Sensex, Nifty snap 4-day gaining streak, end negative; Reliance Industries drags market the most
The Indian markets on Wednesday cracked and ended in the red for the first time on the last day of this week with heavyweight Reliance Industries shares declining the most. The markets in the 3 out of 5 sessions witnessed record-high levels. Its breadth favours advances; advance-decline ratio at 5:4.
The Indian markets on Wednesday cracked and ended in the red for the first time on the last day of this week with heavyweight Reliance Industries shares declining the most. The markets in the 3 out of 5 sessions witnessed record-high levels. Its breadth favours advances; advance-decline ratio at 5:4.
The BSE Sensex slumped by 215 points or 0.39 per cent to 54277.7, while Nifty50 declined by 56 points or 0.35 per cent to 16,238 at the market close today. The mid-cap index, on the other hand, posted a positive show, by marginally gaining 16 points or 0.06 per cent to 27946 levels at the close.
See Zee Business Live TV Streaming Below:
The RBI's MPC policy decision was along expected lines, the 5:1 vote on maintaining accommodative stance and rise in CPI projection for FY22 to 5.7 per cent from 5.1 per cent, which was concerning markets, indicating that debate on inflation is gaining centre stage.
Another important index to market, Nifty Bank also ended flat but negative by 25.5 points or 0.07 per cent to 35809.3 levels. SBI, Axis Bank and ICICI Bank lead the decline in the Index.
Out of 50 scrips on Nifty50, 23 advanced, 27 declined at the close. IndusInd bank continued its positive rally since the beginning of the session to end top gainer by almost 3 per cent today, followed by Adani Ports, which surged over 2 per cent and IOC ended around 2 per cent higher.
Besides, Tech Mahindra, Tata Consumers, and Bharti Airtel each gained around 1.5 per cent at the market close on Friday.
On the contrary, Cipla continued to be weak since the start of the session and concluded over 3.5 per cent lower at the market close, followed by Reliance Industries that slumped over 2 per cent as the Supreme Court halted Future Retail and Reliance Retail deal on Friday.
Other stocks such as HDFC, Tata Steel, UltraTech Cement, Shree Cement also contributed most of the market’s decline today.
Sectoral indices were almost evenly divided between red and green, with pharma, banking, and financial stocks dragging the market most, while IT and Auto stocks helped the benchmarks from a further decline on the last day of the trading session this week.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.