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Nifty, Sensex close in the red dragged by utilities, auto stocks – Paytm sees sell-off

Nifty, Sensex close in the red dragged by utilities, auto stocks – Paytm sees sell-off
  • The Sensex ended 230 points lower while the Nifty50 closed 65 points lower on Thursday.
  • Foreign institutional investors (FII) ploughed in ₹618 crore while domestic institutional investors (DII) invested ₹449 crore, according to provisional data from BSE.
  • Paytm was in the spotlight as the shares witnessed a sell-off after the lock-in period for promoters and shareholders ended.
Indian benchmark indices Sensex and Nifty50 ended in the red on Thursday amid mixed cues from global markets. While the Sensex ended 230 points lower at 61,750, the Nifty50 closed 65 points lower at 18,343.

Most sectoral indices ended in the red with the auto, utilities and IT stocks losing the most sheen.

New-age company Paytm stole the spotlight as it witnessed a sell-off after the lock-in period for promoters and shareholders of the company ended in November.

“Nifty closed lower on November 17 after two-day gains due to mixed global cues. It remained in a 105-point band through the day, suggesting limited intra-day volatility once again. Triggers for market-wide movement are missing even as the new-age stocks kept coming under selling pressure on the expiry of the lock-in period and some bargain hunters came in to buy at lower levels,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

Paytm shares closed 10.78% lower today as huge volumes of shares exchanged hands through several block deals. A block deal involving 29.5 million shares, amounting to ₹1,660 crore was executed, although the seller details are not known yet.

Shares of another new-age company Nykaa have also been sold heavily post the ending of the lock-in period, depressing the stock 12% in the last three sessions. However, the scrip closed in the green on Thursday with gains of 0.62%.

Most Asian markets ended in the red on Thursday with Hang Seng (-1.04%) and Nikkei 225 (-0.35%) leading the declines.

The Sensex and the Nifty50 have experienced volatility over the last five days, gaining nearly 0.3% in this period.

Some losses were pared in the global as well as domestic markets after US President Joe Biden’s comments on a blast in Poland raised hopes that the US Fed will go slow on hiking interest rates.

ICICI Bank, Adani Enterprises and L&T were amongst the stocks with highest gains on the bourses today. Overall, 722 stocks closed the day in the green while 1,261 stocks closed in the red.

Top gainers

Change

Top losers

Change

Tata Cons. Products

2.14%

Titan Company

-2.36%

Adani Enterprises

1.56%

M&M

-2.13%

L&T

1.3%

Tata Motors

-1.95%

ICICI Bank

0.68%

Apollo Hospital

-1.76%

Bharti Airtel

0.59%

Eicher Motors

-1.75%


Source: NSE

Overall, foreign institutional investors (FII) ploughed in ₹618 crore while domestic institutional investors (DII) invested ₹449 crore, according to provisional data from BSE.

“The benchmark indices witnessed lacklustre activity. Among sectors, auto and digital indices corrected over 1% whereas some buying interest was seen in selective PSU Banks stocks,” said Shrikant Chouhan, head of equity research (Retail) at Kotak Securities.

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