Friday, March, 29,2024

Sensex snaps 3-day winning run, closes 359 points down

Mumbai: Snapping three consecutive days of gains the Indian stock markets' key indices, Sensex and Nifty, closed in the red on Tuesday dragged by an over 3 percent slump in Sun Pharma and profit booking in IT stocks.

The 30 stock S&P BSE Sensex slumped 359.33 points or 0.64 percent to 55,566.41 points against its previous day's close at 55,925.74 points. The Sensex closed in the red after three consecutive sessions of gains. The benchmark index had gained 1041.08 points or 1.90 percent on Monday.
The broader Nifty 50 of the National Stock Exchange closed 76.85 points or 0.46 percent down at 16,584.55 points against its previous day's close at 16,661.40 points.
The Nifty 50 had rallied 308.95 points or 1.89 percent on Monday.

Sun Pharma dipped 3.11 percent to Rs 860.45 after announcing disappointing Q4 results.
On Monday, Sun Pharmaceuticals Industries reported a consolidated net loss of Rs 2,227.38 crore for the quarter ended March 2022 as against a net profit of Rs 848 crore recorded in the corresponding period of the previous year, hit by one-time charges on settlement of pending litigation in the US. The financial results were announced after the markets closed on Monday.

Kotak Bank dipped 2.55 percent to Rs 1854.20. HDFC fell 2.50 percent to Rs 2307.20. Titan slumped 1.67 percent to Rs 2217.60.
After Monday's rally, IT stocks witnessed profit booking. Infosys fell 1.54 per cent to Rs 1503.95. TCS fell 0.32 percent to Rs 3364.80.
Mahindra & Mahindra (M&M) surged for the second day on robust Q4 earnings. The share price of Mahindra & Mahindra surged 3.61 percent to Rs 1033.90.

On Saturday, Mahindra & Mahindra (M&M) reported a standalone profit (before exceptional items) at Rs 1,167 crore for the fourth quarter of 2021-22 as compared to Rs 998 crore recorded in the corresponding period of the previous year, registering a year-on-year growth of 17 percent.
NTPC, Power Grid Corporation, Tech Mahindra, Tata Steel, ITC, Asian Paints, and ICICI Bank were among the major Sensex gainers. (ANI)

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