Sensex ends 334 points lower, Nifty at 15,635; PSU banks, autos drag

All that happened in the markets today

Stock market updates: The Indian benchmark indices fell over half a per cent lower on Wednesday, dragged mainly by sell-off in public sector banks and auto stocks in the second half. The S&P BSE Sensex ended at 51,942, down 334 points, or 0.64 per cent, while the Nifty50 closed the session at 15,635-mark, down 105 points, or 0.67 per cent.

Larsen & Tourbo, Reliance Industries, Bajaj Finserv, and IndusInd Bank (down over 1 per cent, each) were the top Sensex laggards while PowerGrid (up 3.8 per cent) and NTPC (up over 1%) were the top gainers.

In the broader market space, the S&P BSE MidCap and SmallCap indices ended the session 0.71 per cent and 0.95 per cent lower, respectively.

Individually, shares of Tata Motors hit an over three-year high of Rs 358.25, up 1.5 per cent, on the BSE in intra-day trade on Wednesday on the back of heavy volumes. However, the stock erased gains in the second half and ended the session 2.72 per cent lower at Rs 343.25.

Birlasoft shares surged 12 per cent to hit a new high of Rs 421 on the BSE in intra-day trade on Wednesday after the CK Birla Group company partnered with 'Regulativ.ai', to co-develop a new AI/ML-based cyber-regulatory reporting platform. The stock erased majority of the gains and closed the session 0.52 per cent higher at Rs 377.95.

All the Nifty sectoral ended today's session in the red, with Nifty Auto, Nifty PSU Bank, and Nifty Realty indexes falling over 1 per cent, each.

Global markets

European stocks steadied near record highs on Wednesday, with investors holding off on taking big bets ahead of a policy decision from the European Central Bank and U.S. inflation reading later this week.

The pan-European STOXX 600 index slipped 0.1% in morning trade, but stayed just short of a record high of 455.66 hit in the previous session. Other main regional bourses including Germany’s DAX and France’s CAC 40 were trading flat.

In Asia, the MSCI's broadest index of Asia-Pacific shares outside Japan ticked down 0.15% and Japan's Nikkei average shed 0.25 per cent.

(With inputs from Reuters)

4:07 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed a sharp correction after reaching higher levels. 15500 will be an important support in the short term. The market can gain momentum, after finding support near 15500, leading to an upside projection till 15,870-15,900 level. We have also observed that the momentum indicators like RSI and MACD supporting a positive trend in the market.

4:04 PM

Rupee falls for 2nd day, settles 8 paise down at 72.97/USD

The rupee declined by 8 paise to end at 72.97 against the US currency on Wednesday in its second straight day of losses amid a lacklustre trend in domestic equities. At the interbank foreign exchange market, the rupee opened on a negative note at 72.90 per dollar as against its previous close of 72.89. It hovered in the range of 72.88 to 73.02 per dollar during the day before ending at 72.97.

(Text Source: PTI)

4:01 PM

MARKET QUOTE :: Vinod Nair, Head Of Research at Geojit Financial Services

Domestic market witnessed profit booking due to dull opening of European markets. Global investors remained cautious ahead of European Central Bank (ECB) policy decision and US inflation data to be released on Thursday. ECB is expected to continue its bond-buying policy to support a recovering economy. And US inflation is forecasted to be high but transitory, both these factors, if inline, will provide comfort to the market. 

3:59 PM

MARKET CLOSING COMMENT :: S Ranganathan, Head of Research at LKP Securities

As the onset of Monsoon lashed the Financial Capital of the country and cooled the heat, today's afternoon trade did see a cool off in the Small & Midcap segment as investors booked profits. While Gas stocks witnessed selling, Power stocks continued their upward trajectory today also on sustained buying despite profit-taking seen at higher levels. In the broader market, as the IPO season began we saw accumulation in Paper stocks on the expectation of producers raising prices. 

3:56 PM

Petronet LNG ends 8% lower post Q4 numbers

3:55 PM

GAIL closes 3% lower as revenue & EBITDA come in lower than estimates

3:53 PM

BSE Power index extends gains, rises nearly 1%

>> Here is a look at  the top gainers & losers from the pack

3:50 PM

BSE Midcap index ends lower after hitting fresh peak in intra-day session

3:45 PM

BSE Smallcap index slides 1% after hitting fresh high in trade today

3:41 PM

Sector Watch :: All sectoral indices on NSE ended in the red

3:39 PM

Sensex Heatmap :: Top gainers & losers in today's session

>> PowerGrid best performer while Reliance Industries worst laggard

3:38 PM

CLOSING BELL :: Nifty ends at 15,635, down 105 points

>> The 50-pack index had hit an all-time high of 15,800 in intra-day today

3:35 PM

CLOSING BELL :: Sensex extends losses to 2nd day, slips 334 points

>> Sensex declined over 500 points from day's high

3:26 PM

BUZZING :: RailTel Corporation surges post Cabinet announcement

3:16 PM

Cabinet Briefing

• Approves increase in minimum support price for summer sown crops
• Approves allocation of 5MHz 4G spectrum to railways