Stock Market ends in the red; Sensex loses 500 points
The Indian stock market ended in the red on Tuesday, with the Nifty falling below the 23,900-mark and the Sensex dropping nearly 500 points.
The stock market on Wednesday erased the previous session losses with the indices bouncing back as the Nifty finished above 26,000, led by IT and financials.
At close, the Sensex was up 513.45 points or 0.61% at 85,186.47, while the Nifty was up 142.60 points or 0.55% at 26,052.65.
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Broader indices remained mixed, with the BSE Midcap index rising 0.3%, while the Smallcap index fell 0.4%.
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Among the sectors, the Nifty IT index spiked 2.9%. It was followed by the Nifty PSU Bank index, which was up 1.16%.
Nifty Bank continued hitting fresh record highs on the third consecutive session, touching a new high of 59,264.25, finishing with 0.54% gains at 59,216.05.
Nifty Healthcare was up 0.46%, Nifty Consumer Durables up by 0.36%, Nifty Private Bank up by 0.28%, Nifty Financial Services up 0.27%, Nifty Pharma up 0.05%, and Nifty FMCG up 0.06%.
Nifty Auto was marginally higher, and Nifty Metal ended flat. On the contrary, the Nifty Realty and Oil & Gas were the top losers. On Nifty, the biggest gainers were HCL Technologies, Max Healthcare, Infosys, Wipro, and TCS.
On the other hand, TMPV, Coal India, Maruti Suzuki, Adani Ports, and Bajaj Finance remained the top losers. On the BSE, over 120 stocks touched their 52-week high while more than 200 stocks hit 52-week low.
Those hitting the highs were Bharat Forge, M&M Financial, MCX India, Hero MotoCorp, Federal Bank, Titan Company, SBI, BHEL, among others.
Cohance Lifesciences, Godrej Agrovet, United Breweries, Thermax, Sheela Foam, Vedant Fashions, SKF India, Deepak Nitrite, Westlife Foodworld, among others, were on lows.
Some of the stock-specific performers were G R Infraprojects, losing 2% despite an order win from Western Railways, Infosys shares adding 4% ahead of buyback offer, Hindustan Unilever shares adding nearly 2% on demerger record date.
The Indian market began after a muted start amid weak global cues, with the benchmarks gaining strength as the day progressed, and helped Nifty to cross the 26,000 mark.
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