Share Market Today: Sensex Slips 668 Points; Nifty Nears 22,700. Financials, Realty Top Drags
Share Market Today: On the 30-share Sensex platform, TechM, ICICI Bank, Bajaj Finserv, HDFC Bank, UltraCemco, Axis Bank emerged losers
Share market today: The two key equity benchmarks, Sensex and Nifty, on Wednesday settled lower for the fourth consecutive day amid profit-booking by investors ahead of the Lok Sabha poll results. The S&P BSE Sensex tanked 668 points to close at 74,503. On the other hand, the NSE Nifty50 ended at 22,705, down 183 points.
Stock update
On the 30-share Sensex platform, TechM, ICICI Bank, Bajaj Finserv, HDFC Bank, UltraCemco, Axis Bank emerged losers. On the flip side, PowerGrid, Sun Pharma, Nestle, ITC, Airtel, IndusInd Bank were among the gainers.
As many as 2,136 stocks declined while 1,680 advanced and 113 remained unchanged on the BSE.
In the broader markets, the BSE Smallcap index rose 0.23 per cent, while BSE Midcap index dipped 0.38 per cent.
Sectoral update
Secrorally, Nifty Financial Services index declined 1.65 per cent, followed by Nifty Bank index (1.3 per cent), and Nifty Realty (0.9 per cent). On the other hand, Nifty Pharma gained 0.55 per cent.
In the previous session on Tuesday, the BSE benchmark closed 220 points lower at 75,170, while the NSE Nifty declined 44 points to end at 22,888.
"Nifty continued falling for the fourth consecutive day and recorded its biggest fall in 14 sessions," Deepak Jasani, Head of Retail Research, HDFC Securities, said.
Global update
In Asian markets, Seoul, Tokyo, and Hong Kong settled lower, while Shanghai ended with gains. European markets were trading lower. US markets ended on a mixed note on Tuesday.
Global oil benchmark Brent crude climbed 0.88 per cent to $84.94 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 65.57 crore on Tuesday, according to exchange data.
Rupee drops 21 paise
The rupee settled 21 paise lower at 83.39 (provisional) against the US dollar on Wednesday, tracking a negative trend in domestic equities and elevated crude oil prices. Forex traders said dollar demand from importers and oil marketing companies (OMCs) also weighed on the rupee. However, foreign inflows in the bond markets ahead of inclusion on India's government bonds in global bond index cushioned the downside.
At the interbank foreign exchange market, the local unit opened at 83.22 and finally settled for the day at 83.39 (provisional), down 21 paise from its previous close. On Tuesday, the rupee pared initial gains to settle 5 paise lower at 83.18 against the US dollar.
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