Indigo, Dr Reddy's, NTPC Among Eight Nifty Stocks That End Lower on Wednesday

Mumbai, April 29: On Wednesday, broad markets moved higher, but not all shares rallied. Within the Nifty 50 index, aviation, pharma and some banking stocks ended lower. Index-level gains overshadowed these losses, but the stocks seeing selling pressure — airlines, power, financials and paint — are indicators of selective buying.

IndiGo:

IndiGo finished Wednesday’s session at ₹4,340.00 — down 2.31% from its previous close of ₹4,442.40. Shares of the airline lost ₹102.40 on Wednesday alone. The stock opened at ₹4,442.40, identical to the previous closing price before getting hammered by sellers through the day’s session. Price fluctuated between ₹4,507.30 as a high intraday and ₹4,335.10 as a low before settling above the latter at close. Volume of 16.96 lakh shares worth ₹745 crore also indicates this move wasn’t caused by a lack of market participation. High crude prices remain a concern for airline stocks, as they drive jet fuel costs. Brent Crude is trading above $111 a barrel today, continuing to weigh on IndiGo’s profitability given its direct exposure to the ongoing war in the Middle East.

Dr. Reddy’s Laboratories

Dr. Reddy’s closed at ₹1,327.70 after declining 1.99% from its previous close at ₹1,354.60. The share price lost ₹26.90 Wednesday. Dr. Reddy’s opened the session at ₹1,367.00, reached a high of ₹1,375.90 before declining to a low of ₹1,321.50. The ₹54 range intraday suggests significant volatility and directionless trading. Investors traded 45.46 lakh shares worth ₹611 crore during the day. Nevertheless, Dr. Reddy’s went against the Nifty Pharma index, which closed 0.38% higher today.

NTPC

NTPC closed Wednesday’s session down 1.66% at ₹400.10 against a previous close of ₹406.85. The stock opened at ₹409.50 and briefly traded at ₹410.00 before directionless price-action saw NTPC dip to a low of ₹399.65. Shares of NTPC traded close to shedding the ₹400 psychological level, but recovered a few points into the close. Volume was heavy at 1.19 crore shares worth ₹482 crore, indicating the move likely came from institutional reshuffling.

Bajaj Finserv

Bajaj Finserv closed Wednesday’s trading session at ₹1,760.80. It represents a 1.02% decline from its previous close of ₹1,779.00. Shares of Bajaj Finserv opened at ₹1,778.00 and rose to ₹1,793.90 before gradually declining into the close at ₹1,760.80, which also incidentally was the low of the day. Traders traded 6.99 lakh shares worth ₹124 crore.

ICICI Bank

ICICI Bank fell 0.97% Wednesday to close at ₹1,279.50 from its previous close of ₹1,292.00. The bank opened at ₹1,294.70 and marginally rose to ₹1,296.80 before steadily declining to a low of ₹1,276.20 and finally closing near that level. ICICI Bank saw 1.17 crore shares exchanged worth ₹1,508 crore, the second highest value among loser stocks today. Banks traded sideways as rate-sensitive counter have lagged the broader market rally on Wednesday.

Trent

Retail stock Trent closed 0.68% lower at ₹4,225.00 from its previous close at ₹4,253.90. Trent opened at ₹4,273.00 and climbed to ₹4,304.70 in the first half of trades. But after hitting that high, Trent fell to a low of ₹4,218.70 before recovering slightly to close near that level. Investors traded 6.44 lakh shares worth ₹274 crore.

HDFC Bank

HDFC Bank slipped 0.54% Wednesday, ending at ₹778.30 compared to its previous closing price of ₹782.55. HDFC Bank opened Wednesday’s session at ₹785.50 and traded between ₹777.35 and ₹790.00 before ending the day near the bottom of that range. Investors traded a whopping 2.58 crore shares worth ₹2,022 crore. HDFC Bank’s minimal move Wednesday still carried large index impact due to it being one of the heavyweights of Nifty.

Asian Paints

Asian Paints was the final loser Wednesday, falling 0.45% to close at ₹2,451.60 from its previous close of ₹2,462.60. Shares of Asian Paints opened at ₹2,469.90, touched a high of ₹2,477.90 before declining throughout the session to a low of ₹2,438.60 and rebounding for the close. Asian Paints intraday range was ₹39, considerably higher than its usual volatility. Investors traded 6.04 lakh shares worth ₹148 crore Wednesday.

Stocks That Ended Lower on Wednesday

Sources:

• https://www.nseindia.com/market-data/top-gainers-losers
• https://www.nseindia.com/get-quote/equity/ASIANPAINT/Asian-Paints-Limited