Stock Market: Selling dominated the market, Sensex fell by more than 600 points, Tata Steel lost 4 percent

Selling dominated the domestic stock market

There is a weak trend in Asian markets. SGX Nifty is down 0.19 per cent and Nikkei 225 is down 0.15 per cent. US markets were up in Tuesday’s trading. Dow Jones closed up 641 points.

Domestic on Wednesday, 22 June 2022 with mixed global cues Share Market ,stock market) is showing weakness. There is a fall in both Sensex and Nifty in Wednesday’s trade. Sensex has fallen by more than 640 points. On the other hand, Nipty has slipped below 15,500. All-round selling is seen in today’s business. The biggest fall is in metal, realty, bank and IT indices. The Nifty Metal Index has fallen 4.42 per cent. Auto, Financial Services, FMCG, Pharma including all Indels are seen trading in the red mark. At present, the Sensex is trading at the level of 51,890.99 with a weakness of 641 points. On the other hand, Nifty is trading at the level of 15,444, down 195 points.

28 out of 30 Sensex stocks are in the red mark. Today’s top losers include Tata Steel, Tech Mahindra, Titan, Reliance Industries, HDFC Bank. Top gainers include Maruti Suzuki and HUL. Along with largecap stocks, there is also weakness in midcap and smallcap stocks. The BSE Midcap index has fallen 1.33 per cent. While the BSE Smallcap index has fallen 0.77 percent.

Selling in heavyweights Reliance Industries, L&T, HDFC Bank, Bajaj Finance, Tata Steel, HCL Tech, Axis Bank put pressure on the market.

FII and DII data

On Tuesday, Foreign Institutional Investors (FIIs) pulled out Rs 2701.21 crore from the market. While Domestic Institutional Investors (DIIs) invested Rs 3066.41 crore in the market during this period.

The number of HDFC Bank branches will be doubled

HDFC Bank proposes to double its branch network by adding 1,500 to 2,000 branches annually over the next 3 to 5 years. At present the bank has 6,000 branches across the country. In April itself, HDFC and HDFC Bank had announced the merger, which is expected to be completed in the next one and a half years.

BSE, NSE nod to PVR-INOX merger

PVR Limited and Inox Leisure Limited, which operate theaters, have got the nod for merger from BSE and National Stock Exchange (NSE). The company received the letter from BSE regarding the merger agreement on June 20, 2022 without any adverse comments. Whereas on June 21, a ‘No Objection Letter’ was received from the National Stock Exchange. PVR operates a total of 858 movie screens in 75 cities.

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PVR Limited and Inox Leisure Limited had announced the merger agreement on March 27 this year. With this, the largest multiplex series of 1,500 screens will come into existence. The new cinemas that will open after the merger will be known as PVR INOX. As per the agreement, the share swap ratio for the merger of Inox with PVR has been kept at 3:10 (three shares of PVR for 10 shares of Inox).

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