M&M Hits Brake, Down 6% As Nifty Ends In Red

On Wednesday, Nifty 50 fell 0.45% to 24,324.45 as analysts believe investors booked profit ahead of upcoming earnings.

Asian Paints emerged as the top gainer of the day, with a robust 3.15% increase from its last close, reaching a current price of ₹2996.45.

Following closely was SBI Life Insurance, which saw a 2.23% rise, bringing its current price to ₹1558.80.

Top Gainers:

CompanyCurrent PriceLast Close% Change
Asian Paints₹2996.45₹2905.03.15%
SBI Life Insurance₹1558.8₹1524.752.23%
Divi’s Laboratories₹4636.95₹4551.951.87%
Grasim Industries₹2802.15₹2761.81.46%

Divi’s Laboratories also had a good day on the trading floor, with a 1.87% increase in its stock price, ending at ₹4636.95. Britannia and Grasim Industries rounded off the top five gainers, with a 1.53% and 1.46% increase respectively, closing at ₹5755.55 and ₹2802.15.

On the flip side, Mahindra & Mahindra bore the brunt of the day’s trading, with a steep 6.61% drop in its stock price, closing at ₹2732.00.

See Also: Mahindra & Mahindra Denies Connection Between XUV700 Price Reduction And UP EV/Hybrid Policy

Top Losers:

CompanyCurrent PriceLast Close% Change
Mahindra & Mahindra₹2732.0₹2925.5-6.61%
Tata Steel₹167.98₹171.8-2.22%
Hindalco Industries₹693.3₹707.0-1.94%
Hero MotoCorp₹5508.75₹5589.15-1.44%

Tata Steel was not far behind, with a 2.22% decrease, ending the day at ₹167.98.

Hindalco Industries and TCS also faced a tough day on the market, with a 1.94% and 1.92% drop in their stock prices respectively, closing at ₹693.30 and ₹3909.15. Hero MotoCorp completed the list of the bottom five performers, with a 1.44% decrease, ending the day at ₹5508.75.

Vinod Nair, head of research, Geojit Financial Services said, “The Indian market experienced profit booking ahead of the upcoming earnings season. The expectations are muted given the moderation in sales growth due to a slowdown in the world economy and consolidation in margins driven by high inflation. Additionally, the market is under temporary risk towards high budget expectations, which appears well factored in the last month’s rally. Broader indices lagged large caps and FMCG sector, which are expected to drive momentum going ahead due to stable business outlook.”

Ajit Mishra – SVP, research, at Religare Broking said, “Markets fluctuated sharply within a range and ended up losing nearly half a percent, wiping out the gains from Tuesday's session. After a flat start, Nifty plunged sharply in the early hours but a recovery in select heavyweights helped pare some losses as the day progressed. It eventually settled at 24,324, down by 0.45%. Most sectors ended lower in line with the benchmark, with auto, metal, and IT being the top losers. The broader indices also took a hit, pushing market breadth into negative territory.”

Read Next: Why Tata’s Trent Is One Of Axis Securities’ Top Picks Ahead Of Earnings

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