Nifty, Sensex Log Worst Losing Streak In Over A Month: Market Wrap

Benchmark equity indices fell for a fourth consecutive session on Wednesday, logging their worst streak since five consecutive sessions of decline till May 30. Today's fall was due to losses in the shares of financial services stocks.

The Nifty closed at 24,413.50, down 0.27% or by 65.55 points, while the Sensex ended at 80,148.88, down 0.35% or by 280.16 points. Intraday, the Nifty fell 0.70% and the Sensex declined 0.84%.

"On the daily chart, the index has formed a spinning top candlestick pattern, indicating indecisiveness between the bulls and bears," according to Aditya Gaggar, director of Progressive Shares. "The level of 24,200 will remain a crucial support, while 24,560 is considered as an immediate resistance."

Shares of HDFC Bank Ltd., Axis Bank Ltd., State Bank of India, Hindustan Unilever Ltd., and Kotak Mahindra Bank Ltd. pulled the Nifty lower.

While those of NTPC Ltd., Reliance Industries Ltd., Tata Motors Ltd., HDFC Life Insurance Co., and Tech Mahindra Ltd. cushioned the fall.

Most sectoral indices were higher, with Nifty Media leading by adding 2.4%. Nifty Bank was the top loser.

Market breadth was skewed in favour of buyers. Around 2,810 stocks advanced, 1,088 stocks declined, and 110 stocks remained unchanged on the BSE.

Broader markets outperformed benchmark indices. The S&P BSE Midcap and Smallcap indices ended 0.68% and 1.91% higher, respectively.

On the BSE, 16 sectors advanced and four declined out of 20. The S&P BSE Oil and Gas rose the most, while the S&P BSE Bankex declined the most.