UPDATE: Sensex Sheds Over 100 Points; Financial Stocks Weak, IT Stocks Witness Buying



IndusInd Bank, SBI and Axis Bank lost around a per cent each to top loser’s list on the BSE

The benchmark indices have slipped marginally into the red this afternoon, after touching fresh all-time highs earlier in the day, amid a choppy session of trading. At 1:00 pm, the BSE Sensex was trading at 55,472.55, lower by 114.71 points or 0.21 per cent and the NSE Nifty was at 16,503.95, down 58.71 points or 0.35 per cent. Gains in information technology shares have been negated by losses in select financial names. In the broader markets, the BSE Mid- and small-cap indices have shed 0.2 per cent each.

On the currency front, the rupee declined 3 paise to 74.27 against the US dollar in early trading, tracking the firm American currency. At the interbank foreign exchange, the rupee opened at 74.23 against the dollar, then fell further to 74.27, registering a fall of 3 paise over its previous close amid muted domestic equities.

Among specific stocks, IndusInd Bank, SBI and Axis Bank lost around a per cent each to top the loser’s list on the BSE.

On the flip side, Tech Mahindra was top gainer on the BSE; the stock rose 2.9 per cent to Rs 1,408. Other IT stocks were also going strong, with HCL Tech, Infosys and TCS gaining 1-2 per cent each on the BSE.

Among stocks in the news, Fiem Industries rose as much as 20 per cent to hit record high of Rs 951.80 after the company informed the exchanges that it became sole supplier for some auto parts to Ola Electric Mobility.

And Suven Life Sciences rose as much as 10.65 per cent to hit an intraday high of Rs 87.80 after the company announced Phase 3 clinical trial of SUVN-502 (Masupirdine), a treatment for agitation and aggression in Alzheimer’s type dementias.

The overall market breadth turned negative as 955 shares were advancing and 2087 were declining on the BSE.

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