Nifty 50 experienced a drop of 116.85 points or 0.52%, settling at 22,239.45 as of 12.17 pm on Wednesday. Meanwhile, the BSE Sensex witnessed a decline of 289.53 points or 0.39%, trading at 73,387.60.
In the stock market, sectoral indices such as financial services, banks, and private banks showed slight gains, while all other indices traded in the negative territory. As of 12.23 pm, Nifty Media recorded a significant decline of 3.98%, trading at 1,910.35; Nifty realty saw a negative movement of 3.03% at 902.20; Nifty Oil & Gas dropped by 2.55% to trade at 11,728.10; and Nifty Metal declined by 2.21% to trade at 8,116.75.
Top gainers on the NSE included shares of Kotak Bank (2.61%), Axis Bank (2.59%), ICICI Bank (1.70%), Bajaj Auto (1.52%), and IndusInd (1.02%) as of 12.26 pm. Meanwhile, major losers in the market included NTPC (-3.52%), Adani Enterprises (-3.40%), ONGC (-2.56%), Power Grid (-2.54%), and BPCL (-2.53%).
IIFL Finance and JM Financial Hit Lower Circuit; Fairfax India Holdings Provides $200 Million Liquidity Support to IIFL Finance.
Two stocks on the NSE, IIFL Finance and JM Financial, have continued to trade at the lower circuit. IIFL Finance is trading at ₹382.20, down by 20%, while JM Financial is trading at ₹76.40, down by 19.96%. In a related development, Fairfax India Holdings Corporation has committed $200 million liquidity support to IIFL Finance.
Additionally, Tata Investment Corporation (3.93%), Wonder Electricals (1.86%), ICICI Bank (1.78%), Bank of Baroda (0.23%), and Godfrey Phillips India (0.29%) have hit a 52-week high today on the NSE.
Meanwhile, Manappuram Finance stock tumbled by 8.16% on the NSE to trade at ₹171.10 after hitting a 52-week high yesterday at ₹199.
InterGlobe Aviation stock fell 4.52% on the BSE to trade at ₹3,042.70, while Mahanagar Gas stock continued its decline, trading at ₹1,313.35 on the BSE, down by 16.07%.