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Market snaps two sessions of gaining streak; metals, consumer durables sink

Market snaps two sessions of gaining streak; metals, consumer durables sink

Sensex tanked 709 points to 51,822 and Nifty ended 225 points lower at 15,413.

 The market cap of BSE-listed firms fell to Rs 237.19 lakh crore on Wednesday against Rs 240.66 lakh crore market cap in the previous session. The market cap of BSE-listed firms fell to Rs 237.19 lakh crore on Wednesday against Rs 240.66 lakh crore market cap in the previous session.

The Indian market snapped two sessions of gaining streak on June 22 amid negative global cues. Sensex tanked 709 points to 51,822 and Nifty ended 225 points lower at 15,413.

The market cap of BSE-listed firms fell to Rs 237.19 lakh crore on Wednesday against Rs 240.66 lakh crore market cap in the previous session.

Tata Steel, Wipro, Reliance and IndusInd Bank were the top Sensex losers, falling up to 5.24 per cent. TCS, HUL, PowerGrid and Maruti were the only Sensex gainers, rising up to 0.31 per cent.

Metal and consumer durables stocks were the top sectoral losers with their BSE indices ending 785 pts and 586 points lower, respectively.

All 19 BSE sectoral indices ended in the red.

Share Market update: Sensex falls 709 pts, Nifty below 15,450; Tata Steel, Wipro top losers

Vinod Nair, Head of Research at Geojit Financial Services said, "The short-lived pull-back rally displays the level of uncertainty in today's market. The weakness of the global market due to quantitative tightening has pulled the market down. The US Fed Chair's testimony later in the day will be keenly watched for clues about the central banks' future dot-plot."

Market breadth was negative with 1,250 stocks ending higher against 2,081 stocks falling on BSE. 109 shares were unchanged.

Foreign institutional investors (FIIs) remained net sellers as they sold shares worth Rs 2,701.21 crore on Tuesday, as per exchange data.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "Markets once again went into a plunge mode as panic-stricken investors taking cues from an early slump in European indices and weakness in other Asian gauges dumped equities, especially metal, power and realty stocks. The market is currently in a very fragile mode as any signs of negatives are prompting traders to exit stocks at will."

The Indian market ended higher for the second consecutive session on Tuesday. Sensex rose 934 points to 52,532 and Nifty surged 288 points to end at 15,638. Titan, SBI, TCS, HCL Tech and Bharti Airtel were the top Sensex gainers rising up to 5.92 per cent. Nestle was the sole Sensex loser, falling 0.26 per cent.

Global markets

Elsewhere in Asia, markets in Hong Kong, Seoul, Shanghai and Tokyo ended lower. European markets were also trading in the red in mid-session deals. The US markets recorded smart gains on Tuesday. Meanwhile, international oil benchmark Brent crude dropped 4.19 per cent to $109.8 per barrel.