Stock Market: The process of selling in the Indian stock market is not showing any sign of stopping. There was a sharp decline in the market and this was the third consecutive trading session when Sensex and Nifty closed in the red. Weak signals from global markets and heavy selling in major heavyweight stocks pushed the market downwards.
At the end of trading, BSE Sensex closed at 73,249.39 with a huge fall of 460.30 points (0.62%). At the same time, NSE’s Nifty 50 also fell by 123.70 points (0.54%) to the level of 22,687.65, due to which it lost the important support level of 22,700. Due to this huge fall, the total market capitalization of BSE listed companies dropped to ₹457 lakh crore, due to which investors lost about ₹5 lakh crore.
Chaos in media, FMCG and IT sectors
Talking about the sectoral front, sharp selling was recorded in almost all the major indices. The biggest decline was seen in the media index, which fell by 2.35% and closed at the level of 1,584.50. Besides, the FMCG index closed 1.41% lower at 43,105.45, while the IT sector was the biggest loser by 1.05%. At the same time, selling was also dominated in the shares of Auto (-0.73%), Consumer Durables (-0.96%), Oil & Gas (-0.86%), Chemical (-0.83%) and Metal (-0.52%). However, Nifty Pharma (+0.12%), Nifty PSU Bank (+0.07%), Healthcare (+0.05%) and Cement (+0.04%) indices somehow managed to close in the green with marginal gains.
Nestle India broke, Bajaj Finance and Cipla shined.
Amidst all-round selling among Nifty giants, buying was also seen in some selected stocks. Nestle India (-2.78%) and Eternal (-2.53%) were the biggest losers. Apart from these, HDFC Life (-2.09%), Tata Motors Passenger Vehicles (-2.07%), Reliance Industries (-2.03%), HDFC Bank (-1.82%), BEL (-1.80%), Adani Enterprises (-1.72%), Trent (-1.64%), PowerGrid (-1.49%), Asian Paints (-1.49%) and Infosys (-1.25%) were among the top gainers. There was a sale. Whereas, Bajaj Finance was the top gainer by closing at ₹942.10 with a gain of 1.74%. Along with this, Cipla (+1.29%), UltraTech Cement (+1.00%), ICICI Bank (+0.97%), Bajaj Auto (+0.82%), Sun Pharma (+0.74%) and SBI (+0.73%) were among the main gainers.
disappointment in broad market
Market breadth remained entirely in favor of the bears. At the end of the day, 2,670 shares declined compared to 1,323 shares that gained, while 155 shares remained unchanged. Pressure was clearly visible on the broader market too, where Nifty Midcap and Smallcap indices closed with a decline of 1-1 per cent. Three consecutive days of decline have increased investors’ concerns for the upcoming sessions.