You are here: Home » Markets » News

MARKET WRAP: Sensex declines 268 pts, mid, small-caps take deeper cuts

Financial and metal stocks dragged the benchmark S&P BSE Sensex and broader Nifty50, 305 and 110 points lower in the intra-day trade.

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

markets, share market
Absence of any stimulus package to revive the weak consumer demand and lift the economy, coupled with fresh trade war concerns between the US and China hurt investors' sentiment on Wednesday. Financial and metal stocks dragged the benchmark S&P BSE Sensex and broader Nifty50, 305 and 110 points lower in the intra-day trade.

The Sensex settled 268 points or 0.72 per cent lower at 37,060 level pulled down by consumer durables and banking stocks. Tata Motors, YES Bank, Tata Steel, and ONGC were the top laggards on the 30-share index while Hero Moto Corp, Maruti Suzuki, Infosys, and Tech Mahindra were the top gainers. The Nifty50, slipped to two-week low, to close at 10,919 mark, down 98 points or 0.89 per cent.

Sectorally, all the counters closed in the red. The Nifty PSB index slipped the most, settling nearly 3 per cent lower, followed by loses in the Nifty metal index (down 2.8 per cent) and Nifty realty index (down 2 per cent).   

In the broader market, the S&P BSE mid-cap ended at 177 points, or 1.32 per cent, lower at 13,259 level. The S&P BSE small-cap, on the other hand, shed 180 points, or 1.43 per cent, to end at 12,390 level.

BUZZING STOCKS

Shares of CG Power and Industrial Solutions were locked in 20 per cent lower circuit for the second consecutive day at Rs 11.80 on the BSE on Wednesday after the detection of financial fraud in the company. READ MORE

Shares of Britannia Industries plunged nearly 4 per cent to hit a 52-week low of Rs 2,302 apiece on the BSE in intra-day trade on Wednesday, as worries over demand slump worsened. Parle Products, India's largest biscuit maker, said on Tuesday that it may be forced to layoff up to 10,000 people if the ongoing consumption slowdown persists. The stock closed 0.46 per cent lower at Rs 2,384 apiece. READ MORE
 
GLOBAL CUES

European stocks opened higher on Wednesday as hopes for more monetary and fiscal stimulus helped assuage worries about global recession, political turmoil in Italy and endless trade wars.

In Asia, Japan's Nikkei closed 0.28 per cent lower, South Korea's Kospi added 0.22 per cent, and China's Shanghi ended 0.01 per cent higher. 

(With inputs from Reuters)

CATCH ALL THE LIVE UPDATES

Auto Refresh