Sensex fell 260 points to 62979

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Inflation challenge prompts central banks to hike interest rates, weak outlook for IT sector

Mumbai: On the global economic front, weak estimates of China's recovery, poor outlook by Accenture in the IT sector, and the fight against inflation still going on, along with the decision of the Bank of England to increase the interest rate by half a percentage point, along with the global markets, the sentiment in the Indian stock markets remained subdued. Funds opted to ease bullish trades amid cautious outlook for delayed arrival of monsoon due to El-Nino impact at home and weaker monsoon outlook. At the end of the week, as funds offloaded in major stocks including automobile, IT, banking, Sensex again lost the level of 63000 and finally fell by 259.52 points to close at 62979.37. While the Nifty Spot Adani Group shares in the U.S. It closed down 105.75 points to close at 18665.50 on further offloading and selling in other stocks amid regulatory authority probe report. International crude oil prices remained softer today after yesterday's sharp decline, with Brent crude down 76 cents to $73.88 and New York-Nymex crude down 85 cents to close at $68.66. The rupee weakened by 8 paise against the US dollar today to 82.04.

Accenture's weak outlook drags down IT stocks: Cybertech, Zensar fall: 63 Moons up Rs.34

Global IT giant Accenture Inc. Funds in IT-software services, technology stocks resumed selling today after announcing a five per cent growth in revenue for the quarter ended May 2023 and suggesting a possible reduction of 100 basis points in the upper side estimate of revenue growth for the full year. Cybertech fell by Rs.7.35 to Rs.139.80, L&T Technology fell by Rs.166.60 to Rs.3818, Control Print fell by Rs.26.20 to Rs.609.45, Zensar Tech fell by Rs.16.30 to Rs. .385.05, Allied Digital fell by Rs.4.06 to Rs.101.70, Latent View by Rs.10.55 to Rs.343.60, Tata Alexi by Rs.187.75 to Rs.7481.60, Infosys by Rs. 16.95 decreased to Rs.1265.65, Oracle Finserv decreased by Rs.48.30 to Rs.3800.25. The BSE IT index fell by 287.19 points to close at 28855. While 63 Moons Tech rose by Rs.33.60 to Rs.201.70, D-Link India rose by Rs.3.90 to Rs.249.50, Nugen Software rose by Rs.10.05 to Rs.644.95.

Small, mid-cap funds, sportspersons sell off in weekend: 2,291 stocks close negative

Market breadth worsened as Sensex, Nifty index-based funds eased sustained bullish trade today with increased offloading in small, mid-cap, cash stocks. Funds, sportsmen, high net worth investors continued to sell heavily, out of 3610 scrip-shares traded in BSE today, the number of gainers was 1174 and the number of decliners was 2291.

Offloading in auto stocks: Balakrishnan Rs.66, Tata Motors Rs.10, Bosch Rs.255, TVS Rs.27

Funds offloaded into automobile stocks for the second day in a row on expectations of a negative impact on the rural economy and consequent slowdown in vehicle purchases, amid estimates of El Nino's moderate impact on the monsoon. Balakrishnan Industries fell by Rs.66.15 to Rs.2394, Motherson fell by Rs.1.74 to Rs.82.95, TVS Motor fell by Rs.26.75 to Rs.1298.85, Tube Investments fell by Rs.58.45 to Rs.3161. .65, Tata Motors by Rs.10.05 to Rs.559.25, Bosch by Rs.255.80 to Rs.18,625, Maruti Suzuki by Rs.67.50 to Rs.9323.55, MRF by Rs.499.95 Decreased to Rs.99,351. The BSE Auto Index closed down 320 points at 33635.90.

Voltas falls by Rs 32 as UBS downgrades: Rajesh Exports, Havells, Dixon, Blue Star fall

Funds in stocks of consumer durables companies witnessed widespread selling today. Voltas was downgraded by Rs 31.85 to Rs 750.40 with UBS downgrading its target price from Rs 1,200 to Rs 840, Rajesh Exports down Rs 28.55 to Rs 544.65, Havells India Rs.39.10 fell to Rs.1284, Dixon Technology fell by Rs.118.75 to Rs.4327.20, VIP Industries fell by Rs.15.40 to Rs.616.40, Blue Star fell by Rs.12.95 to Rs.785. 15, Whirlpool of India fell by Rs.17.25 to Rs.1201. The BSE Consumer Durables Index fell 713.42 points to close at 41915.81.

Profit Booking in Capital Goods Stocks : Hindustan Arrow. Rs.123 broke: Bharat Electronic, shares fell

In capital goods stocks today, the BSE Capital Goods Index fell by 439.74 points to close at 39474.76 as funds booked huge profits. Hindustan Aeronautics fell by Rs.123.50 to Rs.3640.20, Bharat Electronics fell by Rs.3.45 to Rs.120, Thermax fell by Rs.53.20 to Rs.2005.25, Praj Industries fell by Rs.7.50 to Rs.375. .65, Carborandum Universal fell by Rs.22.55 to Rs.1195.50, Polycab by Rs.58.65 to Rs.3427, Honeywell Automation by Rs.599.95 to Rs.41,542.10, CG Power by Rs.5. 05 decreased to Rs.368.90. However, Lakshmi Machine Works increased by Rs.178.40 to Rs.13,076.70, LG Equipment increased by Rs.9.30 to Rs.540.

FPI/FII sell Rs.345 crore in cash, DII sell Rs.684 crore

Foreign Portfolio Investors - FPIs, FIIs sold shares worth Rs.344.81 crore in cash today-Friday. A total of Rs.6608.14 crore was sold against a total purchase of Rs.6263.33 crore. While DII-domestic institutional investors had a net sale of shares worth Rs.684.01 crore in cash today. A total of Rs.7378.20 crore was sold against a total purchase of Rs.6694.19 crore.

The asset-market capitalization of investors in stocks fell by Rs 2.79 lakh crore to Rs 289.46 lakh crore.

Investors' wealth i.e. the aggregate market capitalization of BSE-listed companies fell further by Rs 2.79 lakh crore to Rs 289.46 lakh crore in a single day today with index-based hammering in stocks at the end of the week. . Thus, in two days, the property of investors has been eroded to the tune of Rs.5 lakh crore.

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