Closing Bell: Stock Markets snap 8-day gaining streak as Sensex, Nifty50 close over 1% lower – IndusInd Bank, Tata Motors top laggards
At market close, the BSE Sensex was down 651.85 points or 1.08 per cent to 59,646.15, while Nifty50 was down 198.05 points or 1.10 per cent to 17,758.5.
Domestic markets snapped an eight-day gaining streak to end negatively on the last day of the week. The benchmark indices – Sensex and Nifty50 – gave up their key support levels of 60,000 and 17,900. Almost all sectoral indices closed around 1.5 per cent at the market close.
At market close, the BSE Sensex was down 651.85 points or 1.08 per cent to 59,646.15, while Nifty50 was down 198.05 points or 1.10 per cent to 17,758.5. Underperforming the benchmarks, broader markets such as both the Nifty mid and small cap fell by over 1.5 and 1 per cent respectively today.
As many as 6 stocks advanced and 44 declined at the close. IndusInd Bank shares fell most by almost 4 per cent, followed by Tata Motors, Bajaj Finserv, and Apollo Hospital each down by over 3 per cent. While Hindalco, Tata Consumer, Bajaj Finance, and Hero Moto are each down between 2.5-3 per cent.
In the otherwise negative market, Adani Ports shares became the top Nifty gainer, up almost 4.5 per cent, followed by Larsen and Toubro shares up over 2 per cent in an otherwise weak market. While stocks such as Infosys, Bajaj Auto, TCS, and Eicher Motors gained marginally at the close.
Sectorally, all indices closed in the red - except Nifty IT, which closed flat with positive bias. Nifty Bank and Financial as well as Metal dragged the market most as they fell by around 1.5 per cent, followed by Nifty Auto and FMG each down around 1 per cent at the market close.
According to Ajit Mishra, VP - Research, Religare Broking, “Markets lost over a percent in a volatile trading session, tracking mixed cues. After the flat start, the benchmark plunged sharply lower in the first half and remained range bound thereafter.”
“The decline in the index engulfed the gains of the last three sessions and we may see further profit taking ahead. And, it would be healthy after the recent surge. Moreover, participants should maintain caution and prefer defensive i.e. FMCG, pharma over others until the trend resumes.”
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