Markets extend losing streak, Nifty closes near 25,750

The stock market ended lower on Wednesday, with the Nifty closing around 25,750 and extending its losing streak to the third consecutive session.

At close, the Sensex was down 275.01 points, or 0.32%, at 84,391.27, while the Nifty declined 81.65 points, or 0.32%, to settle at 25,758.

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Broader indices underperformed the benchmark indices, with the BSE Midcap index falling 1% and the Smallcap index declining 0.7%. The overall market capitalisation of BSE-listed firms slipped to nearly ₹463.8 lakh crore from ₹465 lakh crore in the previous session.

The top gainers on the Nifty were Eicher Motors, up 1.54%; Hindalco Industries, up 1.07%; and HDFC Life Insurance Company, up 1.06%. Among the major laggards, InterGlobe Aviation (IndiGo) fell 3.17%, Eternal dropped 3.09%, and Trent declined 1.77%.

Among the sectors, Consumer Durables was down 1.72%, IT fell 0.89%, and PSU Bank slipped 0.70%, ending with significant losses. Nifty Bank dropped 0.44%, while the Financial Services index fell 0.53%. On the other hand, Nifty Media gained 0.48%, Metal rose 0.46%, and Pharma was up 0.17%.

Out of 4,337 stocks traded on the BSE, 1,898 advanced while 2,289 declined. Around 150 stocks remained unchanged.

On the BSE, about 74 stocks hit their 52-week highs, while 136 stocks fell to their 52-week lows. Those hitting highs included Eicher Motors, AU Small Finance Bank, Anupam Rasayan India, and Aditya Birla Capital.

Stocks hitting 52-week lows included Blue Dart Express, Crompton Greaves Consumer Electricals, Dixon Technologies (India), Inox Wind, Page Industries, Piramal Pharma, and Sapphire Foods India.

In stock-specific action, Godrej Industries gained 1% after its subsidiary signed an MoU with the Government of Telangana, while Adani Green fell 1% following a block deal involving 2.24 crore shares.

Metal stocks also gained as investors increasingly expect the US Federal Reserve to announce a rate cut. Hindustan Zinc rose over 4%, Vedanta and Jindal Stainless gained nearly 2%, while Hindalco Industries advanced more than 1%. Tata Steel was up around 1%.