Sensex falls 271 points, Nifty ends at 15,768; metals, PSU banks drag

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Indian benchmark equity indices retreated from record highs and settled in the red on Wednesday following intense selloff in RIL and HDFC twins. Investors turned cautious ahead of the outcome of the US Federal Reserve’s policy meeting. Sensex ended 271.07 points or 0.51% lower at 52,501.98. It had closed at an all-time high of 52,773.05 on Tuesday. The broader NSE Nifty retreated from a record and declined 101.70 points or 0.64% to 15,767.55.

“Indian indices slipped ahead of the Fed policy announcement as global markets turned cautious. Weakening MoM sales data and rising prices in the US are adding concerns to the ongoing inflationary trend. But Fed maintaining an accommodative policy and a calm comment on short-term inflationary pressure can drive the markets ahead,” said Vinod Nair, Head of Research at Geojit Financial Services.

Gainer & losers

Adani Ports, falling nearly 8% was the worst hit. Dr Reddy’s, Power Grid, IndusInd Bank, Hindalco, Asian Paints, HDFC Bank, Axis bank and SBI were among the 24 laggards on Nifty. On the other hand, ONGC, Tata Consumer, M&M, Wipro, Bajaj Finserv, HDFC Life, Sun Pharma and Eicher Motors were among the top performers.

Buzzing sectors

Barring Nifty FMCG (up 0.58%) and Nifty IT (up 0.25%) all other sectoral indices closed in the red. The Nifty Metal declined 2.85%, followed by Nifty Realty, down 1.26%. Nifty Auto, Nifty Pharma & Nifty Bank indices fell nearly 1% each.

Broader market

In the broader, BSE MidCap index slipped 0.95% to 22,689, while BSE SmallCap index closed below the 25,000-mark at 24,968 dipped 0.68%.

Market breath was negative as 1,286 shares declined on BSE, while 662 advanced and 315 remained unchanged.

Primary market

The initial public offer (IPO) of Shyam Metalics and Energy received bids for 88.29 crore shares as against 2.10 crore shares on offer, according to the stock exchange data at 14:05 IST on Wednesday (16 June 2021). The issue was subscribed 41.86 times.

The IPO of Sona BLW Precision Forgings received bids for 10.93 crore shares as against 10.71 crore shares on offer, according to the stock exchange data at 14:05 IST on Wednesday (16 June 2021). The issue was subscribed 1.02 times.

These two IPOs opened for subscription on Monday (June 14) and will close today (June 16).

Meanwhile, the IPO of Krishna Institute of Medical Sciences received bids for 26.23 lakh shares as against 1.44 crore shares on offer, according to the stock exchange data at 14:05 IST on Wednesday (16 June 2021). The issue was subscribed 0.18 times.

The initial public offer (IPO) of Dodla Dairy received bids for 62.87 crore shares as against 85.07 crore shares on offer, according to the stock exchange data at 14:05 IST on Wednesday (16 June 2021). The issue was subscribed 0.74 times.

The IPOs of Krishna Institute and Dodla Dairy have opened for subscription today (June 16) and will close on Friday (June 18).