New Delhi: Indian stock indices snapped two consecutive days of gains to end lower on Wednesday amid selling in large-cap stocks such as Infosys, ICICI Bank, Kotak Mahindra Bank, M&M, SBI and HCL Tech. At the close, the Sensex fell 426 points, or 0.53%, to 79,942 points; the Nifty fell 126 points, or 0.51%, to 24,340 points.
The sell-off was largely driven by bank stocks. Nifty Bank closed at 51,807 points, down 513 points or 0.98%. In the Sensex segment, Infosys, HCLTech, ICICI Bank, Kotak Mahindra Bank, M&M, SBI, HCL Tech, Axis Bank, NTPC and HDFC Bank were among the top losers. Maruti, IndusInd Bank, Adani Ports, ITC, UltraTech Cement, L&T and Titan were among the top gainers.
The market trend is still improving. On the Bombay Stock Exchange (BSE), 2,894 shares ended with gains and 1,037 shares ended with losses, while 80 shares ended without any change. Among the industry indexes, fast-moving consumer goods, media and infrastructure were among the top gainers. Automobile, IT, PSU banks and pharmaceuticals are the major laggards.
With Diwali approaching, the domestic market is trying to show some signs of recovery from recent lows, market experts said. A significant fall in crude oil prices has boosted sentiment, although it also suggests global demand may be slowing.
For now, specific stock action – largely weak – related to current second-quarter earnings is expected to drive market sentiment in the near term, experts said, noting that PSU banks have recovered from the recent correction on the back of positive initial earnings reports. rebounded, while auto stocks fell on disappointing results.
On October 29, foreign institutional investors (FIIs) sold shares worth Rs 548.69 crore, while domestic institutional investors bought shares worth Rs 730.13 crore during the day.