Delhi, 30 April (H.S.): The Sensex and Nifty started the day flat but faced a sudden sell-off as trading progressed. The Sensex closed down 272 points at 80,016, marking a 0.34% decline, while the Nifty 50 fell 90 points to 24,246, reflecting a 0.37% drop.
Investor caution was linked to escalating trade tensions following the Pahalgam terror attack. The Bajaj twins suffered significant losses, with Bajaj Finserv shares decreasing by 6.17% to Rs 1,939.40 and Bajaj Finance dropping 5.32% to Rs 8,609.50; Bajaj Finserv even hit an intra-day low of Rs 1,927.90, down 6.7%. Shrikant Chouhan from Kotak Securities noted key resistance levels for the Nifty at 24,450 and the Sensex at 80,500, indicating investor indecision. A rally above these levels could signal strength, while a dip below 24,200 or 79,900 might lead to further selling pressure.
Tata Motors also faced declines, trading down 3.45% at Rs 642.65. JM Financial expressed concerns regarding the performance of Star Health and Allied Insurance, citing a deteriorating Claims Ratio (CR) year-on-year. ICICI Lombard reported a decline in CR within corporate health, highlighting issues in retail indemnity.
By afternoon, the Sensex hovered at 80,310, up marginally by 0.03%, and the Nifty slightly increased by 0.02% to 24,341. Despite warnings regarding risks from sub-par demand and rising fuel costs, Elara Securities raised its EBITDA estimates for Ambuja Cement, maintaining an ‘Accumulate’ rating with a target price of Rs 616.
Amidst a bearish market breadth of 1,667 declining stocks out of 2,583, HDFC Life Insurance emerged as the top Nifty 50 gainer, up 3% to an intra-day high of Rs 736.90. Conversely, Trent shares plummeted 4.5% due to a dramatic fall in net profit for Q4, exemplifying the mixed performance across the market.
Top gainers and losers
HDFC Life Insurance was the top gainer in the Nifty 50. It was followed by Maruti Suzuki, Jio Financial Services, SBI Life Insurance, and Power Grid Corporation. On the other side, the Bajaj twins, Bajaj Finserv and Finance, were the major losers. The list then included Trent, Tata Motors, and State Bank of India.
Hindusthan Samachar / Jun Sarkar
