Closing Bell: Selling pressure in index heavyweights HDFC Bank, Reliance Industries and ICICI Bank led to a market crash on Wednesday. S&P BSE Sensex and Nifty50 ended the January series on a negative note. Markets will remain closed on Thursday on account of Republic Day 2023. While Sensex setlled at 60,205.06, down by 773.69 points or 1.27 per cent while the broader market Nifty finished 226.35 points or 1.25 per cent lower at 17,891.95. Banking gauge Nifty Bank closed at 41,647.90, down by over 1,000 points or 2.54 per cent.

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In the 50-stock Nifty, 35 stocks declined against gains seen in the remaining 15 stocks. Bajaj Auto, Hindustan Unilever, Hindalco Industries, Maruti Suzuki and Britannia Industries were the top gainers while top gainers were Adani Ports, State Bank of India (SBI), Indusind Bank, HDFC Bank and HDFC. 

India VIX, a measure of volatility in Nifty was up by over 7 per cent to 14.66. 

Cipla on Wednesday reported a net profit of Rs 801 crore for the October-December period, an increase of 9.9 per cent compared with the corresponding period a year ago. The Mumbai-based drug maker's revenue grew six per cent on a year-on-year basis to Rs 5,810.1 crore, according to a regulatory filing. Both topline and bottomline fell short of analysts' estimates. TVS Motor shares bucked market trend powered by strong Q3 performance.

Rupee slips 1 paisa to settle at 81.64 (provisional) against US dollar, PTI reported. The rupee remained boxed in a range of 81.48/81.75 for the day as Adani FPO was fully subscribed and national banks bought dollar for possibly oil companies, Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP said. Dollar Index remains below 102 against the basket of six major currencies, Bhansali said. Asian currencies  were also trading within a range, said. Rupee is expected to be in a range of 81.20 to 81.90 on Friday with oil bids and inflows being the deciding factor, he further said. 

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