New Delhi: Indian equity markets ended in the red after three straight sessions of gains, as investors booked profits and sold shares across most sectors. Both benchmark indices, the BSE Sensex and NSE Nifty, closed lower due to broad-based selling pressure.
The Sensex fell 297 points to close at 82,270, while the Nifty dropped 98 points to end at 25,321, slipping below the important 25,350 level. The Nifty Bank index also weakened, falling 347 points to 59,610. The midcap index declined 109 points to 58,432, showing pressure even in mid-sized stocks.
Metal stocks lead the fall
Metal stocks were the biggest losers of the day and were the main reason behind the market decline. The metal index snapped its three-day winning streak as heavy selling hit the sector.
Shares of Hindalco, Tata Steel, Coal India, JSW Steel and ONGC were among the top laggards on the Sensex. In the broader metal space, stocks such as Hindustan Copper and Hindustan Zinc fell sharply, with some stocks losing up to 12 percent during the session.
Market breadth still positive
Despite the fall in headline indices, the overall market showed some strength. The number of advancing stocks was higher than declining stocks, with the NSE advance-decline ratio standing at 3:2. This means more stocks ended higher than lower, even though the main indices closed in the red.
Mixed performance among major stocks
From the Sensex pack, Nestle India, Tata Consumer Products, Apollo Hospitals, ITC, Bajaj Auto and Bharat Electronics were among the top gainers. Nestle was the best performer on the Nifty, rising nearly 3% after reporting better-than-expected results for the third quarter.
Among individual stocks, Swiggy fell over 5 percent after posting a wider net loss of Rs 1,065 crore and following a downgrade by brokerage firm CLSA. Ambuja Cements dropped 5 percent after reporting weak Q3 earnings, while MOIL slipped 4% after its results.
South Indian Bank saw a sharp fall of over 15 percent after its chief executive officer did not seek reappointment. On the positive side, Brigade Enterprises gained over 2 percent after its Q3 performance, and Indoco Remedies rose 2 percent after getting USFDA approval for one of its products.
Vodafone Idea emerged as the top midcap gainer, rising more than 11% during the day’s trade.
