ITC Jumps 4% To Lead Gainers As Market Sees Heavy Correction

Wednesday’s trading session witnessed a mixed bag of performances on the NIFTY 50 index. The spotlight was on ITC for its impressive surge, while Power Grid Corporation of India faced a significant drop.

Leading the pack of top performers, ITC saw a substantial increase of 4.45% from its last close, with its current price standing at ₹422.45. T

Following closely, ICICI Bank also made notable strides with a 0.66% rise, taking its current price to ₹1,083.95.

Third in line, Kotak Mahindra Bank witnessed a 0.53% increase, with its current price at ₹1,729.55. Pharmaceutical giant Cipla also had a good day at the market with a 0.38% increase, taking its current price to ₹1,471.25.

StockCurrent PriceLast Close% Change
ITC₹422.45₹404.454.45%
ICICI Bank₹1083.95₹1076.850.66%
Kotak Mahindra Bank₹1729.55₹1720.350.53%
Cipla₹1471.25₹1465.750.38%
Bajaj Finance₹6456.15₹6436.050.31%

Lastly, Bajaj Finance made it to the top performers’ list with a 0.31% increase, with its current price at ₹6,456.15.

On the flip side, Power Grid took a hard hit with a 7.31% drop, making it the biggest loser of the day. The company’s current price stands at ₹264.30, a significant drop from its last close.

Following closely, Coal India also faced a setback with a 7.18% decrease, bringing its current price down to ₹417.05.

StockCurrent PriceLast Close% Change
Power Grid Corporation of India₹264.3₹285.15-7.31%
Coal India₹417.05₹449.3-7.18%
Adani Ports and Special Economic Zone₹1209.55₹1301.3-7.05%
Adani Enterprises₹2906.2₹3122.5-6.93%
NTPC₹322.5₹344.75-6.45%

Port giant Adani Ports also took a hit with a 7.05% decrease, with its current price at ₹1,209.55. Next in line, Adani Ent saw a 6.93% decrease, with its current price at Rs. 2,906.20.

Lastly, NTPC also faced a setback with a 6.45% decrease, bringing its current price down to ₹322.50.

The Sensex started the day on a positive note but soon turned bearish, reaching an intraday low of 72,515.71. It closed the day down by 906.07 points, or 1.23%, at 72,761.89. Similarly, the Nifty 50, after an initial uptick, followed a downward trajectory, touching an intraday low of 21,905.65 before closing at 21,997.70, down by 338 points or 1.51%.

All sectoral indices except FMCG ended the day in the red, reflecting the overall negative sentiment in the market.

“There have been concerns over the rising valuations of mid & small-rung stocks for a while, and with the regulator too asking to maintain caution, traders preferred to trim their exposure which resulted in a massive correction across the board. If today's price action on Dalal Street is any indication then the short-term technical outlook for Nifty remains in favour of bears,” said Prashanth Tapse of Mehta Equities about the day’s trading.

“The short-term trend of Nifty seems to have reversed down. Follow-through weakness from here is expected to drag Nifty down to 21500 levels in the near term. Immediate resistance is at 22250 levels,” said Nagaraj Shetti of HDFC Securities.

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