Stock Market Closing Bell: Sensex Falls 353 Points To 73,246, Nifty Ends Below 22,700 As IT Stocks Drag
Sensex fell 353 points to 73,246 and Nifty closed at 22,699 as IT stocks declined. Jio Platforms surged on debut, while L&T and pharma shares gained.
Sensex fell 353 points to 73,246 and Nifty closed at 22,699 as IT stocks declined. |
Mumbai: Indian stock markets ended lower on Wednesday as selling pressure in information technology (IT) stocks weighed on benchmark indices.
The BSE Sensex declined 352.64 points, or 0.48 percent, to close at 73,246.03, while the NSE Nifty 50 slipped 50.90 points, or 0.22 percent, to settle at 22,698.85.
IT Stocks Drag
IT stocks remained under pressure amid global developments linked to artificial intelligence (AI) companies and their earnings outlook. The Nifty IT index fell more than 2 percent, contributing to the broader market weakness.
The Sensex touched an intraday low of 72,603.57 before recovering some losses. The Nifty also rebounded from its day's low of 22,497.70.
Jio's Strong Debut
Jio Platforms attracted attention following its stock market debut. The stock listed at Rs 1,358 and subsequently climbed to Rs 1,419, its highest level of the day.
The company's market capitalisation crossed Rs 13 lakh crore, making it India's second-largest listed company by market valuation.
Following Jio's listing, the Reliance Group emerged as India's largest business group by combined market capitalisation.
L&T Shares Rally
Larsen & Toubro (L&T) gained more than 4 percent, supported by strong second-quarter results and growth in its order book.
Pharmaceutical and healthcare stocks also witnessed buying interest. Apollo Hospitals emerged as the Nifty's biggest gainer, rising over 4 percent.
Piramal Pharma surged more than 17 percent following its strong quarterly earnings.
Other Stock Movements
CarTrade witnessed its biggest intraday single-day decline following disappointing second-quarter results.
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Info Edge dropped over 2 percent amid reports of changes involving its managing director and CEO's role.
Adani Group stocks largely ended lower, although Adani Ports registered marginal gains after the company raised its guidance.
Meanwhile, TVS Motor advanced nearly 4 percent following its quarterly results, while Hyundai shares retreated from their earlier highs.
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