Sensex continues in weak zone after repo rate hike; Tata Steel, SBI slump

At 12.39 PM, the Sensex was up 0.35 percent or 190.61 points at 55,083.10.

FPJ Web DeskUpdated: Thursday, June 09, 2022, 12:41 PM IST
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T the Sensex started the day in the red at 54,514.17 points and slumped to a low of 54,507.41 points in the early morning trade. | Photo Credit: AFP

The Indian stock market's benchmark Sensex was witnessing volatile trading with negative bias on Thursday dragged by selling pressure in infra, banking, and IT stocks.

The 30 stock S&P BSE Sensex was trading 34.73 points or 0.06 per cent down at 54,857.76 points at 11.36 am, against its previous day's close at 54,892.49 points.

At 12.30, the Sensex was up 0.35 percent or 190.61 points at 55,083.10.

Earlier, the Sensex started the day in the red at 54,514.17 points and slumped to a low of 54,507.41 points in the early morning trade. The Sensex turned positive in the late morning session rising to a high of 55,010.89 points.

The Sensex is trading in the negative for the fifth straight session. The index had lost 214.85 points or 0.39 per cent on Wednesday.

The Reserve Bank of India (RBI) on Wednesday hiked policy repo rate by 50 basis points to tame inflation. This has dampened the investors' sentiments.

The broader Nifty 50 of the National Stock Exchange was trading 0.90 points or 0.01 per cent down at 16,355.35 points against its previous day's close at 16,356.25 points.

The Nifty started the day in the negative at 16,263.85 points and slumped to a low of 16,243.85 points in the morning trade.

There was heavy selling pressure in infra, banking and IT stocks.

Tata Steel slumped 2.88 per cent to Rs 1055.45. Asian Paints dipped 1.53 per cent to Rs 2664.25. Ultra Tech Cement slumped 1.13 per cent to Rs 5470.50.

State Bank of India slumped 1.43 per cent to Rs 464.30. Bajaj Finance fell 1.37 per cent to Rs 5870.35.

Axis Bank, HCL Technologies, Wipro, NTPC, Bajaj Finserv and Nestle India were among the major Sensex losers.

Only 10 of the 30 scrips that are part of the Sensex were trading in the positive.

The index heavyweight Reliance Industries Limited was trading 1.23 per cent higher at Rs 2757.90.

Dr Reddy's Laboratories surged 2.84 per cent to Rs 4319.35. Maruti Suzuki jumped 1.27 per cent to Rs 7993.

Other major Sensex gainers were Bharti Airtel, ITC, Titan, Hindustan Unilever and Infosys.

According to Santosh Meena, Head of Research, Swastika Investmart Ltd., said, Titan is trying to create a base around the 2,050 level after a healthy correction however 2,300-2,350 is a critical resistance area as a cluster of key moving averages. Therefore, 2,050-2,350 is a well-defined trading band and if it manages to take out the 2,350 level then we can expect fresh bullish momentum while if it slips below the 2,050 level then 1,900 will be the next sacrosanct support level. Existing investors should hold this stock as the long-term structure is still bullish whereas one can start to accumulate from current levels.

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