Sensex, Nifty Snap Four-Day Winning Streak Led By Decline In IT Stocks: Market Wrap
Sensex and Nifty ended down, snapping four-day winning streak led by decline in IT stocks.
India's stock benchmarks ended down, snapping a four-day winning streak, led by decline in information technology, realty, and oil and gas stocks.
The morning session decline due to overnight sharp slide in Wall Street following hotter-than-expected inflation reading got almost offset by gains in metals, banking, and basic materials stocks.
The Sensex lost 0.37% or 224 points to end at 60,346.97 after posting a almost 1,000-point recovery from the day's low of 59,417.12 on the BSE. The Nifty 50 also recovered from the gap-down start to close above 18,000 for the second session in row. Among Nifty 50 constituents, 21 stocks rose, while 29 fell.
IndusInd Bank Ltd., NTPC Ltd., Power Grid Corporation Ltd., State Bank of India, and Kotak Mahindra Bank Ltd. were among the top gainers. While Information technology stocks such as Infosys Ltd., Tata Consultancy Services Ltd., Tech Mahindra Ltd., HCL Technologies Ltd., and Larsen & Toubro Ltd. were the top losers.
The broader indices outperformed their larger peers, with mid cap gauge losing 0.1% and small cap gauge closing little changed. Thirteen of the 19 sectoral indices compiled by BSE Ltd. declined.
The market breadth was skewed slightly in the favour of bears. About 1,692 stocks rose, 1,775 fell and 144 remained unchanged.