Closing Bell: Market fall extends for the third session, Nifty settles above 16400

Closing Bell: Market fall extends for the third session, Nifty settles above 16400

by 5paisa Research Team Last Updated: 2022-06-07T16:23:57+05:30

Domestic equity bourses Sensex and Nifty 50 suffered sharp cuts after a gap-down start as weakness across sectors, and caution among investors towards rising inflation dented the sentiments. 

Indian equity market tanked on Tuesday, extending its fall for the third straight session. Financial, IT and FMCG stocks were the biggest drags on benchmark indices. Indian indices have seen volatile trade in the past few weeks due to worries over swelling inflation and an expected interest rate hike by the Reserve Bank of India (RBI) in its policy meeting, which is due on June 8. India's apex bank is expected to raise the key lending rate again after the earlier rate hike shocker in the month of May. Market participants are also awaiting the US inflation data and rate decisions in Europe. Owing to these developments, headline indices closed in the red for the third straight session. 

At the closing bell on June 7, the Sensex was down 567.98 points or 1.02% at 55107.34, and the Nifty fell 153.20 points or 0.92% to settle at 16416.30. On the market breadth, 1261 shares have advanced, 1954 shares declined, and 126 shares are unchanged. 

Sector-wise, realty, IT and capital goods shed over 1% each, while buying was seen in oil & gas and power stocks. In the broad markets, the midcap and smallcap indices lost over half a percent each. 

Top gainers of the Nifty index include ONGC, Coal India, NTPC, Maruti Suzuki and Hero Motocorp. Top losers were Titan, UPL, Dr reddy's, Britannia and Larsen and Toubro. In the top drags, Titan was the top Nifty loser as the stock fell 4.48% to Rs 2,100.05. Also in the news, shares of Life Insurance Corporation of India (LIC), India's biggest insurer and largest domestic financial investor, sank to a new intraday low of Rs 751 and settled 3.15% lower at Rs 752.90. 

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