Stock market ends lower amid selling in select heavyweights
At the close, the Sensex was 142 points, or 0.19%, lower at 75,867.80, while the Nifty 50 settled with a nominal loss of 7 points, or 0.03%, at 23,907.15.
The stock market on Thursday fell for the fifth consecutive session, with Nifty finishing below 24,900 amid selling seen across the sectors barring metals.
At close, the Sensex was down 555.95 points or 0.68% at 81,159.68, and the Nifty was down 166.05 points or 0.66% at 24,890.85. BSE Midcap and Smallcap indices down 0.7% each.
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The overall market capitalisation of BSE-listed firms dropped to nearly Rs 457.4 lakh crore from Rs 460.5 lakh crore in the previous session.
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On the sectoral front, barring Nifty Metal, which was up 0.22%, all other sectoral indices ended with losses. Nifty Realty was down 1.65% ending as the top loser.
Nifty IT was down 1.27%, Auto was down 0.92%, Pharma was down 0.92%, and FMCG was down 0.50%. Nifty Bank fell 0.26%, while the Financial Services index declined 0.53%.
On Nifty50, those ending as top gainers were BEL up 2.07%, Hero MotoCorp was up 1.51%, and Hindalco was up 0.80%.
As many as 43 stocks ended in the red in the Nifty 50 index, including Trent down by 3.61%, PowerGrid down by 3.10%, and Tata Motors down by 2.64%.
Auto stocks came under selling pressure as investors booked profits after the recent rally, dragging the Nifty Auto index down by around 1%.
Shares of Tata Motors, Hero MotoCorp and Bajaj Auto fell up to 2%. Ashok Leyland dropped 2.6% after Goldman Sachs downgraded the stock to “neutral” from “buy”, citing limited upside following sharp gains since mid-August.
Around 137 stocks hit their 52-week highs while 94 stocks touched 52-week lows.
Those on highs included Amber Enterprises India Ltd, CreditAccess Grameen Ltd, Choice International Ltd, Netweb Technologies India Ltd, and TD Power Systems Ltd.
The notable names on lows were Crompton Greaves Consumer Electricals Ltd, Five-Star Business Finance Ltd, Vedant Fashions Ltd, Praj Industries Ltd, Ramkrishna Forgings Ltd, Tata Consultancy Services Ltd (TCS), and United Breweries Ltd.
Analysts said investor confidence was dampened due to selling by foreign institutional investors, weak international indicators, and growing worries about US visa restrictions, particularly the new $100,000 fee for H-1B visa applications.
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