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Market HIGHLIGHTS: Sensex falls over 550 pts from day’s high; IndusInd Bank surges 7%, pharma stocks decline

IndusInd Bank was one of the top Sensex gainers after promoters of the bank announced to acquire shares of the bank from the secondary market. The other gainers on the index were Bajaj Finance, Axis Bank, ONGC, and Titan Company. However, on the other side, M&M was the top Sensex laggard, down 2.73 per cent. Amongst other losers were UltraTech Cement, Tata Steel, Nestle India, HDFC Bank, and ITC.

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Domestic equity market benchmarks BSE Sensex and Nifty around 50 pared all the morning gains and settled a tad higher in Monday’s volatile trade. Also, BSE Sensex fell 558 points from day’s high to end around 83 points or 0.24 per cent up at 34,370. Whereas the broader Nifty 50 index settled at 10,167, up 25 points or 0.25 per cent. Out of the 30 Sensex stocks, 18 stocks finished trade in the positive territory. IndusInd Bank was one of the top Sensex gainers, with a growth of nearly around 7 per cent, followed by Bajaj Finance, Axis Bank, ONGC, and also Titan Company. As mentioned On the other side, M&M was the top Sensex laggard, down 2.73 per cent.

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IndusInd Bank

Amongst other losers were UltraTech Cement,Tata Steel, HDFC Bank, Nestle India, and ITC as well. Nifty sectoral indices have traded mixed today. Nifty IT index advanced around 1.83 per cent led by gains in Just Dial, Hexaware, Wipro, and Infosys. Whereas in the other hand Nifty Pharma has slipped 1.41 per cent dragged by Piramal Enterprises, Cipla, Divi’s Laboratories.

Striking its 7th deal in the last 7 weeks, Reliance Jio on Sunday told that a subsidiary of Abu Dhabi Investment Authority (i.e. ADIA) will invest around Rs 5,683.50 crore for a 1.16% equity stake in the Jio Platforms. The transaction values Jio Platforms at an equity value of around Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore as well.

 

Also read:-Nestle India rating: Recommend ‘neutral’ with a target price of Rs 17,250