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Closing Bell: Market sheds 2-day gaining streak as Sensex sees 700 points fall, Nifty50 settles over 200 points lower
The BSE Sensex fell over 700 points, while Nifty50 settled above the 15400 level at the close, mainly dragged by metal stocks.
The Indian markets halted a two-day rally to close negative on Wednesday. The BSE Sensex fell over 700 points, while Nifty50 settled above the 15400 level at the close, mainly dragged by metal stocks.
At the market close, the BSE Sensex was down 709 points or 1.35 per cent to 51,822 level, and Nifty50 was down 225 points or 1.44 per cent to 15,413 level. Broader markets followed the benchmarks suit as mid and small-cap were lower by 1.6 and 1.4 per cent respectively at the close.
As many as 44 stocks closed in the red, while 5 in the green and one remained unchanged at the market close. Metal stocks such as Hindalco, Tata Steel, JSW Steel were among the top losers, each down 4-7 per cent, while UPL slipped nearly 6.5 per cent and Reliance down over 3 per cent.
On the contrary, BPCL become the top Nifty gainer up over 1.5 per cent in otherwise negative market, followed by Hero Moto up over 1 per cent. Divis Lab, TCS and Power Grid were other stocks that closed marginally higher at the market close on Wednesday.
Crude fall weighs on Oil & Gas stocks, ONGC slips 3 per cent while Oil marketing companies gain 2-3 per cent. Sun TV erases gains of last few days to become a top Midcap loser with a fall of 9 per cent. Hind Copper and Vedanta tumbled 7 and 6 per cent respectively as copper slips to 8-month lows.
All sectoral indices close in the red as Metal, Media and Energy top losing indices. Metal shares reverse yesterday’s gains as prices slip globally, Nifty Metal falls nearly 5 per cent at the close.
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