Sensex closes 314 points lower, Nifty ends below 17,900
MUMBAI : Equity benchmark Sensex dropped 314 points on Wednesday tracking losses in index majors Reliance Industries, HDFC twins and Kotak Bank.
The 30-share index ended 314.04 points or 0.52% lower at 60,008.33, extending losses for the second straight day. Similarly, the Nifty fell by 100.55 points or 0.56% to 17,898.65.
Axis Bank was the top loser in the Sensex pack, shedding around 2%, followed by Reliance Industries, Kotak Bank, Bharti Airtel, Titan, Dr Reddy’s and M&M.
On the other hand, Maruti, Asian Paints, PowerGrid and NTPC were among the gainers.
Elsewhere in Asia, bourses in Hong Kong, Tokyo and Seoul ended with losses, while Shanghai was positive.
Stock exchanges in Europe were largely trading with gains in mid-session deals.
Meanwhile, international oil benchmark Brent crude fell 0.90% to USD 81.69 per barrel.
As per Edelweiss Alternative Research, which has populated potential changes to the AMFI marketcap categorization, multibagger stocks like Indian Energy Exchange (IEX), National Aluminium Company (Nalco), Happiest Minds Technologies, and Gujarat Fluorochemicals are among the stocks that could move from smallcaps to midcap category in AMFI review.
Prestige Estates Projects, KIOCL, and Central Bank of India could also be upgraded an per brokerage and research firm Edelweiss’ initial prediction to the official list which will be released by AMFI in January next year.
The updated list, that will be announced by AMFI, will be valid from start of February till July 2022 end.
Shares of Nalco, which has integrated and diversified operations in mining, metal, and power, has given multibagger return this year so far as the stock is up over 125% in year-todate terms.
Multibagger stock IEX, premier electricity exchange in India, has rallied over 270% during the said period.
Shares of chemical manufacturer Gujarat Fluoro and IT company Happiest Minds shares have skyrocketed more than 260% and 280% respectively in 2021 (YTD).
According to Sebi, the listed stocks must be strictly categorized into baskets with a welldefined classification of largecap, midcap and smallcap stocks.
This is to ensure uniformity in respect of the investment universe for equity mutual fund schemes.
Further, Sebi has also stipulated that AMFI shall prepare the list of stocks in this regard. Accordingly, AMFI in consultation with the market regulator and stock exchanges, prepares the list of stocks with categorization based on the market capitalization provided by BSE, NSE and MSEI.