Closing Bell: Nifty falls below 17300, Sensex slips by 304 points

Closing Bell: Nifty falls below 17300, Sensex slips by 304 points

by 5paisa Research Team Last Updated: 2022-03-23T16:16:24+05:30

Domestic equity benchmarks Sensex and Nifty gave up initial gains in a volatile trading session on Wednesday dragged by financial, IT and auto names. But, gains in oil & gas and metal stocks lent some support.

The Indian equity market fell today as investors kept an eye on rising crude oil prices. Brent crude futures traded near the USD 117 per barrel mark on global supply concerns amid the ongoing Russia-Ukraine conflict. In fact, domestic indices started on a higher note but gave up all of their gains in afternoon deals.

At the closing bell on March 23, the Sensex was down 304.48 points or 0.53% at 57,684.82, and the Nifty was down 69.80 points or 0.40% at 17,245.70. On the market breadth, around 1424 shares have advanced, 1891 shares declined, and 118 shares are unchanged. In the top drags, Kotak Mahindra Bank was the top Nifty loser as the stock cracked 2.61% to Rs 1,760.75.

Also in the news today, shares of Hero MotoCorp fell 1.22% after the Income Tax department began searches at the company's premises. It also raided Hero MotoCorp Chairman Pawan Munjal and other senior executives of the company for suspected tax evasion

Among the top Nifty losers were Kotak Mahindra Bank, HDFC, Britannia Industries, Bharti Airtel and Cipla. Top gainers include Hindalco Industries, Divis Labs, Dr Reddy’s Laboratories, Tata Steel and UPL.

Among the sectoral basis, healthcare, metal, oil & gas and power indices ended in the green, while selling was seen in the auto, bank, capital goods and FMCG. In the broad market, the BSE midcap and smallcap indices ended on a flat note for the second day in a row.

The India VIX, also known in the market as the fear index climbed 3.4% to settle at 24.9. Last month, when Russia invaded Ukraine, it had sent the gauge soaring to a 20-month peak of almost 34.

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