Indian share market today: NMDC sinks 5% after Kotak’s downgrade; Nifty ends 1% down: Check top stock movers
Share Market Today In India
Nifty closed lower for the 2nd straight day on Tuesday, as investors remained cautious ahead of inflation data. Weakness across global markets due to recession concerns amid rate hikes hurt sentiments. Losses across most sectors pulled the index lower, with financial, IT and FMCG shares being the biggest losers. NMDC shares fell after Kotak Institutional Equities cut its earnings estimates for India’s largest iron ore miner, citing pressure on domestic prices and contraction in sales volume.
Top Gainers and Losers in the Indian Stock Market Today
NMDC plunged 5%: NMDC shares plunged after Kotak Institutional Equities cut its earnings estimates for the company due to pressure on domestic prices and decline in sales volume.
Dmart fell 3%: Dmart share price fell 3% after Edelweiss downgraded the stock to ‘hold’. Adverse sales mix and recovery at 88% of pre covid levels are a miss, it noted.
BPCL fell 2%: BPCL declined after ICICI Securities said that BPCL, IOC and HPCL could post a cumulative loss of Rs 10,700 cr in Q1.
Tata Motors dropped 2%: Tata Motors extended losses after analysts noted that the company's UK-based subsidiary, Jaguar Land Rover continues to be plagued by semiconductor shortages.
HCL Tech shed 2%: HCL Tech share price fell amid caution ahead of the company's Apr-Jun 22 earnings scheduled to be reported today. Analysts expect a lacklustre set of numbers amid recession in the IT sector.
Paytm slipped 2%: Paytm fell 2% on profit booking after a recent rally. The shares have gained more than 20% in the last one month amid increasing traction in the company's loan business.
M&M down 1%: M&M shares fell 1% amid profit booking post recent rally. M&M shares have soared to a 52-week high after Its EV business got Rs 1,925 Cr investment on Friday. The stock is up 15% in the last month.
Ashok Leyland down 1%: Ashok Leyland fell amid selloff in the auto sector. Emkay Global has retained a Buy rating on the stock with a target price of Rs 178. Stock is up 10% in the last month.
ICICI Bank closed 1% down: ICICI Bank share price fell 1% amid profit booking. The stock had extended gains from the previous week on Monday, after positive brokerage calls citing improved financial outlook in upcoming quarters.
Federal Bank declined 1%: Federal Bank shares fell after RBI imposed a penalty of Rs 5.72 cr due to deficiencies in regulatory compliance.
Tech Mahindra fell 1%: Tech Mahindra shares extend losses after global brokerage firm Jefferies downgraded the stock to 'Hold' with a target price of Rs 1,070 citing lower margins due to recession.
KPIT Tech fell 1%: KPIT Tech shares fell amid caution in IT stocks due to fears of a slowdown.
Tata Steel fell 1%: Tata Steel fell 1% amid selloff in metal stocks as commodity prices hit new lows on concerns over slowing Chinese consumption and a US recession.
Wipro slipped 1%: Wipro shares extended decline after global brokerage firm Jefferies downgraded the shares to 'underperform' and slashed the target price to Rs 360 from Rs 545.
Adani Power up 3%: Adani Wilmar extended gains amid a rally in group stocks due to reports of Adani foraying into the telecom space. Stock is up 11% in the last week.
Adani Wilmar gained 5%: Adani Wilmar extended gains amid a rally in group stocks due to reports of Adani foraying into the telecom space. Stock is up 12% in the last week.
What happened in the Indian stock market today?
Markets ended lower with Nifty and Sensex down more than 0.9% each.
Why did the stock market close lower today?
Rate hike fears ahead of inflation numbers in India and US hit sentiments.
Which were the top Nifty gainers and losers?
Eicher Motors, Hindalco, Infosys, BPCL fell while NTPC, Coal India, gained.
Which sector gained and which lost?
All sectoral indices ended flat to negative except Nifty Energy.