Stock Market Extends Losing Streak; Sensex Sheds 166 Points As RBI Keeps Repo Rate Unchanged
In the previous trading session on Tuesday, the Indian stock market ended in the red, marking a second consecutive day of losses as global headwinds and sectoral profit booking weighed on sentiment
Indian benchmark indices ended in the red on Wednesday, extending losses for the third straight session amid weak global cues and persistent profit booking. The BSE Sensex declined 166.26 points, or 0.21 per cent, to settle at 80,543.99, while the NSE Nifty shed 80.10 points, or 0.32 per cent, to close at 24,569.45. Investors remained cautious as the Reserve Bank of India maintained the repo rate at 5.5 per cent.
Market breadth remained weak, with 2,594 stocks declining against 1,292 advancing, while 144 remained unchanged on the BSE.
Among the top laggards on the Nifty were Wipro, Sun Pharma, Jio Financial, IndusInd Bank, and Tech Mahindra. On the other hand, Asian Paints, HDFC Life, Trent, Adani Ports, and Bharat Electronics managed to end in the green.
Barring PSU Banks, which rose 0.6 per cent, all major sectoral indices closed lower. Sectors such as Information Technology, Media, Realty, Pharma, and FMCG witnessed losses ranging between 1 per cent and 2 per cent.
The broader market also came under pressure, with both the BSE Midcap and Smallcap indices slipping 1 per cent each.
Ashika Institutional Equities noted, “Indian markets opened flat today, Nifty opened at 24,641, reaching a high of 24,671 and a low of 24,544. Sector performance was mixed, with banks and financial services showing relative stability, while sectors such as pharmaceuticals, healthcare, IT, construction, media, and consumer goods faced noticeable weakness. Bank Nifty experienced volatility as the Reserve Bank of India held its key policy rate steady, maintaining a neutral stance, which was widely expected. This unchanged monetary policy led to some uncertainty among participants.”
Previous Trading Session
In the previous trading session on Tuesday, the Indian stock market ended in the red, marking a second consecutive day of losses as global headwinds and sectoral profit booking weighed on sentiment. The BSE Sensex dropped 308.47 points, or 0.38 per cent, to close at 80,710.25. Meanwhile, the NSE Nifty50 slipped 73.20 points, or 0.30 per cent, to settle at 24,649.55. Investor mood was subdued amid ongoing global economic uncertainties and ahead of the Reserve Bank of India’s Monetary Policy Committee (MPC) announcement.
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