Image Source : PTI FILE The BSE Sensex had tanked more than 900 points intra-day.
Stock markets ended the session lower for the sixth straight day on Wednesday amid unabated foreign fund outflows and trade war worries. While the 30-share BSE Sensex with Sensex falling by 122 points to close at 76,171.08, down by 122.52 points or 0.16 per cent, the NSE Nifty dipped 26.55 points or 0.12 per cent to 23,045.25.
However, the BSE Sensex had tanked more than 900 points intra-day and NSE Nifty tumbled 273.45 points or 1.18 per cent to 22,798.35, falling below the crucial 23,000-mark.
The index tanked 905.21 points or 1.18 per cent to sink below the 76,000 level to hit a low of 75,388.39 in the first half. However, a recovery in financial and metal shares helped it recoup losses and trade in positive in the afternoon session. The barometer failed to hold onto gains in the closing session due to selling oil and IT shares.
Since February 4, the BSE bellwether gauge has slumped 2,412.73 points or 3.07 per cent, while the Nifty tanked 694 points or 2.92 per cent.
From the 30-share Sensex pack, Mahindra & Mahindra, ITC, Power Grid, Reliance Industries, IndusInd Bank, Adani Ports, Titan and Infosys were the biggest laggards.
Bajaj Finserv, Tata Steel, Larsen & Toubro, UltraTech Cement, Kotak Mahindra Bank and Tata Motors were among the gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,486.41 crore on Tuesday, according to exchange data.
“The Indian market saw a slight recovery from the sharp intraday declines; however, overall sentiment remained weak due to elevated broader market valuations and muted Q3 earnings growth. Concerns over excessive valuations are expected to sustain the ongoing consolidation phase,” Vinod Nair, Head of Research, Geojit Financial Services, said. Additionally, uncertainty regarding the impact of metal tariffs added to market caution, Nair said.
With PTI inputs
