Sensex Today Ends 347 Points Lower, Nifty Below 18,550 | Axis Bank & SBI Among Top Losers | ONGC Slips 5%

Wed, 31 May Closing

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After opening the day on negative note, Indian share markets continued their downtrend throughout the session and ended lower.

Benchmark indices fell today, tracking weak global cues. Profit booking by domestic investors was witnessed during today's trade with investors monitoring the annual and quarterly data of India's gross domestic product (GDP), which are expected today.

At the closing bell, the BSE Sensex stood lower by 347 points (down 0.6%).

Meanwhile, the NSE Nifty closed down by 99 points (down 0.5%).

Bharti Airtel and Sun Pharma were among the top gainers today.

ONGC and Axis Bank on the other hand, were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The SGX Nifty was trading at 18,634, down by 97 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index ended 0.5% higher and BSE SmallCap ended 0.7% higher.

Sectoral indices ended on a mixed note with stocks in the realty sector and telecom sector witnessing most of the buying.

On the other hand, stocks from the metal sector and energy sector witnessed selling pressure.

Shares of ABB India and CRISIL hit their 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian stock markets ended on a negative note. The Nikkei ended lower by 1.4%, while the Hang Seng was down 1.9%. The Shanghai Composite ended 0.6% lower.

The rupee is trading at 82.74 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 59,993 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading higher by 0.4% at Rs 71,316 per kg.

Speaking of stock markets, banking stocks have had a great run, but is there trouble ahead?

Financials as a group have been among the top performing stocks in the market. Banking stocks in particular have done very well recently.

However, the technical charts are signalling caution. Why is that so?

Chartist Brijesh Bhatia answers the question in the below video.

Dixon Technologies gained 5% today. Here's why...

In news from the consumer electronic sector, shares of Dixon Technologies India gained over 5% today after the company proposes to partner with Xiaomi India for the manufacturing and exporting mobile phones.

The proposed association will be formalised, subject to the execution of the definitive agreements.

This partnership will leverage Dixon's manufacturing excellence, superior execution track record and Xiaomi's expertise and leadership in the Indian business ecosystem, and it represents a major milestone in the Indian Governments Make in India initiative.

Once the partnership comes into effect, Dixon aims to start production of the Xiaomi smartphones by August. To achieve this, the company is setting up a new 320,000 square feet production facility in Noida.

Barring the past one year's performance, the stock price has remained on fire. To know why the company is underperforming, check out our editorial on why Dixon Technologies' share price is falling.

Furthermore, with plans to enhance revenue through the Production-Linked Incentive (PLI) scheme, it stands among the top 6 companies benefiting from massive PLI boot to manufacturing.

It currently stands among the top 5 manufacturing stocks in India.

Why Sona BLW Forgings plunged 5% today

Moving on to news from the auto ancillary space, shares of Sona BLW Precision Forgings fell nearly 5% amid reports of a large block deal executed on the counter.

According to media reports, promoter Aureus Investment was likely to sell a 3.25% stake in Sona BLW Precision Forgings via a block deal.

As per the shareholding data available with the exchanges, a 33 per cent stake in the firm is held by the promoter and promoter group, while the rest lies with the public.

Top mutual funds, including Mirae Asset, Axis MF, SBI MF, Sundaram MF, Canara Robeco MF, Aditya Birla Sun Life Trustee, and HDFC MF, own about 27.03% of the company. While foreign investors have 24.17% stake.

The company is one of India's leading automotive technology companies.

The company has been increasing its focus on the electric vehicle segment. EVs have become a significant part of the company's portfolio and account for 62% of the net order book.

The electric vehicle (EV) megatrend is a once-in-a-century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

Why Adani Ports' share price is rising

Moving to news from the port sector, shares of Adani Ports have been on an uptrend since early morning deals.

Adani Ports share price today opened with an upside gap and went on to hit an intraday high of Rs 747.5.

The rise in stocks can be attributed to the quarterly results of the company.

The revenue for the March 2023 quarter came in at Rs 57.9 bn, up 40% YoY compared to Rs 41.4 bn a year back.

The Adani group company recorded a net profit of Rs 11.6 bn in the March 2023 quarter, registering a growth of 5.1% a year ago.

Adani Ports concluded its FY23 financial year with the highest-ever cargo volumes, record investment, and maintaining its net debt to EBITDA ratio well within the guided range.

For more details, check out Equitymaster's Indian stock screener which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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Indian Share Market Update: Top Gainers and Losers