Market

Sensex ends 3-day winning streak as bank stocks weigh on Dalal Street

Domestic equity benchmarks halted a three-day winning run on Wednesday amid selling pressure in financial and heavyweight stocks such as .

The S&P BSE Sensex index ended 290.69 points or 0.58 per cent lower at 49,902.64 and the broader NSE Nifty 50 benchmark settled at 15,030.15, down 77.95 points or 0.52 per cent from its previous close.

“The recent sharp rally has triggered some caution for the near term. The global market was tentative ahead of the announcement of Fed minutes, this was mirrored in the domestic market, though it is not expected to be hawkish. Optimism gained from declining Covid cases resisted a sharp correction in domestic market,” said Vinod Nair, Head of Research at Geojit Financial Services.

was the top laggard in the Nifty50 universe, ending 5.52 per cent lower. Bajaj Finserv, M&M, HDFC, JSW Steel and Tata Steel, closing with cuts of between 1.61 per cent and 1.77 per cent, were among other losers.

On the other hand, Coal India was the top gainer, up 3.45 per cent. Cipla, Sun Pharma, UPL and Nestle — ending the day with gains of 1.46-2.05 per cent — were among other top performers.

Analysts awaited more Q4 earnings reports from India Inc for cues.

Nifty component Indian Oil ended 1.56 per cent higher ahead of its quarterly results.

Meanwhile, equities in other Asian markets dipped following a weak close on Wall Street amid uncertainties over inflation.

THIS IS A DEVELOPING STORY. MORE TO COME…

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button