6 days ago
Indian Equities End Lower as Banks Outperform Amid Sector Weakness
India’s main stock markets started Wednesday with gains but later fell.
The Sensex and Nifty both finished lower than the previous close.
Companies such as Reliance Industries and several technology firms weighed on the indexes.
IT, FMCG, auto and consumer-durable stocks saw selling.
Banks performed better, especially private- and public-sector banks.
Lower crude oil prices helped support the market.
Traders also expected reduced tensions near the Strait of Hormuz.
Overall, the market was mixed, with bank shares doing well while several other sectors weakened.
The Sensex fell 183.15 points, or 0.24%, to close at 77,472.94.
The Nifty declined 126.80 points, or 0.52%, ending at 24,207.75.
Both benchmarks surrendered early gains and finished at or near their session lows.
IT, FMCG, auto and consumer-durable stocks faced selling pressure, with Reliance Industries and IT shares weighing on the market.
Bank Nifty outperformed as investors bought shares of both private- and public-sector banks; foreign investors bought equities worth Rs 1,593.53 crore on Tuesday.
- Who
- Indian equity-market investors, with strong buying in private- and public-sector banks and selling in several other sectors.
- What
- The Sensex and Nifty ended lower after giving up their early gains, while Bank Nifty outperformed.
- Where
- Indian equity markets, including the BSE and NSE.
- When
- Wednesday; foreign investors bought equities worth Rs 1,593.53 crore on Tuesday.
- Why
- Weakness in IT, FMCG, auto, consumer-durable and other stocks outweighed support from lower crude oil prices and buying in bank shares.
Key facts
- Sensex close
- 77,472.94
- Sensex change
- Down 183.15 points, or 0.24%
- Nifty close
- 24,207.75
- Nifty change
- Down 126.80 points, or 0.52%
- Sensex intraday high
- 77,986.84
- Foreign investor purchases
- Rs 1,593.53 crore on Tuesday
- Strong-performing segment
- Private- and public-sector banks
Quotes
Hariselvan Radhakrishnan
Founder and CEO of HST Wealth, a research analyst firm
“Indian equity markets ended marginally lower on Wednesday as early gains gave way to profit-taking, with weakness in IT, FMCG, auto and consumer-durable stocks offsetting support from lower crude oil prices and a broadly constructive global backdrop”
thehansindia.com
“The Indian equity markets delivered a divergent performance on Wednesday, with the Nifty surrendering early gains to end lower, while Bank Nifty outperformed sharply on strong buying in both private and public sector banks”
thehansindia.com
Vikram Kasat
Chief Business Officer-Advisory and Dealing at PL Capital
“The Indian equity market saw a volatile performance in today’s trading session, where the Nifty remained below the 24,300 level, along with the Sensex shedding its early gains.”
thehansindia.com
Sources
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