At close, the BSE Sensex was down 592/67 points or 0.70 per cent at 84,404.46. During the day, it hit an intra-day low of 84,312.65.
Shares of Rathi Steel and Power Ltd (RSPL) surged over 18 per cent on a day when stock markets witnessed pressure amid fresh foreign fund outflows. The metal stock started the trading session with a slight gain at Rs 24.60 against the previous close of Rs 24.49 on the BSE. However, it picked up momentum towards the end of the session and surged to hit an intraday high of Rs 28.94, representing a gain of 18.21 per cent. It held firmly in green and ended the session at Rs 28.19 or 15.11 per cent higher.
Technically, the stock trades higher than the 5-day, 20-day, 50-day and 100-day moving averages but lower than the 200-day moving average.
Meanwhile, the stock’s 14-day relative strength index (RSI) is 46.87. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
The 52-week high of the stock is Rs 52, and the 52-week low is Rs 21.65. The market cap of the company stood at Rs 243.46 crore.
Stock Market Today
Benchmark indices Sensex and Nifty declined in early trade as fresh foreign fund outflows and a lack of clarity on the US Federal Reserve’s future rate action dampened investor sentiment.
The 30-share BSE Sensex declined 297.96 points to 84,699.17 in early trade. The 50-share NSE Nifty dropped 90.05 points to 25,963.85.
At close, the BSE Sensex was down 592/67 points or 0.70 per cent at 84,404.46. During the day, it hit an intra-day low of 84,312.65. Whereas, the NSE Nifty 50 index shed 176.05 points, or 0.68 per cent, settling at 25,878.85. During the day, it touched a low of 25,845.25.
On Wednesday, the 30-share BSE Sensex climbed 368.97 points or 0.44 per cent to settle at 84,997.13. The Nifty went up by 117.70 points or 0.45 per cent to 26,053.90.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,540.16 crore on Wednesday, according to exchange data.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)