Sensex, Nifty fall for 3rd day

| | Mumbai
  • 0

Sensex, Nifty fall for 3rd day

Thursday, 14 July 2022 | PTI | Mumbai

Sensex, Nifty fall for 3rd day

Benchmark equity indices Sensex and Nifty reversed their early gains to close lower on Wednesday due to selling in oil & gas, banking and IT stocks amid weak trends in European markets.

The 30-share BSE Sensex declined by 372.46 points or 0.69 per cent to close at 53,514.15, extending its falling streak to a third day.

The index opened higher and touched the day's high of 54,211.22 amid gains in Asian markets. However, it failed to hold onto its gains and dropped over 750 points to touch a low of 53,455.26 as European markets opened lower.

The broader NSE Nifty declined 91.65 points or 0.57 per cent to settle below the 16,000 level at 15,966.65.

In the three sessions to Wednesday, Sensex dropped by 967 points or 1.7 per cent while Nifty fell by 254 points.

"Strong domestic macro numbers and a fall in crude prices lifted Indian indices to open in positive territory while the gains were restrained by Europe's negative market trend.

"Global markets were in a bear grip ahead of the release of the US inflation data...," said Vinod Nair, Head of Research at Geojit Financial Services.

Among the Sensex constituents, IndusInd Bank fell the most by 3.42 per cent. Bharti Airtel fell 2.87 per cent, HDFC by 2.65 per cent, HDFC Bank by 2.44 per cent and Reliance Industries 1.77 per cent.

TCS declined by 1.49 per cent while HCL Technologies fell 1.11 per cent. Titan, ICICI Bank, Bajaj Finserv, Tech Mahindra and Wipro also dropped.

Analysts said gains in FMCG and pharma shares helped cut losses in the indices.

Hindustan Unilever rose by 1.97 per cent, Asian Paints by 1.7 per cent, and Sun Pharma by 1.09 per cent. Kotak Mahindra Bank, NTPC and Nestle also advanced.

Meanwhile, the broader markets outperformed the benchmark and ended on a flat note. The BSE midcap gauge advanced 0.32 per cent and smallcap index ended up by 0.04 per cent.

Among BSE sectoral indices, utilities fell 1.71 per cent, power by 1.71 per cent, oil & gas by 1.43 per cent, energy by 1.26 per cent, finance by 0.91 per cent and teck by 0.65 per cent.

FMCG, basic materials, healthcare, metal and realty were the gainers.

Markets traded under pressure and lost over half a percent, in continuation of the prevailing corrective move, Ajit Mishra, VP - Research, Religare Broking Ltd, said.

"The Bank Nifty index breached the immediate support of 35,000 and witnessed continuous selling pressure throughout the day. It remains in a sell mode and is likely to test the next support of 34,400 on the downside," Kunal Shah, Senior Technical Analyst at LKP Securities said.

Official data released on Tuesday showed that retail inflation eased slightly to 7.01 per cent in June but was above the central bank's tolerance band for the sixth month in a row, signalling more interest rate hikes in future. In May, retail inflation was 7.04 per cent.

In Asia, markets in Shanghai, Seoul and Tokyo ended higher, while Hong Kong settled marginally lower.

Stock markets in Europe were trading lower in mid-session deals.

The US markets had ended lower on Tuesday. Meanwhile, international oil benchmark Brent crude climbed 1 per cent to USD 100.5 per barrel.

Foreign institutional investors remained net sellers on Tuesday as they offloaded shares worth Rs 1,565.68 crore, according to exchange data.

Sunday Edition

CAA PASSPORT TO FREEDOM

24 March 2024 | Kumar Chellappan | Agenda

CHENNAI EXPRESS IN GURUGRAM

24 March 2024 | Pawan Soni | Agenda

The Way of Bengal

24 March 2024 | Shobori Ganguli | Agenda

The Pizza Philosopher

24 March 2024 | Shobori Ganguli | Agenda

Astroturf | Lord Shiva calls for all-inclusiveness

24 March 2024 | Bharat Bhushan Padmadeo | Agenda

Interconnected narrative l Forest conservation l Agriculture l Food security

24 March 2024 | BKP Sinha/ Arvind K jha | Agenda