Stock Market: IT Stocks Drag Market For 3rd Session; Sensex Down 159 Points, Nifty Ends Near 17,600

Stock Market Update: On the 30-share Sensex platform, IndusInd Bank, Wipro, NTPC, Asian Paints, Tech Mahindra were among the major losers. On the other hand, Bharti Airtel, M&M gained.

In the broader markets, the BSE Midcap index was down 0.2 per cent. However, the BSE Smallcap index managed to hold a 0.1 per cent gain.

Source : Getty

The equity markets on Wednesday closed in red dragged by IT stocks as sentiment remained weak amid quarterly earnings season. The key benchmark indices consolidated with a negative bias for the third straight day. On the other hand, few auto and metal stocks attracted investors. 

The S&P BSE Sensex was down 159 points or 0.27 per cent at 59,568, and the Nifty settled down 41 points or 0.23 per cent at 17,619. 

On the 30-share Sensex platform, HCL Tech, IndusInd Bank, Infosys, Wipro, NTPC, Asian Paints, Tech Mahindra, SBI, UltraTech Cement, and Sun Pharma were among the major losers. On the other hand, Bharti Airtel, Mahindra & Mahindra, Axis Bank, and HDFC Bank gained up to 1 per cent.

Among specific stocks on Nifty, HCL Tech, Infosys, IndusInd Bank, SBI Life Insurance, NTPC, and Wipro were among the top losers, while gainers included BPCL, Divis Laboratories, Bajaj Auto, Axis Bank, and M&M.

In the broader markets, the BSE Midcap index was down 0.2 per cent. However, the BSE Smallcap index managed to hold a 0.1 per cent gain.

Among sectors, IT and power indices lost 1 per cent each. 

In the previous session on Tuesday, the S&P BSE Sensex closed 184 points (0.31 per cent) down at 59,727 while the Nifty ended with 47 points (0.26 per cent) loss at 17,660. 

Global markets declined up to 0.5 per cent on Wednesday. On Wall Street, Dow Jones futures were down 0.4 per cent, the S&P 500 declined 0.51 per cent and Nasdaq 100 dipped 0.75 per cent. As investors analysed UK inflation data and corporate results European shares dipped on Wednesday. Euro Stoxx 50 declined 0.35 per cent and FTSE MIB declined 0.31 per cent. Britain's FTSE 100 slipped 0.39 per cent.

Elsewhere in Asia, Japan's Nikkei ended lower on Wednesday. The broader Topix inched down 0.02 per cent to 2,040.38.

The Rupee closed 19 paise lower at 82.23 per dollar against the previous closing of 82.04 per dollar on Tuesday.