Mid-market update: Nifty falls 300 points from record high as volatility grips Indian markets; All you need to know
Upstox
2 min read • Updated: May 3, 2024, 12:24 PM
Summary
In a volatile trading session on Friday, Sensex tanked 700 points and slipped below the 74,000 mark, and Nifty IT fell below 200-DMA. All the sectoral indices trade in red with NIFTY IT falling the most with 1.3% losses
Friday fever hit the Indian stock market, sending key benchmark indices into a tailspin with India VIX jumping 12% to get past the level of 15. During the mid-afternoon session, the 30-share index S&P BSE Sensex slipped below the 74,000 mark signifying a loss of 700 points. Nifty 50 index slipped below 22,500 mark down by 0.76%. Meanwhile, Bank Nifty plummeted by 0.76% to 48,862.
The broader markets were also seen trading in red with the Nifty Midcap and Smallcap indices down by 0.60% and 0.80%, respectively. In terms of market breadth, it was the worst we have seen in recent times with 555 stocks advancing and 1,529 stocks declining.
Sector-wise, all the sectoral indices were seen trading in the red. The top three losers were Nifty IT (-1.35%), Nifty PSU Bank (-1.28%) and Nifty Media (-1.25%).
On Wall Street, Dow Jones futures were seen trading higher by 233 points or 0.61% at 38,614. Some of the trending stocks of the mid-afternoon session on the Nifty 500 index were Bharat Heavy Electricals Ltd (BHEL), Ajanta Pharma Ltd and Godfrey Phillip Ltd.
Shares of BHEL zoomed 7.14% in Friday’s session to trade at ₹313.60 over its previous close of ₹292.70. Today, the intraday high and low of BHEL was ₹318.30 and ₹294.10, respectively. The stock has reached the level seen back in 2011 as the company recently announced a strategic partnership agreement (SPA) for railway signalling business with HIMA Middle East FZE, Dubai, a wholly owned subsidiary of HIMA Paul Hildebrandt GmBh, Germany.
Ajanta Pharma Ltd rallied by 14% to hit fresh 52 week high of ₹2,540 and currently trading at ₹2,383 over its previous close of ₹2,234. Today, the intraday high and low of Ajanta Pharma was ₹2,540 and ₹510.65, respectively. The stock hit a fresh 52-week high on the back of stellar financial performance along with its buyback plans for the quarter that ended March 31, 2024, with a 66% rise in net profit to ₹202.72 crore.
The stock of Godfrey Phillip jumped 14% in today’s session to trade at ₹3,512. The intraday high and low of Godfrey Phillip was ₹3,538.8 and ₹3,280, respectively. The company has signed an agreement with Ferrero India Pvt Ltd for the distribution and resale of select sweet packaged food products manufactured by Ferrero through select channels.