Closing Bell: Market snaps two-day winning streak; Sensex slumps by 555 points, Nifty ends below 17,700.

At the closing bell, Sensex closed down by 555.15 points or 0.93% at 59,189.73, and the Nifty 50 slumped by 176.30 points or 0.99% at 17,646.

Domestic equity benchmarks snapped the two-day winning momentum on Wednesday, October 6, 2021, due to loss incurred in global markets as oil prices hit the highest level in seven years, and concerns about rising inflation.

At the closing bell, Sensex closed down 555.15 points or 0.93% at 59,189.73, and the Nifty 50 slumped by 176.30 points or 0.99% at 17,646. On the bourses today, around 1291 shares have advanced, 1754 shares declined, and 115 shares are unchanged.

Most of the sectoral indices ended in the red with capital goods, metal, IT, pharma, realty, auto and PSU Bank indices falling by 1-3%. BSE midcap and smallcap indices shredded 0.5-1.2% in Wednesday's trading session.

Top losers in Wednesday's trading session include Hindalco Industries, SBI Life Insurance, IndusInd Bank, JSW Steel and Tata Steel. Among the top gainers were, Tata Consumer Products, ONGC, UPL, Britannia Industries and HDFC Bank.

According to markets experts, weak global markets which resulted in profit booking in IT and metals stocks led domestic benchmark indices to trade in red, cutting their early gains. Also, the rise in crude prices is spooking the market, while inflation is affecting US bond yields.

On the major events of the day, the RBI commenced its three-day MPC meeting in which the central bank is expected to keep rates unchanged. But will it announce measures to gradually pump out liquidity from the economy, is the topic of discussion from an investment point of view.