Finance
On Wednesday, Indian equity indices fell after a two-day winning streak, with selling evident in large-cap stocks such as Infosys, ICICI Bank, Kotak Mahindra Bank, M&M, SBI, and HCL Tech.
The Sensex closed down 426 points, or 0.53 percent, at 79,942, while the Nifty fell 126 points, or 0.51 percent, to 24,340.
Banking stocks were a major driver of selling. Nifty Bank closed at 51,807, down 513 points, or 0.98 percent.
The top losers in the Sensex pack included Infosys, HCLTech, ICICI Bank, Kotak Mahindra Bank, M&M, SBI, HCL Tech, Axis Bank, NTPC, and HDFC Bank. The biggest gainers included Maruti, IndusInd Bank, Adani Ports, ITC, UltraTech Cement, L&T, and Titan.
The market trend stayed bullish.
On the Bombay Stock Exchange (BSE), 2,894 shares closed in the green, 1,037 shares settled in the red, and 80 shares concluded unchanged.
FMCG, media, and infrastructure were among the sectoral indices that had the most growth. Auto, IT, public-sector banks, and pharmaceuticals were big laggards.
According to market experts, the domestic market is beginning to show indications of recovery from recent lows as the Diwali season approaches. A significant drop in crude oil prices has boosted market optimism, but it also suggests a probable downturn in global demand.
Stock-specific activity relating to upcoming Q2 earnings, which are mainly dismal, is expected to dominate market mood in the near term, according to experts, noting that PSU banks have rebounded from recent corrections, driven by positive initial earnings reports, while auto stocks declined due to disappointing results.
On October 29, foreign institutional investors (FIIs) sold Rs 548.69 crore in shares, while domestic institutional investors acquired Rs 730.13 crore.
Source: IANS
