RVNL, REC among BSE500 stocks defying today's market downtrend
Despite gains for RVNL, CAMS, and REC, the bearish market saw Sensex and Nifty crashing. RVNL gained 8%, CAMS 4%, and REC over 3%. Mahindra & Mahindra fell 7%, signaling weak auto demand. Media, PSU banks, real estate, and oil and gas sectors suffered. Sensex and Nifty's crash impacted smallcaps significantly.
While the overall market sentiment was bearish on Wednesday, stocks such as , and were among those that offered a glimmer of hope in an otherwise bleak trading environment.RVNL has been a standout performer for the day with gains of over 8% while trading at Rs 587 on NSE after the company announced that it has received a letter of acceptance from Maharashtra Metro Rail Corporation (Nagpur Metro).
Computer Age Management Services (CAMS) shares followed with a surge of nearly 4% on NSE while trading at Rs 4,138.
Shares of REC, and witnessed gains of 3% or above.
Shares of Honasa Consumer-owned and One97 Communications-held Paytm went up more than 2%, along with , KIMS, , PFC and ICICI Prudential Life Insurance.
Stocks like , , , , , , and Torrent Power too saw higher trading by 1-2%.
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Starting the day at new highs, Sensex and Nifty succumbed to bear pressure as the former fell over 800 points while the latter gave up the support at 24,200 to fall more than 1%.
The sell-off in Nifty was led by a 7% decline in Mahindra & Mahindra (M&M) where investors see price cuts in XUV700 as a sign of weakening demand in the car industry. Other top blue-chip losers include HCL Tech, Tata Steel, Tata Motors and RIL.
All sectors were trading in the red with auto, media, PSU banks, real estate and oil and gas being the worst hit.
Sensex was trading nearly 0.7% lower near the 79,800 mark while Nifty was down by 0.6% near the 24,280 level around 12:30 pm on Wednesday.
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Source: Stocks-Markets-Economic Times
