Indian market ended nearly 1 per cent lower on Wednesday, tracking weak global cues and continuous foreign fund outflows.
Sensex fell 509.24 points or 0.89 per cent to 56,598.28. During the day, it tanked 621.85 points or 1.08 per cent to 56,485.67.
Nifty declined 148.80 points or 0.87 per cent to close at 16,858.60. ITC, Axis Bank, Reliance Industries, Tata Steel, IndusInd Bank, State Bank of India, HDFC and HDFC Bank were the top Sensex losers, falling up to 2.97 per cent.
Asian Paints, Sun Pharma, Dr Reddy’s and Power Grid were among the top gainers, rising up to 2.90 per cent. Mid-cap and small-cap indices on BSE fell 116 points and 120 points, respectively.
“Investors continue to be sceptical of the domestic market’s higher premium amid the ongoing global deceleration while foreign investors are fleeing emerging economies in search of safer havens. Although the domestic economy is buoyed by solid fundamentals, the stock market’s appetite for risk has been hindered by the rising worries of a worldwide recession,” Vinod Nair, Head of Research at Geojit Financial Services said.
Share Market News Today Highlights: Sensex dives 509 points amid global rout, Nifty barely holds 16,850; Hindalco, JSW Steel, Axis Bank among top drags
Banking and metal shares were the top sectoral losers with their BSE indices falling 667 points and 410 pts, respectively.
Market breadth was negative with 1,335 stocks ending higher against 2,092 stocks falling on BSE. 105 shares were unchanged.
Market cap of BSE-listed firms fell to Rs 268.42 lakh crore against Rs 270.42 lakh crore in the previous session.
Foreign institutional investors sold shares worth Rs 2,823.96 crore on Tuesday, according to data available with BSE.
Previous session
Benchmark indices ended lower for the fifth straight session on Tuesday amid partial recovery in Asian markets. The indices attempted a comeback during the session but gave up gains in the last 45 minutes of trade. Sensex fell 37 points to 57,107 and Nifty lost 9 points to 17,007.
Global markets
Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended sharply lower. Stock exchanges in Europe were trading lower in mid-session deals. The US markets ended on a mixed note on Tuesday. Meanwhile, the international oil benchmark Brent crude dipped 0.08 per cent to $86.20 per barrel.