Benchmark indices plunged for the second straight session today led by a fall in IT stocks. Sensex fell 412.96 points to close at 59,934 and Nifty declined 126.35 points to settle at 17,877. Tech Mahindra, Infosys, Tata Steel, Bajaj Finserv and Axis Bank were the top Sensex losers today, falling up to 3.13 per cent. Maruti, PowerGrid and NTPC were the top Sensex gainers, rising up to 3.23 per cent.
Midcap and smallcap indices rose 81 points and 19 points, respectively. IT, banking, capital goods, consumer durables and metal shares were the top sectoral losers with their BSE indices falling 468 points, 253 points, 123 pts, 329 points and 215 pts, respectively.
Vinod Nair, Head of Research at Geojit Financial Services said, “Defying the positive trend of global markets, domestic indices shed their early gains, dragged by losses in IT and pharma sectors, while mid & small caps outperformed. Fears of a recession in the global economy exacerbated selling pressure in IT and pharma stocks.”
Globally, in light of the elevated inflation in the US, investors are on an edge, assessing the possibility of a higher magnitude of a rate hike in the next Fed policy meeting, he added.
Share Market Today Live Updates: Sensex extends fall for 2nd day, slumps 413 points, Nifty settles below 17,900; IT stocks drag
Auto stocks were the major sectoral gainers with their BSE index rising 253 pts to 30,534. Market breadth was negative with 1,698 stocks ending higher against 1,798 stocks falling on BSE. 124 shares were unchanged.
Rupak De, Senior Technical Analyst at LKP Securities said, “Nifty found resistance around 18100 leading to close in the red for the day. On the daily chart, a dark cloud cover pattern has formed suggesting waning bullishness. The trend for the few hours to 1 day may remain weak; However, the short term trend remains positive as the Nifty closed above the falling trend line on the daily chart. On the lower end, support is visible at 17700, below which the short term trend may become weak. On the higher end, resistance is visible at 17900/18100.”
Market cap of BSE-listed firms stood at Rs 285.87 lakh crore today. Foreign institutional investors remained net sellers on Wednesday as they sold shares worth Rs 1,397 crore, as per exchange data.
Previous session
Benchmark indices snapped four-day gaining streak on Wednesday led by weak global cues. Sensex fell 224 points to close at 60,346 and Nifty declined 66 points to settle at 18,003. Infosys, TCS, Tech Mahindra, HCL Tech, and L&T were the top Sensex losers, falling up to 4.53 per cent. IndusInd Bank, PowerGrid and NTPC were the top Sensex gainers, rising up to 4.48 per cent. Midcap and smallcap indices fell 26 points and 1 point, respectively.
Global markets
Asian markets in Tokyo and Hong Kong closed in the green, while Shanghai and Seoul ended lower. The US markets had ended on a positive note on Wednesday. Meanwhile, the international oil benchmark Brent crude dipped 0.04 per cent to $94.06 per barrel.