Market sell-off continued for a second straight session on Dalal Street as investors were gripped by global growth worries
A sharp fall in overseas stocks was triggered by concerns over slowing economic growth that sent the Wall Street shares tumbling and driving the safe haven US dollar up from a two-week low. Tuesday’s session on Wall Street wiped $1 trillion off the value from leading US tech shares.
Money markets remained closed back home on Wednesday on account of Eid-e-Milad.
Market traded on a weak note despite a positive opening in European markets and further fall in oil prices. Rebound in PSU banks due to extension of full implementation of Basel III norms and pharma stocks helped the market trim some losses in early hours of trade. However, continued selling in IT stocks on account of strong rupee restricted any recovery,” said Vinod Nair, Head of Research, Geojit Financial Services.
The BSE benchmark Sensex ended 274.71 points or 0.77 per cent lower at 35,199.80 while NSE Nifty just managed to hold the 10,600 mark and closed with losses of 56.15 points or 0.53 per cent.
The losses in Sensex were led by index heavyweight Reliance IndustriesNSE -2.15 %, InfosysNSE -3.48 % and TCS.
Among stocks that bled the most were – TCS (down 3.51 per cent), Infosys (down 3.14 per cent), Power Grid (down 2.77 per cent), Wipro (down 2.38 per cent) and RIL down (2.31 per cent).
YES Bank, Axis BankNSE 2.32 %, Adani Ports, SBI and Asian Paints were among 10 stocks that ended higher on the 30-share index.
BSE Midcap and Smallcap indices trumped benchmark Sensex and logged gains of 0.64 per cent and 0.06 per cent, respectively.
IT, teck, energy, power and metal indices were the top sectoral losers on BSE. However, realty, healthcare, consumer durables and telecom witnessed a positive end to today’s session.