Closing Bell: Sensex Drops 220 Points in Volatile Trade; Nifty Below 22,900
On Tuesday, benchmark equity indices closed in negative territory for the third consecutive session amidst high market volatility. The Sensex fell 220 points, and the Nifty ended below 22,900, driven down by profit booking and pressure from heavyweights like Reliance Industries and banking stocks.
Earnings in Focus
Several companies, including IRCTC, Aditya Birla Fashion, GIC, Amara Raja Energy & Mobility, Aster DM Healthcare, Campus Activewear, Eureka Forbes, and RITES, are set to announce their Q4 earnings today.
Trade Highlights
Adani Energy rose 3% following approval to raise to Rs 12,500 crore. – LIC gained 2.6% as Q4 profit surged to Rs 13,782 crore. – CLSA maintained a sell rating on Nazara Tech. – JPMorgan retained an overweight rating on LIC. – IIFL Finance delayed its board meeting for earnings release. Adani Enterprises” board approved raising Rs 16,600 crore via QIP.
Market View
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that market nervousness is evident as election results approach. The sharp correction in Nifty indicates uncertainty, which is likely to persist. Market movements may be triggered by early indications of election results before June 4th.
