Closing Bell: Market run fizzles, Nifty settles above 15400

Closing Bell: Market run fizzles, Nifty settles above 15400

by 5paisa Research Team Last Updated: 2022-06-22T16:52:36+05:30

Domestic equity bourses Sensex and Nifty fell today amid weakness across with financial, oil & gas and metal stocks being the biggest laggards.

Indian equity market went back into the red on Wednesday after a two-day relief rally ended amid ongoing concerns about interest rate hikes by the central banks and looming recession fears. In other economic developments, India's 10-year benchmark yield was slightly lower to 7.41%, from its previous close of 7.48%. Today, Asian markets fell in volatile trade, after Wall Street witnessed a rally and the Japanese yen hit a new 24-year low against the USD. In India, metal stocks declined after a short rebound yesterday with the Nifty Metal index trading down by 3.2%. Owing to these developments, headline indices finished lower on with Nifty managing to stay above 15400.

At the closing bell on June 22, the Sensex was down 709.54 points or 1.35% at 51,822.53, and the Nifty was down 225.50 points or 1.44% at 15,413.30. On the market breadth, around 1218 shares have advanced, 2025 shares declined, and 105 shares are unchanged.

Top Nifty losers of the day include Hindalco Industries, UPL, Tata Steel, JSW Steel and Wipro, top gainers were BPCL, Hero MotoCorp, TCS, Maruti Suzuki and Power Grid Corporation. In the top laggards, UPL was the top Nifty loser as the scrip cracked 6.03% to Rs 613. Amond movers, Also, shares of Life Insurance Corporation of India (LIC), India's biggest insurer and domestic financial investor, climbed for the third consecutive session to close 0.49% higher at Rs 668.55.

Sector-wise, all finished in red with the metal index losing the most, down by 5%. In the broad markets, the BSE midcap index lost 1.5% and smallcap index shed 1%. In the currency market, the Indian rupee ended at a new record low. It has closed 3 paise lower at 78.38 vs USD against Tuesday’s close of 78.08.

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