The Indian benchmark indices slipped sharply after scaling their lifetime peaks in Wednesday’s trading session. The Sensex slumped approximately 930 points and closed at 70,506.31 while the broader Nifty index fell around 300 points closing at 21,150.15.
Here are some of the probable reasons for the stock markets to fall today:
FII-DII data
Foreign Institutional Investors (FIIs), on a net basis, sold equity shares of Indian listed companies offloading shares worth Rs 600 crores On the other side, the Domestic Institutional Investors (DIIs) bought shares worth Rs 295 crores.
Rise in Covid-19 cases
According to the Union Health Ministry data, India has witnessed a surge in Covid-19 cases with 614 fresh infections recorded in the past 24 hours, the highest since 21st May. The rise in cases is due to the Covid sub-variant, viz, JN.1, which was first detected in the state of Kerala.
Listed below are five stocks that corrected up to 8 percent in Wednesday’s trading session after the bearish sentiments in the Indian equity markets:
Maruti Suzuki India Limited
With a market capitalization of Rs 3.04 lakh crores, the stocks of Maruti Suzuki India Limited, a market leader in passenger vehicle segment in India, started their trading session on Wednesday at Rs 10,235.25 and closed at Rs 10,070.10, slipping approximately 2 percent as compared to the previous closing levels of Rs 10,235.25 apiece.
Shilchar Technologies Limited
With a market capitalization of Rs 1,736.47 crores, the stocks of Shilchar Technologies Limited, engaged in the business of manufacturing electronics, telecom, and power & distribution transformers, started their trading session on Wednesday at Rs 2,415 and closed at Rs 2,276.80, slipping approximately 5 percent as compared to the previous closing levels of Rs 2,390.40 apiece.
Titagarh Rail Systems Limited
With a market capitalization of Rs 13,466.70 crores, the stocks of Titagarh Rail Systems Limited, engaged in the manufacturing and selling of freight wagons, etc, started their trading session on Wednesday at Rs 1,057.35 and closed at Rs 999.95, slipping approximately 5 percent as compared to the previous closing levels of Rs 1,047.50 apiece.
Exide Industries Limited
With a market capitalization of Rs 24,420.50 crores, the stocks of Exide Industries Limited, engaged in the manufacturing of storage batteries and allied products in India, started their trading session on Wednesday at Rs 307.15 and closed at Rs 287.30, slipping approximately 6 percent as compared to the previous closing levels of Rs 305.05 apiece.
Indian Railway Catering and Tourism Corporation Limited
With a market capitalization of Rs 65,244 crores, the stocks of Indian Railway Catering and Tourism Corporation Limited, a PSU company providing online railway tickets, catering services, etc, started their trading session on Wednesday at Rs 886 and closed at Rs 815.55, slipping approximately 8 percent as compared to the previous closing levels of Rs 881.30 apiece.
Written by Amit Madnani
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