Sensex, Nifty Close At Five-Month Low As Financials Decline: Market Wrap
The Sensex closed 344 points, or 0.59%, lower at 57,555.90, while the Nifty 50 ended 71 points, or 0.42%, lower at 16,972.15.
India's benchmark stock indices declined for the fifth straight day to end at their lowest since October, after witnessing a selloff in financial and banking stocks.
The S&P BSE Sensex declined the most since Oct. 13, 2022, while the NSE Nifty 50 closed below the 17,000 level for the first time since Oct. 11, 2022.
The S&P BSE Sensex closed 344 points, or 0.59%, lower at 57,555.90, while the NSE Nifty 50 ended 71 points, or 0.42%, lower at 16,972.15.
All Adani Group companies, with the exception of Adani Power Ltd. and Adani Total Gas Ltd., ended higher on Wednesday.
Reliance Industries Ltd., HDFC Bank Ltd., HDFC Ltd., Bharti Airtel Ltd., and Hindustan Unilever Ltd. were the laggards on the Nifty 50.
Whereas, Larsen and Toubro Ltd., Asian Paints Ltd., Adani Enterprises Ltd., Kotak Mahindra Bank Ltd., and Adani Ports and SEZ Ltd. gained.
The broader market indices ended mixed. The S&P BSE MidCap ended 0.02% down, while the S&P BSE SmallCap closed 0.10% higher.
Ten out of the 19 sectors compiled by BSE Ltd. declined, while nine advanced.
The market breadth was skewed in favour of the sellers. About 1,557 stocks rose, 1,963 declined, and 123 remained unchanged on the BSE.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.