Closing Bell: Volatile Session Ends With Sensex Down 289 Points, Nifty Below 17,100, SBI Down 2%

Stock Update: On the 30-share Sensex platform, Nestle India, Maruti Suzuki, Bharti Airtel were major gainers. On the flip side, SBI, IndusInd Bank, Wipro, HCL Tech, Kotak were among the losers

In the broader markets, the BSE MidCap and SmallCap indices fell 0.45 per cent, and 0.15 per cent. 

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Sensex and Nifty, the two key equity benchmarks, swung between gains and losses, before closing in negative territory on Thursday after the US Federal Reserve hiked interest rate a quarter-point reiterating its fight against inflation. Domestic equity markets recouped early losses and held marginal gains in intra-day trade before diving back into the red changing course from two earlier sessions. 

 

The S&P BSE Sensex settled at 57,925, down 289 points or 0.5 per cent. The Nifty50 ended at 17,077, down 75 points or 0.44 per cent. 

 

On the 30-share Sensex platform, Nestle India, Maruti Suzuki, Bharti Airtel, Tata Motors, ITC, and HUL were major gainers. On the flip side, IndusInd Bank, Wipro, HCL Tech, Kotak Mahindra Bank, Asian Paints, and SBI were among the losers.

 

Among specific stocks, State Bank of India was down 2 per cent, with Asian Paints, HCL Technologies, Kotak Mahindra Bank, and Bajaj Auto among other major losers, while gainers included Hindalco Industries, Nestle India, Bharti Airtel, Maruti Suzuki, ONGC, Tata Motors, and JSW Steel.

 

In the broader markets, the BSE MidCap and SmallCap indices fell 0.45 per cent, and 0.15 per cent. 

 

Sectorwise, a mixed trend persisted in the market with the realty, bank, information technology, and PSU bank indices down 0.5-1 per cent, while the metal, FMCG, and power saw gains. 

 

In the previous session on Wednesday, the S&P BSE Sensex closed at 58,215, up 140 points or 0.24 per cent at the closing bell, while, the Nifty50 ended at 17,143, up 35 points or 0.2 per cent. 

Wall Street initially rose after the Fed raised rates by 25 basis points then reversed course to end lower as US Treasury Secretary Janet Yellen said the government is not considering "blanket insurance" for all banking deposits.  On the other hand, the S&P 500 futures rose 0.7 per cent, Nasdaq 100 futures rose 1 per cent and the futures on the Dow Jones Industrial Average rose 0.5 per cent. 

Elsewhere in Asia, the MSCI Asia Pacific Index rose 1.3 per cent, while the MSCI Emerging Markets Index rose 1.7 per cent. 

Rupee ended the days trade 40 paise higher at 82.26 per dollar against Tuesday's close of 82.66.