Closing Bell: Global growth concern triggers market fall, Nifty survives above 17000
Domestic equity bourses Sensex and Nifty suffered on Wednesday amid a global sell-off, triggered by concerns about world economic growth.
Indian equity market fell tracking a broader global equity sell-off as investors were rattled by economic growth fears, and news about Russia that it will cut gas supplies to Eastern Europe added to the woes.
At the closing bell on April 27, the BSE Sensex fell by 537.22 points to about 56,819, and the broader NSE Nifty slipped nearly 1% to settle at 17,038. Both the benchmarks gave up the gains from yesterday's session. On Tuesday Sensex index had jumped nearly 800 points to around 57,356, while the Nifty rose almost 1.5%.
Shares across sectors lost ground, with all major Nifty sub-indexes closing in negative territory. However, going against the tide, on the BSE, Reliance Industrial Infrastructure Ltd (RIIL) gained 20%.
But on the other hand, for the third day in a row, shares of Future Group companies tanked — Future Consumer crashed nearly 20%, while Future Enterprises and Future Retail were down about 5%, on increasing concerns that the group faces bankruptcy risk. Thus, in the volatile session, benchmark indices ended on negative note.
On the market depth, around 1146 shares have advanced, 2140 shares declined, and 107 shares are unchanged. Top Nifty losers of the day include Bajaj Finance, Bajaj Finserv, Tata Consumer Products, Adani Ports and ICICI Bank, while top gainers were Hero MotoCorp, Tata Steel, Asian Paints, Bajaj Auto and TCS.
On the sectoral front, bank, oil & gas, power indices closed down 1% each. In the broad market, the BSE midcap and smallcap indices lost 0.5% each.
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