Sensex and Nifty dip on profit taking, close fiscal 22 with over 18% gain

Benchmark stock indices Sensex and Nifty pared early gains to settle lower in choppy trading on the last day of the 2021-22 fiscal year on Thursday mainly due to profit taking in Reliance Industries, Infosys and HDFC Bank after a three-day rally.

Ending its three-day winning streak, 30-share BSE Sensex fell 115.48 points, or 0.20 percent, to settle at 5,8568.51 amid the expiration of monthly derivative contracts. During the day, it touched a high of 58890.92 and a low of 58485.79.

The broader NSE Nifty fell 33.50 points, or 0.19 percent, to settle at 17,464.75 with 30 of its shares ending in losses.

For the 2021-22 fiscal year, the BSE Sensex Index jumped 9059.36 points, or 18.29 percent, while the Nifty Index rose by 2774.05 points, or 18.88 percent.

“Even with the markets ending on the last day of the fiscal year in a somewhat calm mood, it has made a 19 percent return this year on the Nifty with two sectoral indices — metals and media — which have returned more than 50 percent this year.

“In the broader market as well, both the mid-price 100 and the smallcap-100 have generated a return of more than 25 percent this year. The returns highlight a year when FPI pulled in big money, highlighting Indian investor confidence amid a series of headwinds. ,” according to S Ranganathan, Head of Research at LKP Securities.

Among the package of 30 stocks, Reliance Industries lost the most, at 1.46 percent. Wipro dropped 1.44 percent, Dr. Reddy’s fell 1.04 percent, and Sun Pharma was down 0.60 percent.

HDFC Bank, UltraTech Cement and Infosys also closed lower.

On the other hand, HUL rose by 1.66 percent, followed by Mahindra & Mahindra by 1.59 percent, Indus Indus Bank by 0.93 percent, Bharti Airtel by 0.80 percent, Integrated Telecom by 0.66 percent, and Titan by 0.5 percent.

Axis Bank, which announced its acquisition of US-based Indian retailer Citi, posted a 1.39 percent increase.

In previous trading, the 30-share BSE Barometer rose 740.34 points, or 1.28 percent, to settle at 58,683.99. Similarly, the NSE Nifty Index rose 172.95 points, or 1 percent, to settle at 17,498.25 points.

In the broader market, the BSE small-cap index was up 0.31 percent and the mid-cap index jumped 0.29 percent.

“Investors followed the global market signals, which were mostly weak as most of them rebounded in the last few sessions on the back of lower crude oil prices and expectations of some solutions to the Russia-Ukrainian dispute. After seeing sharp turnover during the week, investors exercised ), Kotak Securities Ltd.

Harsh Parekh, technical analyst at Bonanza Portfolio, said, “Indian stock indices opened today positive on the back of a weak US dollar and FPI shifting to buyers.

But the indicators turned to fluctuations in the afternoon trading and ended the three-day winning streak. In Asia, stock exchanges in Shanghai, Tokyo and Hong Kong closed lower, while Seoul settled with gains. Markets in Europe were mostly trading lower.

Stock exchanges in the US closed on a negative note in the evening session.

Meanwhile, international benchmark Brent crude fell 5.09 percent to $107.68 a barrel amid reports that the United States is considering freeing a record 180 million barrels of strategic reserves.

Foreign institutional investors (FIIs) were among the buyers, buying shares worth Rs 1,357.47 crore on a net basis on Wednesday, according to stock exchange data.

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