Stock Market Today: Nifty Logs Biggest Fall In 25 Sessions, FPIs Remain Net Sellers
The Nifty ended at 21,951.15, down 247.20 points or 1.11% while the Sensex closed lower by 790.34 points or 1.08 at 72,304.88.
KEY HIGHLIGHTS
FPIs Remain Net Sellers For Third Straight Day
Overseas investors remained net sellers of Indian equities on Wednesday for the third consecutive session.
Foreign portfolio investors offloaded stocks worth Rs 1,879.2 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained buyers and bought equities worth Rs 1,827.4 crore, the NSE data showed.
Foreign institutions have been net sellers of Rs 22,816 crore worth of Indian equities so far in 2024, according to data from the National Securities Depository Ltd., updated till the previous trading day.
The benchmark equity indices closed over 1% lower on Wednesday as Reliance Industries Ltd. and bank stocks dragged the most.
The NSE Nifty 50 ended 247.20 points or 1.11%, down at 21,951.15 and the S&P BSE Sensex closed 790.34 points or 1.08%, lower at 72,304.88.
ALSO READ
Stock Market Holidays In March 2024: BSE, NSE To Remain Closed On These Days; Check Full List Here
Rupee Weakens Against U.S. Dollar
The local currency weakened 3 paise to close at 82.93 against the U.S. Dollar.
It closed at 82.90 on Tuesday.
Source: Bloomberg
Nifty Logs Biggest Fall In 25 Sessions: Closing Bell
The benchmark 50-stock index logged its biggest in 25 sessions as shares of Reliance Industries and ICICI Bank weighed. The Sensex also logged its biggest fall in 21 sessions.
The Nifty ended at 21,951.15, down 247.20 points or 1.11% while the Sensex closed lower by 790.34 points or 1.08 at 72,304.88.
"The index dropped below the 22,000 mark, indicating a growing weakness," said Rupak De, senior technical analyst at LKP Securities.
Technically, he added, "Observing the daily chart, the index has been navigating within a rising channel. A decline below 21,950 could potentially trigger a correction towards 21,800 in the near term. Conversely, a sustained trade above 21,950 might spur a recovery in the index towards 22,100."
Shares of Reliance Industries Ltd. dragged the most followed by ICICI Bank Ltd., HDFC Bank Ltd., Power Grid Corp. Of India Ltd., and Maruti Suzuki Ltd.
Meanwhile, those of Infosys Ltd., Tata consultancy /services Ltd., Hindustan Unilever Ltd., and Bharti Airtel minimised some losses.
All sectoral indices ended lower with Nifty Media losing the most. Six sectoral indices ended more than 2% lower.
Broader markets underperformed benchmark indices. The S&P BSE Midcap fell 1.82%, and the S&P BSE Smallcap declined 1.94%. On BSE, all 20 sectors declined, with the S&P BSE Utilities fell over 2% to emerge as the top loser. The S&P BSE TECK index emerged as the top performer.
The market breadth was skewed in favour of sellers. Around 2,955 stocks declined, and 889 stocks advanced, and 77 remained unchanged on BSE.
Delhivery Has 10 Lakh Shares Change Hands
10 lakh shares changed hands in a large trade
0.1% equity changed hands at Rs 472.85 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Zee Shares Fall Nearly 6%
Shares of Zee Entertainment Enterprises Ltd fell over 5% to their lowest level in a week after the company's board expanded the role of its newly formed Independent Advisory Committee.
The scrip fell 5.78% to Rs 163.05 apiece, the lowest level since Feb 22. It was trading 5.09% lower at Rs 164.25 apiece, as of 2:48 p.m. This compares to a 0.84% decline in the NSE Nifty 50 Index.
