Closing Bell: Market sinks for the third straight session, Nifty barely holds 16000
Domestic equity bourses Sensex and Nifty were unable to hold on to the initial gains in a third consecutive volatile session on Wednesday. Selling in IT, auto and metal stocks dragged the benchmarks lower, though gains in financial shares limited the downside.
Indian equity market extended losses for the third straight session on Wednesday as a sell-off in information technology stocks countered gains in financial shares. Participants await minutes from the US Federal Reserve's latest policy meeting which is due later in the day. According to top Fed policymakers, two more big interest rate hikes are in the pipeline, as early as June and July to combat the 40-year-high inflation in the US. Investors also feared that these rate hikes could bring the world's largest economy to a halt, which would hurt the domestic growth. Owing to these developments, headline indices ended lower for the third consecutive day.
At the closing bell on May 25, the Sensex was down 303.35 points or 0.56% at 53,749.26, and the Nifty was down 99.40 points or 0.62% at 16,025.80. On the market depth, around 696 shares have advanced, 2548 shares declined, and 109 shares are unchanged.
Top Nifty losers of the were Asian Paints, Adani Ports, Divis Labs, UPL and TCS, while among the top gainers were NTPC, HDFC Life, SBI Life Insurance, HDFC and Bharti Airtel. In the top laggards, Asian Paints was the top Nifty loser as the stock lost 8.03%to Rs 2,839.
In the sectors, except bank, all other sectoral indices ended in the red with oil & gas, metal, pharma, realty, capital goods and IT index down 1-3%. In the broad markets, the BSE midcap index shed 1.9% and smallcap index lost 2.9%. The Indian rupee ends lower by 10 paise from its previous close.
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