Nifty, Sensex Fall For Third Straight Session To Close At Two-Month Low: Market Wrap
The share price of ICICI Bank, M&M, L&T, Sun Pharmaceutical Industries and Axis Bank dragged the Nifty 50 the most.
(Source: Unsplash)
The Indian benchmark equity indices fell for the third consecutive day on Wednesday to end at their lowest level since Aug. 14 again amid quarterly earnings releases. The indices saw a volatile session as they gained as much as 0.5% during the day and fell as much as 0.4% as well to finally close a little lower.
The NSE Nifty 50 closed 36.60 points or 0.15% down at 24,435.50 and the BSE Sensex ended 138.74 points or 0.17% lower at 80,081.98.
"As indicated yesterday, the Nifty 50 took support at the zone of 24,370–24,430," Aditya Gaggar, director of Progressive Share Brokers Pvt., said. "It will continue to serve as a support zone, while on the higher side, 24,670 will be considered as an immediate resistance."
The share price of ICICI Bank Ltd., Mahindra & Mahindra Ltd., Larsen & Toubro Ltd., Sun Pharmaceutical Industries Ltd. and Axis Bank Ltd. dragged the Nifty 50 the most.
HDFC Bank Ltd., Bajaj Finance Ltd., Infosys Ltd., Tata Consultancy Services Ltd. and HCL Technologies Ltd. cushioned the fall the most.
Sectoral indices on the NSE were mixed at close, with the Nifty IT rising the most and the Nifty Pharma being the top loser.
The broader markets outperformed the benchmark indices as the BSE MidCap and the SmallCap indices ended 0.48% and 0.93% higher respectively.
On the BSE, 12 sectors declined and eight advanced out of 20. The BSE Power declined the most and the BSE Information Technology rose the most.
The market breadth was skewed in favour of the buyers as 2,187 stocks advanced, 1,743 declined and 101 remained unchanged on the BSE.
