Sensex tumbles 347 points to 62622 on profit booking by local funds

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MUMBAI: Increasing the debt limit in the United States may have become inevitable, despite expectations that the bill will be passed in the last minute before voting today on the bill to increase the limit, but there is still uncertainty and a weak manufacturing PMI reading from China's expectations as a result of which the global manufacturing PMI reading fell to 48.8 from a weaker than expected 49.2 in May. The markets were cautious. Along with the global markets, the Indian stock market also broke a four-day bullish run by profitable selling of local funds against sustained heavy buying of foreign funds ahead of the release of March quarter GDP growth figures. Global industrial, sluggish economic growth and on the other hand, speculations of further cuts in production ahead of the meeting of OPEC countries on June 4, international crude oil prices also fell. Brent crude remained close to $73.50 within $74 and New York-Nymex crude remained close to $69.30 within $70. Sensex fell 346.89 points to 62622.24 and Nifty spot closed down 99.45 points to 18534.30 due to heavy profit booking in banking-finance stocks and selling in metal-mining, oil-gas stocks.

Bankex fell by 424 points

In banking-finance stocks, the BSE Bankex index fell 424.48 points to close at 50,017.52 as funds booked big profits today. Axis Bank fell by Rs.22.90 to Rs.914.70, State Bank of India fell by Rs.12.30 to Rs.580.55, HDFC Bank fell by Rs.25.70 to Rs.1611.35, IndusInd Bank fell by Rs.13. 95 decreased to Rs.1280.85. However, Kotak Mahindra Bank increased by Rs.21.05 to Rs.1994.60, Bank of Baroda increased by Rs.1.40 to Rs.185. Finance, other banking stocks also eased overbought positions today with many stocks entering the negative zone. HDFC Limited fell by Rs.53.20 to Rs.2639.75, Paisalo Digital fell by Rs.2.17 to Rs.53.50, Chaulo Fin fell by Rs.29.95 to Rs.794.85, Balmer Invest fell by Rs.14.25 Rs.399.15, remained.

Healthcare stocks soar

Healthcare-Pharmaceuticals companies were the fund's preferred attraction due to good results in the quarter ended March 2023. Torrent Pharma posted a net profit of Rs 287 crore this time against a net loss of Rs 118 crore in the corresponding period last year and declared a 160 percent dividend, which rose by Rs 129.55 to Rs 1844.35 on hype. AstraZeneca increased by Rs.229.55 to Rs.3558.55, Marksons Pharma also increased by Rs.4.25 to Rs.85.27, Indoco Remedies increased by Rs.17.40 to Rs.350.35, Narayan Hyudalya by Rs.28. 45 increased to Rs.892.90, Sun Pharma Advance increased by Rs.5.95 to Rs.190, RPG Life closed at Rs.14.3.

IT stocks rally behind Nasdaq

Funds in IT-software services, technology stocks were picked on the back of strength in the US stock market Nasdaq. Explio Solutions increased by Rs.125.40 to Rs.1519.55, KPIT Technology increased by Rs.51.65 to Rs.1063.20, 63 Moons Technology increased by Rs.5.75 to Rs.169.65, Tanla Platforms increased by Rs.23.25 Up to Rs.786.55, Coforge up by Rs.124.55 to Rs.4528.05, Mastec up by Rs.42.65 to Rs.2043, Tech Mahindra up by Rs.18.65 to Rs.1117.75, Emudra by Rs.7. 15 increased to Rs.430, Persistent increased by Rs.70.25 to Rs.5143.

Selective exposure to small, mid cap stocks

Despite sustained buying attractiveness in select small, mid-cap stocks, market breadth remained mildly negative in many stocks today as funds, operators eased overbought positions in many stocks. Out of the total 3645 scrips traded in BSE, the number of gainers was 1717 and the number of decliners was 1796.

FPI/FII purchase of Rs.3406 crore in cash

Foreign Portfolio Investors-FPIs, FIIs had a net purchase of Rs.3405.90 crore worth of shares in cash today-Wednesday. A total of Rs.61,618.46 crore was sold against a total purchase of Rs.65,024.36 crore. While DII-domestic institutional investors had a net sale of shares worth Rs.2528.52 crore in cash today. A total of Rs.14,254.98 crore was sold against a total purchase of Rs.11,726.46 crore.

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