Business Economy


Stock Market ends on mixed note, Tata group firms lose up to Rs 40,000 cr

New Delhi, Sep 18 (UNI) Indian stock market ended on a mixed note after the Closing Auction Session (CAS), with the market breadth remaining firmly positive.
At the time of close, Sensex slipped 20 points, or 0.03 percent, to 74,295, while the Nifty gained 76 points, or 0.33 percent, to 23,346.
Among the sectors, Metals, media, realty, infrastructure and energy gained more than 1 percent, while IT fell 1.03 percent.
Smallcaps jumped 1.77 per cent and midcaps rising 1.23 percent. Nearly 2,531 advanced against 1,452 decline, while India VIX tumbled 7.57 percent.
Governance concerns continue to weigh on sentiment towards Tata Group stocks.
Tata group firms lost up to Rs 40,000 crore in market value as investors reacted to heightened uncertainty after Tata Trusts, the majority shareholder of Tata Sons, said it had not agreed to a listing of the conglomerate's parent.
The Nifty Metal index gained 1.51 percent, while Media rose 1.30 percent, Realty 1.25 percent and Infrastructure 1.14 percent. Energy also gained 1.03 percent.
In terms of some of the top gainers in the Nifty, Adani Ports and Special Economic Zone, Adani Enterprises, and Bharti Airtel were leading.
TCS fell 3.89 percent leading the Nifty losers, while Tata Motors Passenger Vehicles declined 3.40 percent. Infosys fell 1.78 percent, while Wipro and HCL Tech lost more than 1.4 percent each.
Further, HDFC Bank gained 2.55 percent while UltraTech Cement rose 2.04 percent. Bajaj Finance and Adani Enterprises gained nearly 2 percent each.
Vinod Nair, Head of Research, Geojit Investments Limited said, "Indian equities extended their recovery as moderation in crude and global yields improved risk appetite, despite concerns around the continued geopolitical uncertainty. Investor sentiment was further supported by positive global cues following largely anticipated policy actions from major central banks. The rebound was broad-based across sectors, although IT stocks declined amid profit booking, as concerns lingered that prolonged higher-interest-rate could weigh on global tech spending."
"While the recent moderation in oil prices and yields has provided near-term relief, the sustainability of the market recovery will depend on further easing of global macro risks and a meaningful revival in foreign investor inflows." UNI VK SAS
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