Closing Bell: Market snaps three-day winning streak, Sensex and Nifty end marginally lower
Domestic benchmark indices ended the week on a flat note in the highly volatile session on Friday.
The Indian equity benchmarks ended their three-day winning streak dragged by losses in index heavyweights like HDFC, Kotak Mahindra Bank, Infosys, Axis Bank, Titan and Larsen & Toubro. During today's trade the Sensex fell as much as 392 points and Nifty touched an intraday low of 17,405. However, due to buying interest seen in Asian Paints, State Bank of India, TCS and ICICI Bank the losses were kept intact. Market participants were seen booking profits after three days of gains wherein the Sensex and Nifty rose by 3.5%.
At the closing bell on December 10, the Sensex was down 20.46 points or 0.03% at 58,786.67, and the Nifty was down 5.50 points or 0.03% at 17,511.30. On the market depth, around 2024 shares have advanced, 1165 shares declined, and 125 shares were unchanged.
Among the top gainers were Asian Paints, Grasim Industries, SBI, SBI Life Insurance and M&M, while top Nifty losers included Divis Labs, Titan Company, HDFC, Kotak Mahindra Bank and Tata Consumer Products.
On a sectoral basis, realty and PSU Bank indices rose nearly 3% each, while metal, oil & gas, power indices ended in the green. In the broader market, the BSE midcap index added 0.35% and the smallcap index ended up nearly 1%.
In the trending news of the day were the shares of billionaire stock investor Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Co, which opened at a 6% discount to the offering price, but quickly reversed course to trade 4.4% higher and failed to hold on to those gains.
The Asian and European markets were trading lower ahead of the US inflation data release. The market expects inflation levels to remain elevated.
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