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    Sensex sheds over 1,000 points in 2 days as crude rally hits sentiments hard

    Synopsis

    The 30-share pack Sensex declined 656.04 points or 1.08 per cent to close at 60,098.82. The index gyrated in a 920-point range during the day. Its broader peer NSE Nifty fell 174.65 points or 0.96 per cent to 17,938.40.

    Bear-market-1---GettyGetty Images
    Infosys and Wipro were the worst Sensex performers, falling 1-2 per cent. IndusInd Bank, HCL Tech, Tech Mahindra, ICICI Bank and Kotak Mahindra Bank declined up to 1 per cent.
    NEW DELHI: Benchmark indices plunged for the second consecutive session on Wednesday amid tensions in the Middle East that has spooked oil markets, and in turn equity markets.

    IT, FMCG and financials were under selling pressure while auto and metals saw buying. Broader markets also performed relatively better, which kept the portfolio losses in check.

    The 30-share pack Sensex declined 656.04 points or 1.08 per cent to close at 60,098.82. The index gyrated in a 920-point range during the day. Its broader peer NSE Nifty fell 174.65 points or 0.96 per cent to 17,938.40.

    Investors were left poorer by Rs 1.37 lakh crore as the total market cap of BSE-listed firms, which reflects investor wealth, slipped to Rs 274.86 lakh crore.

    "Globally, risk sentiments took a blow as rising inflation resulting in elevated bond yield along with the on-going geopolitical tensions and surge in oil prices weighed on investor confidence. This along with consistent FII selling forced the domestic market to trade in favour of bears for the second consecutive day,” said Vinod Nair, Head of Research at Geojit Financial Services.

    Market at a glance:

    • Paytm tanks over 4 per cent to Rs 997; it fell 11 times in the past 12 sessions
    • Sterlite Tech falls 8 per cent after posting Rs 137 crore loss
    • DCM Shriram rallies 8 per cent on strong numbers in Dec quarter
    • AGS Transact Tech IPO subscribed 82 per cent so far on Day 1
    • JSW Energy gains 3 per cent after report two-fold profit jumps in Q3

    Among the bluechip names, ONGC was the top gainer, rising 3.45 per cent. Tata Motors, UPL, Maruti Suzuki, Coal India, SBI, Hindalco Industries, Bajaj Auto, Tata Steel and Indian Oil were other gainers.

    Infosys was the top loser in the Nifty pack, falling 2.90 per cent. Shree Cement, Asian Paints, Adani Ports, HUL, Grasim Industries, Bajaj Finance and HDFC Life Insurance were other stocks that ended in the red.

    Broader market indices ended mixed, but outperformed their headline peers. Nifty Smallcap rose 0.01 per cent and Nifty Midcap slipped 0.06 per cent. Nifty 500, the broadest index on NSE, ended down 0.65 per cent.

    "Weak global cues like rising US bond yields and crude at record highs are taking a toll on markets across the globe including ours. We reiterate our positive view on markets and suggest utilising dips to add quality stocks."

    — Ajit Mishra, Religare Broking


    DCM Shriram, TV18 Broadcast, Bank of Maharashtra, Tata Power, Hindustan Aeronautics and Gujarat Gas were top gainers from mid and smallcap indices, climbing in the range of 2-9 per cent.

    L&T Tech Services, Ajanta Pharma, ICICI Securities, Sterlite Tech, Trident and Suzlon Energy were major losers from broader market space, falling in the range of 4-8 per cent.

    The sectoral matrix on NSE was mixed. Nifty IT index plunged the most at 2.13 per cent. Nifty FMCG and Nifty Financial Services indices fell over 1 per cent each. Nifty PSU Bank index was the biggest gainer, up 2.21 per cent, while Nifty Media climbed 1 per cent.

    Market breadth was in favour of losers as 1,579 stocks ended in the green, while 1,827 names settled with cuts. As many as 337 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 16 names hit 52-week lows, mostly from the microcap space. About 370 stocks hit upper circuit limits and 360 lower circuit limits.

    European markets were trading higher. London-based FTSE gained 0.14 per cent while Paris and Frankfurt advanced 0.56 per cent and 0.19 per cent, respectively. In Asia, Singapore and Hong Kong rose while the rest of the markets ended in the red.



    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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