Banking stocks were at the forefront of selling. Auto and financial services stocks als dragged indices. However, metal stocks were in demand, providing support to the indices.
The 30-share pack Sensex dropped 182.75 points or 0.35 per cent to close at 52,386.19. Its broader peer NSE Nifty fell 38.10 points or 0.24 per cent to 15,689.80.
“The equity market is turning risk-averse and side-lined. The IT sector also turned bearish as the initial earnings results did not meet the expectations of the market. While the focus of domestic investors has shifted from secondary to attractive primary IPOs, affecting the liquidity of trading in the equity market which we believe to be short-term,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a glance:
- Sugar stocks on a roll as industry expects price hike
- Kitex Garments surges 20 per cent after Telangana invites to set up factory
- Edelweiss Financial Services climbs 10 per cent after Jhunjhunwala raises stake
- Bharat Dynamics gains 2 per cent after it signs contract for supply of Akash Missiles
- India VIX, barometer of volatility, plunges 5 per cent as new weekly series begin
Among the blue-chip names, Tata Steel was the top gainer, rising 4.20 per cent. Bajaj Finserv, Adani Ports, Bharti Airtel, Divi’s Labs, Hindalco, JSW Steel and Grasim were other gainers.
Bajaj Auto was the top loser in the Nifty pack, falling 1.92 per cent. TCS, HDFC Bank, Reliance Industries, Axis Bank, Tech Mahindra, Eicher Motors and IndusInd Bank were others that ended in the red.
Broader market indices ended lower but outperformed their headline peers. Nifty Smallcap gained 0.54 per cent and Nifty Midcap rose 0.62 per cent. Nifty 500, the broadest index on NSE, ended down 0.04 per cent.
Edelweiss Financial Services, Granules India, IRB Infra Developers, Dhani Services, AU Small Finance Bank and CESC were top gainers from mid and smallcap indices, climbing in the range of 3-10 per cent.
APL Apollo, Rallis India, VIP Industries, Hindustan Aeronautics, Coforge and Trent were major losers from broader market space, falling in the range of 1-3 per cent.
Sectoral matrix on NSE was mixed. Nifty PSU Bank was the top loser, down 0.66 per cent. Nifty Financial Services and Nifty IT were other major losers. Nifty Metal was the top gainer, up 1.99 per cent. Nifty Media advanced 0.94 per cent.
Market breadth was in favour of gainers as 1,898 stocks ended in the green, while 1,294 names settled with cuts. As many as 400 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 17 names hit 52-week lows, mostly from the microcap space. About 485 stocks hit upper circuit limits and 190 lower circuit limits.
European markets were trading higher. London-based FTSE was up 0.68 per cent while Paris and Frankfurt advanced 1.50 per cent and 0.68 per cent, respectively. In Asia, Thailand, Hong Kong and Singapore were the top gainers, while others registered losses.
