuations in the broader market.”
Shares of Adani Green Energy Ltd tanked over 13% in early deals on Wednesday despite the Adani Group firm disclosing that Adani Green Energy (UP) Limited, Parampujya Solar Energy Private Limited and Prayatna Developers Private Limited , have raised $409 million by allotment of US dollar denominated senior secured notes. Adani Green Energy shares slipped 13.36% to Rs 1645 in early deals. Market cap of Adani Green Energy fell to Rs 24.88 crore.
Shares of Sterling and Wilson Renewable Energy Ltd were stuck in the lower circuit of 5% in early deals today after the firm said it was not aware of any sale of stake by Shapoorji Pallonji Group in the company. A total of 8921 shares of the firm changed hands amounting to a turnover of Rs 45.90 lakh on BSE. Market cap of the firm slipped to Rs 45.90 lakh on BSE.
Shares of ITC rose 9 per cent as huge quantity of its shares changed hands in a block deal. A total of 4397.23 lakh shares of the firm changed hands amounting to the highest turnover of Rs 17,608 crore on BSE. Market cap of the firm rose to Rs 5.38 lakh crore on BSE.
Shares of Indian Renewable Energy Development Agency Ltd (IREDA) were stuck in the lower circuit of 5% at Rs 127.35 today. IREDA shares saw a high turnover of Rs 73.62 crore in the current session as 56.79 lakh shares changed hands on BSE. IREDA’s market cap fell to Rs 34,228 crore. The stock fell to a record low of Rs 49.99 on November 29, 2023.
Shares of Data Patterns fell over 8% to Rs 2228 today. Data Patterns shares saw a turnover of Rs 9.41 crore in the current session as 0.41 lakh shares changed hands on BSE. Data Patterns' market cap fell to Rs 12,525 crore.
Shares of NCC fell 9% to Rs 215.90 today. NCC shares saw a turnover of Rs 16.36 crore in the current session as 7.55 lakh shares changed hands on BSE. NCC's market cap fell to Rs 13,668 crore.
Shares of Intellect Design Arena rose 7% to a 52 wek high of Rs 1195 today. Intellect Design Arena shares saw a turnover of Rs 10.86 crore in the current session as 0.93 lakh shares changed hands on BSE. Intellect Design Arena's market cap climbed to Rs 15,737 crore.
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