Published On: Thu, Dec 7th, 2023

Sensex, Nifty fall after 7-day rally

New Delhi: Benchmark stock market indices fell on Thursday ahead of the Reserve Bank of India’s (RBI) policy review after rallying for seven consecutive sessions.

Nifty 50 has gained over 5.7 per cent in the past seven sessions

The S&P BSE Sensex fell 132.04 points to 69,521.69, while the NSE Nifty 50 settled 36.55 points lower at 20,901.15. Broader market indices also ended the day on a weak note, in line with the benchmark indices.

It may be noted that the Nifty 50 has gained over 5.7 per cent in the past seven sessions and hit record high levels. The Sensex, too, has experienced significant gains, and is less than 500 points away from hitting 70,000.

Major sectoral indices such as Nifty Financial Services and Nifty IT ended in the red, while Nifty Bank settled marginally higher. Nifty Auto, Nifty Pharma, Nifty Media and Nifty Oil & Gas were among the gainers.

The top five gainers on the Nifty 50 were Adani Ports, Power Grid, Ultratech Cement, Cipla and NTPC.

On the other hand, the top losers were Bharti Airtel, HUL, Apollo Hospitals, ONGC and Tata Steel.

Among individual stocks, Paytm’s parent firm One97 Communications Ltd tumbled 18.74 percent on the company’s plan to scale back on low-value personal loans after the Reserve Bank of India (RBI) tightened consumer lending rules.

On the other hand, IRCON International fell 6.28 per cent after the company said the government will sell up to an 8 per cent stake over the week, at a discount of 10.5 per cent to Wednesday’s close.

Meanwhile, SpiceJet shares climbed 19.99 per cent after reports indicated that the airline is likely to raise Rs 1,000-1,200 crore through issue of shares.

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