Sensex Drops: HDFC Bank, RIL Weigh on Market
May 15, 2024 17:24
Indian benchmark Sensex closed lower on Wednesday, snapping a three-day winning streak due to selling in HDFC Bank, Reliance Industries, and TCS shares. The broader Nifty also dipped.
Photograph: Arko Datta/Reuters
Mumbai, May 15 (PTI) Snapping its three-day winning run, benchmark Sensex declined by 117 points in a volatile trade on Wednesday due to selling in index heavyweight shares like HDFC Bank, Reliance Industries and TCS.
The 30-share BSE Sensex declined by 117.58 points or 0.16 per cent to settle at 72,987.03. During the day, it lost 281.95 points or 0.38 per cent to 72,822.66.
The broader Nifty dipped 17.30 points or 0.08 per cent to close at 22,200.55. The index oscillated between a high of 22,297.55 and a low of 22,151.75 in day trade.
From the Sensex pack, Tata Motors, Asian Paints, HDFC Bank, JSW Steel, Hindustan Unilever, Nestle and Titan were the major laggards.
In contrast, Bharti Airtel, Power Grid, NTPC, Mahindra & Mahindra, Larsen & Toubro and HCL Technologies were among the major gainers.
"The market witnessed a sideways movement throughout the day as the emotions of investors were impacted by the election-led jitters. FIIs continued to remain in the selling mode; however, domestic investors were largely concentrated on stock-specific picks," said Vinod Nair, Head of Research, Geojit Financial Services.
In the broader market, the smallcap gauge climbed 0.96 per cent and the midcap index went up by 0.60 per cent.
Among the indices, FMCG lost 0.75 per cent. Auto (0.31 per cent), bankex (0.17 per cent) and financial services (0.07 per cent) also declined.
Capital goods rallied 2.13 per cent, followed by utilities (1.27 per cent), realty (1.11 per cent), services (1.08 per cent) and energy (0.95 per cent).
"Following three days of rebound, the markets took a pause and closed nearly unchanged. Initially, there was an uptick, but pressure from certain heavyweights pushed the Nifty lower, leading to a range-bound movement until the end of the session," Ajit Mishra SVP, Research, Religare Broking Ltd.
The wholesale inflation rose to a 13-month high of 1.26 per cent in April fuelled by rising prices of food articles, especially vegetables, amid expectations of RBI holding interest rates in the policy review next month.
"Nifty snapped a three-day winning streak on Wednesday, giving up early gains and ending marginally in the red. Global equities headed for a fresh record after a tech-led rally in the US, amid optimism that Wednesday's key US inflation report won't weaken the case for Federal Reserve interest-rate cuts," said Deepak Jasani, Head of Retail Research, HDFC Securities.
In Asian markets, Tokyo settled in the positive territory while Shanghai ended lower. Markets in South Korea and Hong Kong were closed for a holiday.
European markets were trading mostly higher. Wall Street ended with gains on Tuesday.
Global oil benchmark Brent crude climbed 0.21 per cent to USD 82.55 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,065.52 crore on Tuesday, according to exchange data. PTI
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