Benchmark BSE Sensex and Nifty ended lower on Wednesday after losses in rate-sensitive banking and auto shares amid weak global market trends as higher interest rate and recession fears hit investor sentiment. Extending losses for a second straight day, the 30-share Sensex declined by 168.08 points or 0.28 per cent to settle at 59,028.91. During the day, it fell 474.1 points or 0.80 per cent to 58,722.89. The broader NSE Nifty dipped 31.20 points or 0.18 per cent to 17,624.40. Analysts said growing worries over higher interest rates after positive US data hit the market sentiment. "The latest economic figures indicate that the US central bank would continue to raise interest rates," Vinod Nair, Head of Research at Geojit Financial Services said. From the Sensex pack, IndusInd Bank fell the most by 1.69 per cent. Mahindra & Mahindra declined 1.32 per cent, Maruti by 1.15 per cent, Bharti Airtel by 1.08 per cent. State Bank of India fell 0.95 per cent while Tata Steel, ICICI Bank .
Stock market has benefitted from retail participation
After rising over 320 points in intra-day trade, the 30-share BSE Sensex pared all gains to settle 48.99 points or 0.08 per cent lower at 59,196.99.
The international oil benchmark Brent crude jumped 2.81 per cent to $95.63 per barrel
Markets during the last week saw wild gyrations with the first three days seeing a sharp dip followed by a more than equally sharper rise and then yet another dip, to be back on neutral ground
Index inclusion comes after the 'best has played out for the stock' is an overarching concern
CLOSING BELL: ITC, the biggest cigarette maker, and the second largest fast moving consumer goods (FMCG) company in India, regained the market capitalisation of Rs 4 trillion on Friday
JPMorgan, this week, has sought views from the investors on whether it should include India's sovereign bonds in its GBI-EM Global Diversified Bond Index or not
Index heavyweights, Reliance Industries and Tata Consultancy Services contributed the most to the sharp cuts as they slipped between 2-3 per cent.
CLOSING BELL: Reliance Industries tanked 3 per cent today, contributing nearly 30 per cent of the losses on the Sensex
Stocks to watch today: Biocon received 11 observations in Form 483 for their Bengaluru and Mayalsia facilities from the USFDA; Ashok Leyland won orders from major fleets for 1,400 school buses in UAE.
CLOSING BELL: Benchmark indices clocked their biggest intra-day gain since May 20 as broad-based buying emerged across sectors
Stocks to watch today: ICICI Bank, Axis Bank, and IDFC First Bank have increased interest rates on deposits worth Rs 2 crore & above; BPCL plans to scale up renewable energy portfolio to 10 GW by 2040
The latest reading is well below this year's average of 20.7. Moreover, Monday's 8.8 per cent advance is only the 10th largest seen this year
CLOSING BELL: Mukesh Ambani laid out succession plan with Akash Ambani championing telecom, Isha Ambani controlling Retail, and Anant Ambani joining new-energy vertical
Monday's market mayhem was led by the IT pack as Nifty IT index cracked over 4 per cent. Tech M, Infosys, HCL Tech, Wipro and TCs slipped 2-5 per cent.
Stocks to watch today: Reliance Industries will hold their 45th Annual General Meeting on Monday, August 29; Tons of biscuits were destroyed after a major fire broke out at Britannia's Pantnagar plant
On Friday, Fed chair Jerome Powell signaled the US central bank is likely to keep hiking interest rates and keep them elevated to tame inflation.
CLOSING BELL: It was a range-bound trade on the bourses on Friday as investors awaited US Fed chief Jerome Powell's address at the Jackson Hole Symposium later tonight
Stocks to watch today: Titan plans to add 20 to 30 Tanishq stores over two to three years in the Middle East and North America; Nelco inked pact with Intelsat to provide inflight connectivity services