Stock Market Closing Bell: Sensex Snaps 9-Day Winning Streak Down 500 Points; IT Drags Indices, PSU Bank Rally

Stock Market Update: On the 30-share Sensex platform, Nestle, PowerGrid, SBI, and IndusInd Bank was the top gainer. On the flip side, Infosys, TechM, HCL Tech, NTPC, TCS, L&T were among the losers.

Among sectors, the Nifty IT index plunged 6.45 per cent, followed by the Nifty Financial Services index down 0.7 per cent.

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The two key equity benchmarks, Sensex and Nifty, closed in the red after recouping some losses from early trade. IT stocks dragged indices, however, PSU Banks rallied in afternoon trade. 

The S&P BSE Sensex saw a high of 60,407.86 and a low of 59,442.47 during the volatile session and finally ended 520 points lower at 59,911. On the other hand, Nifty50 recovered from a low of 17,574, to close at 17,707, down 121 points.

During the trading session, Infosys declined 15 per cent to hit a 52-week low following disappointing Q4 numbers. This affected the IT index slide, which slipped as much as 4.7 per cent. However, the market recouped some of those losses after shares of public sector banks (PSBs) rallied up to 12 per cent on the expectation of strong earnings in Q4. State Bank of India (SBI), Union Bank of India, Central Bank of India, UCO Bank, Indian Overseas Bank, Bank of India, Canara Bank, Bank of Baroda, and Punjab National Bank surged in the range of 2 per cent to 4 per cent on the NSE.

On the 30-share Sensex platform, Nestle India, PowerGrid, SBI, and IndusInd Bank was the top gainer. On the flip side, Infosys, TechM, HCL Tech, NTPC, TCS, L&T were among the losers.

Among specific stocks on Nifty, Infosys, Tech Mahindra, HCL Technologies, NTPC, and Larsen and Toubro were among major losers, while gainers included Nestle India, Power Grid Corporation, SBI, Britannia Industries, and Coal India.

In the broader markets, the BSE midcap index gained 0.5 per cent, while smallcap index was up 0.15 per cent.

Among sectors, the Nifty IT index plunged 4.7 per cent, followed by the Nifty Financial Services index down 0.7 per cent. PSU Bank index was up 3 per cent and oil & gas, realty, and FMCG indices rose 1 per cent each.

In the previous session on Thursday, the S&P BSE Sensex closed at 60,431, up 38 points. On the other hand, the Nifty50, too, bagged gains of 16 points to settle at 17,828.

Global markets rose on Monday amid worries over economic growth and inflationary pressures. European equity markets rose marginally higher. Britain's FTSE 100 was up 0.5 per cent to 7,911.91. On Wall Street, Dow futures were up less than 0.1 per cent at 34,059.00, S&P 500 futures rose 0.1 per cent to 4,168.75. Traders focused on the upcoming earnings reports and are concerned about how inflation may impact interest rate decisions made by the US Federal Reserve. 

The Rupee ended the session at 81.97 against the dollar. On Thursday it closed at 81.85 against the dollar.