Sensex, Nifty Slide To One-Month Low As Fed Comments On Tightening Spurs Decline: Market Wrap
Information Technology, Banking and Metal stocks fell the most while FMCG stocks bucked the trend in a weak market.
India's stock benchmarks nearly halved the day's losses, after getting off to a weak start, led by information technology, banking and metal stocks. FMCG stocks, however, bucked the trend in the weak market.
Global markets too had withered after U.S. Federal Reserve Chairman Jerome Powell at the Jackson Hole annual economic symposium hinted of continuing the higher interest rate regime for prolonged period to arrest the surge in inflation.
The Sensex ended 850 points down at 57,972.62 after having fallen nearly 1,500 points to intraday low of 57,367.47 on the BSE. The Nifty fell nearly 1.5% to 17,312.90 on the NSE. Among Nifty 50 constituents, 11 stocks rose and 39 fell. Tech Mahindra, Infosys, Wipro, HCL Technologies and Tata Consultancy Services were among the top laggards, while Reliance Industries closed with 0.8% losses in a volatile session following the company's 45th AGM.
The broader indices outperformed their larger peers with the mid cap gauge falling 0.8% and small cap index losing 0.57%. Barring FMCG, energy and oil & gas, all the other 16 sectoral indices compiled by BSE Ltd. declined with I.T. index losing over 3.3%.
The market breadth was skewed in the favour of bears. About 1,453 stocks rose, 2,041 fell and 209 remained unchanged.