Sensex Falls 509 Points, Nifty Ends Below 16,900; Metal & Banking Stocks Witness Selling

Wed, 28 Sep Closing

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In a day of extreme volatility, Indian share markets ended right where they started, near the day's low.

After opening the day lower tracking weak global cues, Indian share markets regained momentum in the afternoon session and saw marginal gains. However, markets slipped towards the day's low as banking and metal stocks came under pressure.

Indices tumbled towards the end to join their Asian peers to close in the red after a wobbly day ended with mixed results on Wall Street as markets churn over the prospect of a probable recession.

At the closing bell, the BSE Sensex stood lower by 509 points (down 0.9%).

Meanwhile, the NSE Nifty closed down by 149 points (down 0.9%).

Asian Paints, Sun Pharma, and Dr Reddy's Laboratories were among the top gainers today.

Hindalco, JSW Steel, and ITC, on the other hand, were among the top losers today.

The SGX Nifty was trading at 16,881, lower by 157 points, at the time of writing.

The broader markets ended on a negative note. The BSE Mid Cap index ended lower by 0.5%, while the BSE Small Cap index ended down by 0.4%.

Sectoral indices ended on a mixed note with stocks in the pharma sector and IT sector witnessing buying. Investors flocked to the best pharma stocks as those are considered defensive bets.

On the other hand, stocks in the metal sector, banking sector, and financial sector witnessed selling pressure.

Even the best bank stocks in India were not spared as they ended on a negative note.

Shares of Gujarat Fluorochemicals and Asian Paints hit their 52-week high today.

Outside the home ground, Asian share markets ended on a weak note.

At the close in Tokyo, the Nikkei ended down by 1.5%, while the Hang Seng was trading lower by 3.4%. The Shanghai Composite stood down by 1.6%.

US stock futures are trading on a positive note with Dow futures trading up by 0.5%.

The rupee is trading at 81.8 against the US$. The rupee slipped to record lows again today, after stabilizing in the previous session.

Gold prices are currently trading lower by 0.1% at Rs 49,450 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.9% at Rs 55,379 per kg.

Note that gold prices have fallen and have taken quite a knock in recent weeks. Silver is not far behind.

Speaking of stock markets, Rahul Goel talks to Pankaj Tibrewal and discusses his approach to picking stocks, constructing the best portfolio and his focus on management trust, in the latest episode of the Investor Hour podcast.

For anyone wanting to become a lot smarter when it comes to the stock markets...and wiser when it comes to understanding the India opportunity, listening to Pankaj is necessary.

In news from the IT sector, HCL Technologies was among the top buzzing stocks today.

Share price of HCL Technologies gained 1% after the company launched its new brand identity.

HCL Technologies, among the best IT stocks in India, today launched its new brand identity and logo, HCLTech, with a new brand statement.

Its new brand and logo will represent its differentiated portfolio of services and products that supercharge digital transformation for enterprises at scale.

Commenting on this, Chairman and Managing Director of HCLTech, Vijaykumar said,

Our purpose accelerates our journey to be the digital partner of choice for global enterprises through differentiated services and products and being an employer of choice for top talent. It also underscores our responsibility to continue contributing toward inclusive growth of communities where we operate and a sustainable planet for the generations to come.

Apart from this, the company has been named the official cornerstone partner of MetLife stadium and the digital transformation partner of the New York Jets.

Despite all the positives, due to the weak margins and the global tech stocks selloff, many Indian tech giants are trading near their yearly lows.

HCL Tech is no exception. Take a look at its performance in 2022.

Moving on to news from the engineering sector, Larsen & Toubro share price was in focus today.

The construction arm of Larsen &Toubro has been awarded a significant contract from the State Government of Assam on an EPC basis.

Under this project, the company will construct a new medical college & hospital at Golaghat, Assam.

The facility will include a 430- bed teaching hospital, an academic block to cater to an annual intake of 100 numbers, an autopsy block, a private ward, a hostel, and residential facilities.

The project will be executed as per National Medical Commission (NMC) norms and is expected to be completed in 36 months. The total built-up area will be 9.44 lakh square feet.

Apart from this, the company also secured an order from a prestigious client to construct commercial office space in Bengaluru with an approximate built-up area of 10 lakh square feet.

The project scope includes design & build civil works for the composite structure of 3B+G+12 floors. The project is envisaged to be designed, coordinated, and monitored digitally using BIM build & collaboration module and will be completed in 12 months.

Further, the business also secured add-on orders for various ongoing projects in the segments of airports, public spaces, factories, office spaces & data centers. As per the company's project classification, the orders are valued in the range of Rs 10-25 bn.

L&T has been an investor's favorite stock for a long time and also a stock that makes it to the top 5 infrastructure stocks.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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