Sensex slumps for 3rd straight day; closes 372 points down

Broader Nifty 50 of the National Stock Exchange slumps 91.65 points or 0.57 per cent to 15,966.65 points against its previous day’s close at 16,058.30 points

FPJ Web DeskUpdated: Wednesday, July 13, 2022, 04:16 PM IST
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The Indian equities markets’ key indices slumped for the third straight day on Wednesday with benchmark Sensex losing 372 points dragged by selling pressure in heavyweights Reliance Industries and HDFC twins.

The 30 stock S&P BSE Sensex closed 372.46 points, or 0.69 per cent, down at 53,514.15 points against its previous day’s close at 53,886.61 points.

The markets witnessed volatile trading. The Sensex started the day in the positive at 54,210.10 points and rose to a high of 54,211.22 points in the morning trade. The index slipped into the red in the afternoon session hitting a low of 53,455.26 points in the intra-day.

This is the third straight day of the slump in the Indian equities markets. The Sensex had lost 508.62 points, or 0.94 per cent, on Tuesday.

The broader Nifty 50 of the National Stock Exchange slumped 91.65 points or 0.57 per cent to 15,966.65 points against its previous day’s close at 16,058.30 points.

Earlier, the Nifty started the day in the positive at 16,128.20 points and rose to a high of 16,140.00 points in the morning session. The Nifty slipped into negative in the afternoon session hitting a low of 15,950.15 points in the intra-day.

This is the third straight day of loss in the Nifty. The Nifty had slumped by 157.70 points or 0.97 per cent on Tuesday.

Heavy selling pressure in the index heavyweights Reliance Industries and HDFC twins dragged the index down.

Reliance Industries slumped 1.77 per cent to Rs 2377.30. HDFC Bank dipped 2.35 per cent to Rs 1359. HDFC slipped 2.53 per cent to Rs 2170.

HCL Technologies slumped 1.11 per cent to Rs 917.75 on disappointing Q1 earnings.

HCL Technologies on Tuesday reported a consolidated net profit of Rs 3,281 crore for the first quarter of the current financial year as compared to Rs 3,213 crore recorded in the corresponding period of the previous year, posting year-on-year growth of 2.11 per cent.

The company’s consolidated revenue for the quarter ended June 30 rose to Rs 23,464 crore as compared to Rs 20,068 crore reported in the corresponding period of the last year, posting year-on-year growth of 16.92 per cent. On a sequential basis, the company's revenue rose by 3.83 per cent. HCL Technologies had posted revenue of Rs 22,597 crore in January-April 2022 quarter.

The country’s largest software exporter Tata Consultancy Services (TCS) tumbled for the third straight day after announcing Q1 earnings. TCS slumped 1.49 per cent to Rs 3038.55.

TCS had lost 0.92 per cent and 4.64 per cent in the last two trading sessions, respectively.

On Friday, TCS reported a net profit of Rs 9,478 crore for the first quarter of the current financial year as compared to Rs 9,008 crore reported in the corresponding period of the last year, posting year-on-year growth of 5.21 per cent. The company’s profit is sharply lower than the market’s expectations. The company's revenue rose 16.2 per cent year-on-year to Rs 52,758 crore for the quarter ended June 30.

IndusInd Bank, Bharti Airtel, Bajaj Finserv, Tech Mahindra, ICICI Bank, Wipro and Titan were among the major Sensex losers.

There was good buying support in FMCG and metal stocks. Hindustan Unilever jumped 1.97 per cent to Rs 2497.55. Asian Paints rose 1.70 per cent to Rs 2941.40. Nestle India jumped 0.87 per cent to Rs 18282.60. Kotak Bank, Sun Pharma, NTPC, UltraTech Cement, ITC and Infosys were among the major Sensex gainers.

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