Stock Market Swings Wild: Sensex Gains 158 Points, Nifty Closes In Red Post-Budget

Stock update: On the 30-share Sensex platform, Bajaj Finserv, SBI, IndusInd, M&M, Sun Pharma ended in the red. On the flip side, ITC, Tata Steel, ICICI Bank, TCS, HDFC Bank emerged winners

Sensex and Nifty, the two key equity benchmarks, on Wednesday gave up the gains during the fag-end of the session as bears took control over Dalal Street. The BSE Sensex managed to close in the green, however, the NSE Nifty50 ended day’s trade in the negative zone, with financials, especially public sector banks, and metals, weighing heavily on the benchmark indices. The fall comes despite a populist Budget announced by Finance Minister Nirmala Sitharaman.

The S&P BSE Sensex ended 158 points down to 59,708, while the NSE Nifty50 closed at 17,616, down 46 points. The NSE Nifty oscillated 263 points in the session to end 46 points lower at 17,616. Nifty closes in the red on Budget day for the first time in three years.

On the 30-share Sensex platform, Bajaj Finserv, SBI, IndusInd, M&M, Sun Pharma ended in the red. On the flip side, ITC, Tata Steel, ICICI Bank, TCS, HDFC Bank emerged winners.

On specific stocks, Adani Enterprises and Adani Ports were the top culprits behind the erasure of benchmark gains. The two sank 27 per cent and 18 per cent, respectively on the Nifty, after Credit Suisse's private bank stopped accepting bonds of the group companies as collateral for margin loans.

State Bank of India, Bank of Baroda (BoB), Canara Bank, Punjab National Bank, Union Bank of India, Indian Bank and Indian Overseas Bank were down in the range of 5 per cent to 10 per cent.

In the broader markets, the BSE MidCap and SmallCap indices cracked up to 1.5 per cent.

Sectorally, the Nifty PSU bank index crashed 9 per cent, while the Nifty Metal index tumbled 5.6 per cent. The Nifty Bank, Auto, Financial Services, Private Bank, and Realty indices fell over 2 per cent each.

In the previous session on Tuesday, the S&P BSE Sensex Sensex closed at 59,549 levels, up 50 points or 0.08 per cent, while Nifty50 closed at 17,662 levels, up 13 points or 0.07 per cent. Both Nifty50 and the S&P BSE Sensex hit day's low of 17,537, and 59,104, respectively.

Meanwhile, rupee falls 5 paise to close at 81.93 (provisional) against the US dollar on Wednesday.