Closing Bell: Sensex, Nifty give up intraday gains to end in red – metal, bank and financials drag the market
The Indian stock market gave up its intraday gain to close on a negative note on Wednesday, as Sensex slipped over 350 points, while Nifty50 fell below 18200-level.
The Indian markets give up their intraday gain to close on a negative note on Wednesday, as Sensex slipped over 350 points, while Nifty50 fell below the 18200-level. The metal, banks, and financial stocks overpowered the other positive index to drag the markets in the red zone at the close.
The BSE Sensex declined 206.93 points or 0.34 per cent at 61143.33; while Nifty50 tumbled 57.45 points or 0.31 per cent to 18,210.9. Even the mid-cap index outperformed the benchmarks to end flat but with positive bias up 12.75 points or 0.08 per cent to 31,125.55 level at the close today. While Nifty Bank tumbled over 467 points or 1 per cent to fall below 41000-mark, led by Axis Bank.
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As many as 23 stocks advanced and 27 declined on the Nifty50 index at the market close today. Axis Bank plunged almost 6.5 per cent, followed by Bajaj Finance down around 5 per cent, and ONGC fell over 3 per cent at the market close.
While Tata Motors and Bajaj Finserv each declined by over 2 per cent and stocks such as IndusInd Bank, Hindalco, HUL, JSW Steel, NTPC, Reliance, Tata Steel, Kotak Bank, Nestle India, Coal India, M&M, and L&T each declined between 1-2 per cent.
On the contrary, Asian Paints gained most by over 4 per cent, followed by UPL up almost 4 per cent and Divis Lab gained over 2 per cent. While other stocks such as SBI Life, Cipla, Infosys, Ultratech Cement, Sun Pharma, and SBI ended between 1-2 per cent at the market close.
Almost all sectoral indices declined except for FMCG, IT, and Pharma, while Metal along with banking and financials dragged the market most, down over 1 per cent each. Similarly, media stocks tried to drag the broader markets, however, realty aided them to end in the green today.
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