The Indian benchmark indices snapped two-day gaining streak to end Wednesday's session nearly 1 per cent lower. The BSE Sensex fell 555 points to close at 59,189 amid weak cues from global markets as well as rising power and gas prices. The Nifty, meanwhile, closed below the 17,650-mark at 17,646, down 176 points. The market breadth too favoured the bears as the advance-decline ratio was at 1:2.
Meanwhile, Hindalco, SBI Life, IndusInd Bank, JSW Steel and Tata Steel were among the major losers on the Nifty. Tata Consumer, ONGC, UPL, Britannia and HDFC Bank were among major gainers. About 1291 shares have advanced, while 1754 shares declined.
That said, all sectoral indices ended in the red with capital goods, IT, metal, pharma, auto, realty and PSU Bank indices falling in the 1-3 per cent range. Further, BSE midcap and smallcap indices fell 0.5-1.2 per cent.
In this regard, the textile sector was in focus today as the Union Cabinet approved a proposal for setting up seven mega integrated textile parks at a total outlay of Rs 4,445 crore over five years. The government said the scheme will help attract cutting age technology and boost FDI and local investment in the sector. Some textile stocks which gained today include Shiva Texyarn, Jindal Worldwide, Zenith Exports and United Textiles.
Chemical stocks too maintained the gaining momentum with Deepak Nitrite up 8 per cent and Tata Chemicals rising 3 percent.
Coming to stock-specific moves, the shares of ONGC extended gains as gas prices continue to rise, up over 2 per cent today. Bosch was the top midcap gainer, rising nearly 12 per cent. The stock hit over two-year high levels on expectation of demand improvement going-forward.
Shares of Marico rallied nearly 6 per cent in intraday deals to hit a record high of Rs 590-mark after the company said it has recorded revenue growth in the low twenties with strong double digit volume growth during the September 2021 quarter. The stock erased most gains to end only 1 per cent higher. Tata Consumer, Britannia too bucked the losing trend, and closed higher.
That said, index heavyweight Reliance Industries fell 2 percent after hitting record high on Tuesday. September sales and volumes failed to boost sentiment as Tata Steel ended down 3 percent.
Going into trade on wednesday, the markets may continue to see some profit-booking amid weak global markets. Spike in crude prices is spooking the Indian market while inflation is affecting US bond yields. The RBI bi-monthly policy meeting is another key event to watch out for.
Vinod Nair, Head Of Research at Geojit Financial Services said RBI commenced its three-day MPC meeting in which the central bank is expected to keep rates unchanged, however, it is likely to announce measures to gradually pump out liquidity from the economy.
Lastly, stock-specific moves as well as news related to Covid-19 will be among other major triggers for investors.
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