Market extends fall on 6th consecutive session; banks shine
Benchmark indices on Wednesday extend the fall on sixth consecutive session as market failed to build on the mid-session sharp recovery from day's low, and ended marginally lower.
Benchmark indices on Wednesday extend the fall on sixth consecutive session as market failed to build on the mid-session sharp recovery from day's low, and ended marginally lower.
At close, the Sensex dropped 1.3%, shedding 1,018 points to settle at 76,293.60, while the Nifty declined 1.32%, losing 309.8 points to end at 23,071.80. Fresh tariff developments have fuelled caution among investors.
The stock market on Friday remained indifferent to the Reserve Bank of India’s (RBI) rate cut as Sensex and Nifty closed lower for the third consecutive session.
The stock market closed lower on Wednesday due to losses in consumer stocks amid weak earnings.
The benchmark indices surged 1.8 per cent on the back of strong gains in capital goods, banking, energy, and auto stocks on Tuesday.
At 1.20 p.m., Sensex was trading 283.74 points higher at 40,466.41 levels while the Nifty was at 11,903.70, up by 69.10 points.
The top gainers on the BSE included UltraTech Cement (gained 3.24 per cent), by TCS, HCL Tech, Infosys, HDFC Bank, Sun Pharma and Tech Mahindra.
Although the broader market was a bit lacklustre, sustained buying in cement and select pharma counters was seen during the day, he added.
On the broader front, the S&P BSE MidCap and SmallCap ended with losses at 0.16 per cent and 0.01 per cent respectively.
Traders said growing concerns over economic recovery and lack of fresh stimulus by central banks led to the global market selloff.