Closing Bell: Market halts 5-day winning streak, Nifty slips below 16700
Domestic equity bourses Sensex and Nifty erased early gains in a volatile session today amid weakness across most global markets. Selling in financial, IT and oil & gas stocks pulled the benchmark indices lower, though gains in auto shares lent some support.
The Indian equity market snapped its five-day winning run and finished lower on Tuesday, with investors' focus shifting towards the upcoming US Federal Reserve meeting. The US central bank is expected to raise rates for the first time since the Covid-19 pandemic at its meeting which ends on Wednesday. Traders were cautious as the retail inflation in February rose 6.07 per cent, above the Reserve Bank's 2 per cent to 6 per cent target for a second straight month.
At the closing bell on March 15, the Sensex was down 709.17 points or 1.26% at 55,776.85, and the Nifty was down 208.30 points or 1.23% at 16,663. On the market breadth, around 1296 shares have advanced, 2014 shares declined, and 95 shares are unchanged.
Among the top Nifty losers were Hindalco Industries, ONGC, Tata Steel, Coal India and JSW Steel, top gainers include Tata Consumer Products, M&M, Cipla, Shree Cements and Maruti Suzuki. In the top laggards, Tata Steel was the top Nifty loser as the scrip cracked 5.24% to Rs 1,229.05.
On a sectoral basis, except auto all other sectoral indices ended in the red with IT, metal, power and oil & gas indices down by 1-4%. In the broad market, the BSE midcap and smallcap indices lost 0.5% each.
Paytm's parent company One 97 Communications crashed another 12.28% to hit fresh low of Rs 592.40. The share has tumbled by nearly 25% in the last two days after RBI barred Paytm Payments Bank from onboarding new customers.
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