1 day ago
Indian Stocks Slide as Dr Reddy’s, Dixon Buck Trend
Indian stock markets were falling on September 28.
The Nifty and Sensex were both down about 1.3% by midday.
Higher oil prices and US government bond yields were cited as reasons for the decline.
Dr. Reddy’s Laboratories and Dixon Technologies moved higher even though the wider market was weak.
Dr. Reddy’s gained after Nomura continued to recommend buying the stock.
Dixon rose after announcing a new electronics manufacturing venture connected with Vivo.
Manappuram Finance fell after gold prices dropped sharply.
Vodafone Idea and Adani Enterprises also declined during the session.
The Nifty and Sensex were each down about 1.3% by midday on September 28, pressured by higher crude oil prices and US Treasury yields.
Dr. Reddy’s Laboratories rose 2% after Nomura retained its Buy rating and a ₹1,740 target price.
Dixon Technologies gained 2% after acquiring a 51% stake in Adivistar Electronics India, which will manufacture devices including smartphones for Vivo.
Manappuram Finance fell more than 6% as gold prices dropped over 2% amid concerns about higher US interest rates.
Vodafone Idea declined 5% and Adani Enterprises fell nearly 3%, while Vodafone Idea remained in focus ahead of a National Stock Exchange rebalancing.
- Who
- Indian stock-market investors and the companies Dr. Reddy’s Laboratories, Dixon Technologies, Manappuram Finance, Vodafone Idea, and Adani Enterprises.
- What
- Benchmark indices fell about 1.3% by midday, while individual stocks recorded mixed moves.
- Where
- Indian stock markets.
- When
- September 28, with the National Stock Exchange rebalancing scheduled for September 29.
- Why
- Higher crude oil prices and US Treasury yields pressured the benchmark indices; individual stocks also reacted to company developments, gold prices, brokerage views, and index-rebalancing expectations.
Key facts
- Nifty level
- Around 22,844 by midday on September 28
- Sensex level
- Around 72,955 by midday on September 28
- Benchmark move
- Both indices were down about 1.3%
- Top positive mover
- Dr. Reddy’s Laboratories rose 2% intraday
- Sharpest decline listed
- Manappuram Finance fell more than 6% intraday
- Vodafone Idea performance
- Down 5% intraday; up 52% over six months
- Adani Enterprises performance
- Down nearly 3% intraday
Sources
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