The stock of Godrej Properties lost more than 5 percent in the December quarter on reports of a drop in sales bookings by more than 40 percent.
Stock market today:The BSE Sensex and Nifty 50 indices have taken a three-day break today amid falling American and European stock futures. Currently, at 01:50 pm, the Nifty is trading at 17,586.30, down 193.70 points or 1.09 percent. At the same time, the Sensex traded down 674.39 points, or 1.13 percent, at 58,883.94.
Domestic markets are under pressure due to massive trading in US stock futures. In Asian trading, the NASDAQ futures are down more than 2 percent and the S&P 500 futures are down about 1 percent. The biggest contributor to this fall was Meta (formerly Facebook). Meta shares in aftermarket trading in the United States fell more than 20 percent due to weaker-than-expected results for the company. The fall in Meter shares has had an impact around the world, and other social media and technology stocks have also come under pressure.
Looking at the domestic market, the Nifty IT index, which has been consistent with American technology stocks in recent months, also lost 1.1 percent. The Nifty IT index is the biggest contributor to the fall of the Nifty 50. Then there is the HDFC number.
Following the strong December quarterly results, HDFC stocks rose 2 percent on February 2, but today, February 3, trading profit bookings dominated and broke almost 3 percent. Weakness in the global market means that foreign investors are becoming net sellers of Indian equity in the cash market. Apart from this, domestic institutional investors, which have been in a slump today after two days of buying, are seeing an impact in the market. The effect of weekly expiration of the index option is also seen in the market in the form of profit booking.
Manish Hatirmani of Deendayal Investment said that the market is under pressure from the upper level and the 17800 level is seen as a major obstacle for it. It has become very difficult for the market to cross this threshold. Once this level is crossed, a new rise will be seen in the market. Speaking of mid and smallcap spaces, mixed business can be seen here. The Nifty Midcap Index is down 0.4 percent while the Nifty Smallcap Index is seeing a marginal gain of 0.1 percent.
Shares of Godrej Properties lost more than 5 percent in the December quarter on news of a more than 40 percent quarterly decline in sales bookings. At the same time, after a 5 per cent fall in shares of Jubilant Foodworks, smart recovery seems to be coming. The company’s single-store sales growth weakened in the December quarter. Due to which the brokerage firms have reduced their income account.