Nifty, Sensex Record Two–Day Losing Streak On Global Sell-Off; Infosys, M&M Drag: Market Wrap

The NSE Nifty 50 and the S&P BSE Sensex recorded a two-day losing streak on Wednesday, tracking a sell-off across the globe. Most share indices in the Asia–Pacific and Europe plunged on cues from overnight moves on Wall Street.

The Nifty 50 closed 86.05 points or 0.34%, down at 24,971.30, and the Sensex settled 318.76 points or 0.39%, down at 81,501.36.

During the session, the Nifty 50 declined as much as 0.59% to 24,908.45, while the Sensex declined 0.56% to 81,358.26.

After a tepid opening, the Nifty 50 tested its lower end of consolidation, followed by a swift recovery. However, towards the end, recovery gains fizzled out, according to Aditya Gaggar, director of Progressive Share Brokers Pvt.

Gaggar pointed out that the Nifty 50 continued to oscillate in a well-maintained range of 24,920 to 25,200, adding that a directional breakout is a must for a clear trend.

Infosys Ltd., Mahindra & Mahindra Ltd., Trent Ltd., ICICI Bank Ltd. and Nestle India Ltd. weighed on the Nifty 50 the most.

HDFC Bank Ltd., Reliance Industries Ltd., Bharti Airtel Ltd., HDFC Life Insurance Co. and Bajaj Auto Ltd. limited the losses to the index the most.

On the NSE, eight out of the 12 sectors declined, three advanced and one remained flat. The Nifty Auto index was the top loser, followed by the Nifty IT. The Nifty Realty rose the most, followed by the Nifty Oil & Gas.

The broader indices outperformed the benchmark indices as the BSE MidCap closed 0.1% down and the SmallCap was up 0.3%.

Five out of the 20 sectoral indices on the BSE ended higher and 15 declined, with the BSE Telecommunication rising the most.

The market breadth was skewed in favour of the buyers as 2,032 stocks rose, 1,926 declined and 110 remained unchanged on the BSE.