The NSE Nifty 50 closed at 19,751.05, losing 42.95 points or 0.22%.
Infosys was one of the biggest losers today, losing share price value as its international clients anticipate economic uncertainties.
Another big loser on the Nifty 50 today was Adani Enterprises, whose hearing in the Adani-Hindenburg case was deferred by the Supreme Court of India.
Below is a snapshot of the NSE top losers today.
|Stocks||Previous Day’s Closing Price||Last Traded Price||Change (%)|
|AXIS BANK LIMITED||1018.45||994.05||-2.4|
|ADANI ENTERPRISES LIMITED||2506.35||2449||-2.29|
|STATE BANK OF INDIA||586.05||576.2||-1.68|
- Axis Bank Ltd.: Axis Bank features on our list of Nifty top losers today for the second time this month. High-interest payments compared to earnings, a decrease in MF shareholding in the last quarter, inefficient use of capital to generate profits and a decline in net cash flow led to the company losing 2.4% of its stock price value.
- Adani Enterprises Ltd.: Adani Enterprises features on our list of NSE top losers today for the first time this month. A decline in net profit (QoQ), a continuous drop in profits for the past two quarters, a decrease in net cash flow and high promoter stock pledges resulted in the company losing 2.29% of its share price value.
- Infosys Ltd.: Infosys lost 2.23% of its stock price value and features on our list of Nifty top losers today for the second consecutive day.
- State Bank of India: SBI features on our list of NSE top losers today for the third time this month. High interest payments compared to earnings, a decrease in MF shareholding in the last quarter, and a drop in cash flow from operations led to the organisation losing 1.68% of its stock price value.
- Wipro Ltd.: Wipro features on our list of Nifty top losers today for the first time this month. A decrease in MF shareholding in the last quarter, inefficient use of capital, shareholder funds and assets, a continuous drop in revenue for the past two quarters and a decline in profit margin (QoQ) and net profit resulted in the company losing 1.46% of its share price value.
Amol Athawale, Vice President of Technical Research at Kotak Securities, said, “Weak global cues and a sharp rise in crude oil prices dampened the market sentiment as banking and technology stocks led the downfall. While the market is already coping up with global economic uncertainty, concerns over the flare-up in the Israel-Palestine conflict have been making investors jittery. Investors are also worried about the persistent FII selling and the rising US dollar and treasury yields.
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