Market Update: Sensex Plummets 700 Points, Nifty At 18,070 With Top Losers HDFC, HDFC Bank And IndusInd Bank. Catch The Highlights!
|Category||Stock Market News|
|Published||05 May 2023|
The stock market closed today with the Nifty index at around 18,070, while the Sensex dropped 700 points. HDFC Bank, HDFC, and IndusInd Bank were the top losers. Meanwhile, Consumer Durables, Auto, and FMCG gained, but IT, metals, and financials remained weak.
Other highlights from the day's news include:
- Dr. Reddy's received Form 483 with one observation for the Bollaram API unit.
- Manappuram Finance Promoter VP Nandakumar's personal assets were frozen; he clarified this to the exchange.
- Gati Business provided an update.
- Aurionpro Payments received in-principle approval from RBI to operate as payment aggregator.
- Marico re-appointed Saugata Gupta as MD & CEO.
- Federal Bank Q4 net profit jumped 67% YoY.
- TVS Motor partnered with KidZania for motor racing for young riders in India.
- ITC bought a 39.42% stake in Sproutlife Foods for Rs 175 crore.
The closing bell report for the stock market on May 5th, 2023, revealed a decline in the Sensex by 700 points, with the Nifty settling at around 18,070. The day's top losers included HDFC Bank, HDFC, and IndusInd Bank. However, the Consumer Durables, Auto, and FMCG sectors gained ground, while IT, metals, and financials remained weak.
According to the report, the financials and metals sectors continued to drag down the indices, with losses reported in Tata Steel, JSW Steel, and Hindalco. The Nifty Bank sector also saw a decline, primarily due to the performance of HDFC Bank. In contrast, Cement makers increased their focus on premium products for better margins, with the input costs declining.