Mumbai: Indian equity markets ended Wednesday’s trading session with strong losses as selling pressure across many sectors pulled the indices lower. Financial stocks and automobile companies were among the biggest drags on the market.
The Sensex dropped 1,342 points to close at 76,864, while the Nifty 50 declined 395 points to settle at 23,867. With this fall, the Nifty slipped below the important 23,900 level, showing the weakness in the broader market.
Banking Stocks Lead Decline
Banking stocks were the biggest losers during the session. The Nifty Bank index fell more than 2 percent, losing around 1,215 points to close at 55,736.
Major lenders such as Axis Bank, Kotak Mahindra Bank and IndusInd Bank were among the top laggards in the banking pack. Their decline added significant pressure on the benchmark indices.
Market participation also showed weakness. The advance-decline ratio on the NSE stood at 2:3, meaning more stocks fell than rose during the session. Out of the 30 Sensex companies, 25 ended in the red. On the Nifty, 41 stocks closed lower, and 16 of them declined more than 2 percent.
Pressure In Auto And F&O Stocks
Auto stocks also faced selling pressure. TVS Motor dropped nearly 5 percent, contributing to the sector’s decline.
In the derivatives segment, Colgate emerged as the top loser among F&O stocks, falling over 6 percent on strong trading volumes.
Meanwhile, cable and wire companies Polycab and KEI Industries fell sharply, dropping up to 10 percent in the past two sessions due to concerns about future volume growth.
Some Stocks Still Managed Gains
Despite the broader market weakness, a few stocks recorded gains.
FACT continued its strong rally, rising about 32 percent in the last two sessions. Oil India also gained nearly 3 percent, supported by a rise in global crude oil prices as Brent crude crossed $92 per barrel.
Stocks such as Shakti Pumps, Oswal Pumps, VA Tech and Astral also climbed up to 7 percent after the government extended the Jal Jeevan Mission.
However, InterGlobe Aviation (IndiGo) failed to maintain its early gains and eventually closed about 4 percent below its intraday high.
Rupee Weakens Against Dollar
In the currency market, the Indian rupee weakened further. It ended the day at 92.04 per US dollar, compared with 91.81 in the previous session, reflecting continued pressure on the domestic currency.
