Closing Bell: Sensex falls 276 points, Nifty closes at 16,167
- Sensex ended 276.46 points or 0.51% down at 16,167.10
- Nifty tumbled 72.95 points or 0.45% to settle at 16,167.10
- Indian rupee rallied 9 paise to 77.23 per dollar
Equity benchmark indices lost early gains and declined for the fourth straight day on Wednesday, with the Sensex plunging 276.46 points following selling in index heavyweights Infosys and Reliance Industries. The sentiment was fragile as foreign institutional investors continued selling and crude oil prices also surged.
The BSE Sensex ended 276.46 points or 0.51% down at 16,167.10. During the day, it plunged 845.55 points or 1.55% to 53,519.30.
The NSE Nifty tumbled 72.95 points or 0.45% to settle at 16,167.10.
On the sectoral front, bank and realty indices were up 0.5% each, while IT, auto, FMCG, pharma, power and capital goods indices shed 0.5-1%.
BSE midcap index slipped 0.4% and smallcap index fell 2.2%.
"Indices displayed extreme volatility today ahead of CPI and IIP data this week. The market breadth was very weak with several stocks in the broader market taking a big knock...," said S Ranganathan, Head of Research at LKP Securities.
Major laggards from the Sensex pack were Larsen & Toubro down by 2.34%, Bajaj Finerve down by 2.26%, Bajaj Finance down by 2.08%, Power Grid Corp down by 1.99%, NTPC down by 1.71%, Infosys down by 1.70%, Maruti Suzuki down by 1.70%, ITC down by 1.60%.
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Among the gainers were Axis Bank up by 1.92%, IndusInd Bank up by 1.37%, HDFC up by 0.92%, Kotak Mahindra up by 0.73%, HDFC Bank up by 0.50% and Bharti Airtel up by 0.46%.
Indian rupee rallied 9 paise to 77.23 per dollar against Tuesday's close of 77.32.
European stock markets were trading higher in the afternoon session.
US stock exchanges have settled mostly higher on Tuesday.
Brent crude, the international oil benchmark surged 3.12% to USD 105.7 per barrel.
According to stock exchange data, foreign institutional investors sold shares worth a net Rs 3,960.59 crore on Tuesday.
"Nifty continues to be in the negative for the fourth consecutive session while Asian markets are mixed and European markets are up ahead of an inflation report from the US," said Deepak Jasani, Head of Retail Research, HDFC Securities.