Closing Bell: Sensex slumps by 778 points, Nifty holds 16600
Domestic benchmark indices Sensex and Nifty extended losses to a second straight session on Wednesday as selling in financial, auto and pharma names pulled the headline indices lower, though gains in metal and oil & gas shares kept the slide in check.
The Indian equity market ended deep in red dragged by losses in automobile and banking stocks amid weak global cues. The impact of aggressive sanctions against Russia for invading Ukraine kept investors on the edge. At the closing bell on March 2, the Sensex slumped 778 points or 1.38% to close at 55,469; while the broader NSE Nifty was down by 188 points or 1.12% lower to settle at 16,606.
In today's trade, sentiments took a hit as government data showed economic growth slowed to 5.4% in the October-December quarter against an 8.5% growth in the preceding quarter. Also, a sharp spike in crude oil prices further added to the pressure. Brent crude futures traded above USD 110 a barrel, a level last seen in July 2014. Indian rupee closed at 75.71 per US Dollar against the previous close of 75.34 per US Dollar.
Benchmark indices ended the session in the red but recovered the early losses. On the market breadth, around 1642 shares have advanced, 1537 shares declined, and 101 shares are unchanged. On a sectoral basis, auto and banking index shed 2% each, while buying was seen in metals and power stocks.
Among the top losers, Maruti Sukuzi India stock cracked 6% to Rs 7,815.15. Dr Reddy's, Bajaj Auto, Asian Paints and Hero MotoCorp were also among the laggards. Top gainers include Tata Steel, Titan, Reliance Industries, Axis Bank, Nestle India, PowerGrid and Bajaj Finserv.
The Indian equity market was closed on Tuesday on the festive occasion of Mahashivratri.
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