scorecardresearch
Sensex, Nifty end lower for second straight session; auto, banking shares top losers

Sensex, Nifty end lower for second straight session; auto, banking shares top losers

Sensex declined 168.08 points or 0.28 per cent to end at 59,028.91. During the day, it fell 474.1 points to 58,722.89. Nifty fell 31.20 points or 0.18 per cent to 17,624.40.

IndusInd Bank, Mahindra & Mahindra, Maruti, Bharti Airtel, State Bank of India, Tata Steel, ICICI Bank and HDFC were the top  Sensex losers today, falling up to 1.69 per cent.  IndusInd Bank, Mahindra & Mahindra, Maruti, Bharti Airtel, State Bank of India, Tata Steel, ICICI Bank and HDFC were the top Sensex losers today, falling up to 1.69 per cent.

Sensex and Nifty ended lower on Wednesday, led by losses in banking stocks amid weak global cues. Sensex declined 168.08 points or 0.28 per cent to end at 59,028.91. During the day, it fell 474.1 points to 58,722.89. Nifty fell 31.20 points or 0.18 per cent to 17,624.40. IndusInd Bank, Mahindra & Mahindra, Maruti, Bharti Airtel, State Bank of India, Tata Steel, ICICI Bank and HDFC were the top  Sensex losers today, falling up to 1.69 per cent.

UltraTech Cement, Tata Consultancy Services, Sun Pharma, Wipro and Bajaj Finance were among the top Sensex gainers, rising up to 4.13 per cent. Auto and banking shares were the top sectoral losers with their BSE indices falling 338 points and 232 points, respectively.

Vinod Nair, Head of Research at Geojit Financial Services said, "The latest economic figures indicate that the US central bank would continue to raise interest rates. As, according to ISM's (Institute of Supply Management) US Non-Manufacturing PMI, the services sector expanded last month at a rate that was higher than anticipated, putting pressure on global markets. Main indices followed the global trend. However, mid & small caps rallied with strong outperformance."

ALSO READ: Concor shares hit all-time high after Cabinet clears rail land lease policy

However, midcap and smallcap indices rose 117 points and 212 points, respectively. Market breadth was positive with 2,133 stocks ending higher against 1,322 stocks falling on BSE. 124 shares were unchanged.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "Markets languished in negative territory through the session tracking weak global cues, as uncertainty over a possible global recession due to likely rate hikes going ahead continued to weigh on sentiment. We are of the view that on the lower side 17,500 would be the key support level while 17,700 could act as a major hurdle for the bulls. Post 17,700 breakout the index could move up to 17,800-17,850. On the flip side, dismissal of 17500 could increase the selling pressure. Below 17500nwe could expect short term weakness till 17400-17300."

Market cap of BSE-listed firms stood at Rs 280.87 lakh crore today. Foreign institutional investors remained net buyers on Tuesday as they bought shares worth Rs 1,144.53 crore, as per exchange data.

Previous session

Benchmarks indices finished lower in volatile trade on Tuesday as losses in consumer goods and banking stocks countered gains in metal and energy. Sensex fell 49 points to close at 59,197and Nifty fell 10 points to settle at 17,656. Tata Consumer Products was the top Nifty loser falling 2.23 per cent. Bajaj Finserv, Britannia, M&M and Bajaj Finance were also among the laggards. On the other hand, Apollo Hospitals, Bharti Airtel, NTPC, Shree Cement and SBI Life were among the top gainers.

Global markets

Elsewhere in Asia, markets in Seoul, Tokyo and Hong Kong ended lower, while Shanghai settled in the green. Equities in Europe were trading mostly lower during the mid-session deals. The US markets had ended in the negative territory on Tuesday.

Meanwhile, the international oil benchmark Brent crude rose by 0.99 per cent to USD 93.75 per barrel.