Benzinga - Wednesday’s trading session witnessed a mixed bag of performances on the NIFTY 50 index. The spotlight was on ITC for its impressive surge, while Power Grid (NS:PGRD) Corporation of India faced a significant drop.
Leading the pack of top performers, ITC saw a substantial increase of 4.45% from its last close, with its current price standing at ₹422.45. T
Following closely, ICICI Bank (NS:ICBK) also made notable strides with a 0.66% rise, taking its current price to ₹1,083.95.
Third in line, Kotak Mahindra Bank (NS:KTKM) witnessed a 0.53% increase, with its current price at ₹1,729.55. Pharmaceutical giant Cipla (NS:CIPL) also had a good day at the market with a 0.38% increase, taking its current price to ₹1,471.25.
| ITC | ₹422.45 | ₹404.45 | 4.45% |
| ICICI Bank | ₹1083.95 | ₹1076.85 | 0.66% |
| Kotak Mahindra Bank | ₹1729.55 | ₹1720.35 | 0.53% |
| Cipla | ₹1471.25 | ₹1465.75 | 0.38% |
| Bajaj Finance (NS:BJFN) | ₹6456.15 | ₹6436.05 | 0.31% |
Lastly, Bajaj Finance made it to the top performers’ list with a 0.31% increase, with its current price at ₹6,456.15.
On the flip side, Power Grid took a hard hit with a 7.31% drop, making it the biggest loser of the day. The company’s current price stands at ₹264.30, a significant drop from its last close.
Following closely, Coal India (NS:COAL) also faced a setback with a 7.18% decrease, bringing its current price down to ₹417.05.
| Power Grid Corporation of India | ₹264.3 | ₹285.15 | -7.31% |
| Coal India | ₹417.05 | ₹449.3 | -7.18% |
| Adani Ports and Special Economic Zone | ₹1209.55 | ₹1301.3 | -7.05% |
| Adani Enterprises (NS:ADEL) | ₹2906.2 | ₹3122.5 | -6.93% |
| NTPC (NS:NTPC) | ₹322.5 | ₹344.75 | -6.45% |
Port giant Adani Ports also took a hit with a 7.05% decrease, with its current price at ₹1,209.55. Next in line, Adani Ent saw a 6.93% decrease, with its current price at Rs. 2,906.20.
Lastly, NTPC also faced a setback with a 6.45% decrease, bringing its current price down to ₹322.50.
The Sensex started the day on a positive note but soon turned bearish, reaching an intraday low of 72,515.71. It closed the day down by 906.07 points, or 1.23%, at 72,761.89. Similarly, the Nifty 50, after an initial uptick, followed a downward trajectory, touching an intraday low of 21,905.65 before closing at 21,997.70, down by 338 points or 1.51%.
All sectoral indices except FMCG ended the day in the red, reflecting the overall negative sentiment in the market.
“There have been concerns over the rising valuations of mid & small-rung stocks for a while, and with the regulator too asking to maintain caution, traders preferred to trim their exposure which resulted in a massive correction across the board. If today's price action on Dalal Street is any indication then the short-term technical outlook for Nifty remains in favour of bears,” said Prashanth Tapse of Mehta Equities about the day’s trading.
“The short-term trend of Nifty seems to have reversed down. Follow-through weakness from here is expected to drag Nifty down to 21500 levels in the near term. Immediate resistance is at 22250 levels,” said Nagaraj Shetti of HDFC Securities.
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