Sensex, Nifty Fall For Seventh Straight Day Ahead Of RBI Rate Decision: Market Wrap

The Sensex lost nearly 200 points to 56,409.96. Nifty shed 0.24% to 16,818.10, lowest close in two months since June 27, 2022.

<div class="paragraphs"><p>Stock market movement. (Source:<a href=";utm_medium=referral&amp;utm_content=creditCopyText">Austin Distel</a>/<a href=";utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a>)</p></div>
Stock market movement. (Source:Austin Distel/Unsplash)

India's stock benchmarks ended down for the seventh day in a row in a volatile session, dragged by losses in consumer discretionary, power, utilities, banking, and auto stocks, while healthcare and metal stocks gained.

This is the second time that the Sensex and Nifty have declined continuously for seven consecutive days so far in 2022. The earlier such decline ended on Feb. 24. The losing run comes ahead of the much anticipated Monetary Policy Committee rate decision by India's central bank.

The Sensex lost nearly 200 points, or 0.33%, to end at 56,409.96 after having risen over 560 points to hit an intraday high of 57,166.14 in a volatile session on the BSE. The Nifty shed 0.24% to 16,818.10, lowest close in two months since June 27, 2022, on the NSE. Among Nifty 50 constituents, 25 stocks rose, while 25 fell.

ONGC, Hindalco Industries Ltd., Apollo Hospitals Enterprise Ltd., HDFC Life Insurance Company Ltd. and ITC Ltd. were the top Nifty 50 gainers, while Asian Paints Ltd., Tech Mahindra Ltd., Hero MotoCorp Ltd., Bajaj Auto Ltd., Titan Company Ltd. declined the most among index constituents.

The broader indices outperformed their larger peers with mid cap gauge gaining 0.3% and small cap measure gaining 0.6%. Ten of the 19 sectoral indices compiled by BSE LTd. declined with power and utilities measures losing over 1%. On the flipside, healthcare and metal indices added over 1%.

The market breadth was skewed in the favour of bulls. About 1,888 stocks rose, 1,539 fell and 135 remained unchanged.