Sensex falls for 3rd day, dips 303 pts; Asian Paints sinks 8%; IT index 3%

CLOSING BELL: The broader markets, meanwhile, bled more with the BSE SmallCap index sliding nearly 3 per cent, and the BSE MidCap index falling close to 2 per cent

CLOSING BELL

Stock market highlights: The S&P BSE Sensex erased early morning gains and closed 303 points, or 0.56 per cent, lower at 53,749 on Wednesday, putting an end to an extremely volatile session. The index swung 695 points during the day.

On the NSE, the Nifty50 shut shop at 16,026, falling 99 points or 0.62 per cent. The benchmarks were dragged by selling pressure in IT, Pharma, PSU Banks, Metals, and Consumption-related stocks. For instance, Asian Paints, Adani Ports, Divis Labs, UPL, Tech M, Wipro, TCS, Apollo Hospitals, JSW Steel, Infosys, Tata Motors, and M&M fell between 2 per cent and 8 per cent.

On the upside, NTPC, HDFC Life, SBI Life, Kotak Bank, Airtel, HDFC, Britannia Industries, and ONGC lent some support as their shares rose in the range of 1 to 4 per cent.

The broader markets, meanwhile, bled more with the BSE SmallCap index sliding nearly 3 per cent, and the BSE MidCap index falling close to 2 per cent. 

Sectorally, the Nifty IT index tumbled 3 per cent with individual stocks cracking up to 7 per cent after global brokerage Nomura downgraded the sector due to expected slowdown ahead. Besides, the Nifty Realty index fell 2.7 per cent, the Nifty Metal 1.7 per cent; and the Nifty Auto 0.9 per cent.  

Global cues

European stocks moved higher on Wednesday with the pan-European Stoxx 600 adding 0.6 per cent in early trade. On Wall Street, futures linked to main indices were flat with a negative bias.

Earlier in Asia, Nikkei slipped 0.26 per cent; Kospi added 0.4 per cent; ASX200 gained 0.37 per cent; and Hang Seng moved 0.29 per cent higher.

4:09 PM

Technical View: Rupak De, Senior Technical Analyst at LKP Securities

Bulls have managed to hold the 16000 mark as bears remained at the helm throughout the day. So far, bears have taken 400 points from the market in the last few days. Over the near term, 16000 is likely to act as the line of polarity; a fall below 16000 may trigger a severe correction in the market.

4:05 PM

Market view: Vinod Nair, Head of Research at Geojit Financial Services

Domestic indices wavered tracking mixed sentiments from the global markets as investors assessed the possibility of a recession in the US followed by the Fed policy tightening. Global markets are awaiting the release of the Fed minutes, which will be evaluated for details on the path of the upcoming rate hikes. In this whipsaw market, investors can resort to defensives & value stocks & sector.

4:03 PM

CURRENCY CHECK: Rupee closes 4 paises higher against US dollar

4:00 PM

Closing bell: Over 2,600 stocks declined whereas 717 advanced

3:57 PM

Closing bell: Amara Raja, Aurobindo Pharma among stocks that hit 52-week low

3:52 PM

Closing bell: Asian Paints, Adani Ports, Divi's Lab top Nifty 50 losers

3:50 PM

Closing bell: NTPC, HDFC Life, SBI Life top Nifty 50 gainers

3:45 PM

Closing bell: Broader markets bleed; India Vix slips 1%

3:39 PM

Closing bell: IT, media stocks tumble in trade

3:36 PM

Closing bell: 12 out of 30 Sensex stocks close in positive territory

3:33 PM

Closing bell: Over 300 points downfall for Sensex

3:32 PM

Closing bell: Nifty 50 slips below 16,150 levels

3:26 PM

S&P BSE IPO sheds over 250 points; Paytm declines over 8%

3:18 PM

Govt approves sale of entire remaining stake in Hindustan Zinc

The government may sell its shares in tranches through offer for sale (OFS), and the sale will be structured by DIPAM, an official said. READ HERE

3:07 PM

Is the golden period of retail inflows ending? Watch out for these factors

Jefferies highlights four factors that historically have influenced retail investor sentiment. READ HERE