Sensex extends losses amid global weakness; HDFC twins drag

Profit-booking was seen in finance, IT and FMCG counters, while a depreciating rupee also weighed on investor sentiment, traders said

Equity indices buckled under selling pressure for the second straight session on Wednesday as risk appetite remained subdued amid a bearish trend overseas.

Profit-booking was seen in finance, IT and FMCG counters, while a depreciating rupee also weighed on investor sentiment, traders said.

The 30-share BSE Sensex slumped 400.34 points or 0.77% to close at 51,703.83. The broader NSE Nifty tumbled 104.55 points or 0.68% to 15,208.90.

Nestle India was the top loser in the Sensex pack, shedding 2.80%, followed by Bajaj Finserv, Asian Paints, HDFC Bank, IndusInd Bank, Maruti, Dr Reddy’s and HDFC.

HDFC twins accounted for over half of the benchmark’s losses.

On the other hand, SBI, PowerGrid, NTPC, Reliance Industries and Bajaj Auto were among the gainers, climbing up to 2.39%.

Global markets were on the backfoot amid rising U.S. Treasury yields and concerns over frothy valuations.

“Domestic equities witnessed pullback today amid weak global cues. Profit booking was visible in IT, Pharma and FMCG space, while PSU Banks continued to see investors’ interest with PSU Bank index rising briskly by over 6%. As indicated rotational trading was seen, where a number of mid cap and small cap stocks witnessed sharp uptick as improving earnings visibility is attracting investors to this space, especially in sectors which are considered to be beneficiary of higher capex,” said Binod Modi, Head-Strategy at Reliance Securities.

BSE healthcare, IT, finance, bankex, realty and FMCG indices slipped up to 0.91%, while power, telecom, energy and industrials rose as much as 1.26%.

Broader BSE midcap and smallcap indices outperformed the benchmark, rising up to 0.53%.

Elsewhere in Asia, Hong Kong ended on a positive note while bourses in Tokyo and Seoul were in the red.

Stock exchanges in Europe were also trading with losses in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.58% higher at $63.71 per barrel.

The rupee ended 5 paise lower at 72.74 against the U.S. dollar.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth ₹1,144.09 crore on Tuesday, according to exchange data.

You have reached your limit for free articles this month.

Subscription Benefits Include

Today’s Paper

Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Unlimited Access

Enjoy reading as many articles as you wish without any limitations.

Personalised recommendations

A select list of articles that match your interests and tastes.

Faster pages

Move smoothly between articles as our pages load instantly.


A one-stop-shop for seeing the latest updates, and managing your preferences.


We brief you on the latest and most important developments, three times a day.

Support Quality Journalism.

*Our Digital Subscription plans do not currently include the e-paper, crossword and print.


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *