After a volatile session, the benchmark indices ended lower on Wednesday, losing for the sixth consecutive session. After plunging by over 900 points (or 1.19%) intra-day, the Sensex staged a smart recovery and briefly entered the positive territory (up 166 points or 0.38%) before closing down by 122.52 points, or 0.16%, to 76,171.08. The Nifty swung between a loss of 273 points (or 1.19%) and a gain of 73 points (0.43%) before settling the 23,000 mark at 23,045.25, down by 26.55 points or 0.12%.
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With Wednesday’s fall, the Sensex has shed 2,413 points, or 3.07%, while the Nifty has plunged 694 points, or 2.92%, in the past six sessions.
“Markets were extremely choppy and gyrated sharply during intra-day trades. After crashing over 900 points in early trades, markets recouped some lost ground in late trades. However, selective profit taking in IT, banking and auto stocks led the benchmarks to end marginally lower,” said Prashanth Tapse, senior VP (research) at Mehta Equities. He added that rising uncertainty in both global and domestic markets, coupled with a falling rupee and fund outflows, has led investors to trade cautiously and place safer bets.
The broader indices also recouped most of their intra-day losses but closed in the red. The BSE midcap and smallcap indices fell 0.45% and 0.49%, respectively. Intra-day, they slumped 2.91% and 3.62%, respectively.
Falling prices have provided buying opportunities for some investors while others are hopeful for a positive outcome from the upcoming meeting between Prime Minister Narendra Modi and US President Donald Trump, experts said.
Overall market breadth was negative, with 2,435 losers compared to 1,534 gainers. BSE’s total market capitalisation declined by Rs 1.06 lakh crore to Rs 407.5 lakh crore.
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Realty, auto, consumer discretionary, energy, and IT stocks were among major laggards, falling up to 2.58%, while metal, commodities, banking, financial services and capital goods were among top gainers, rising up to 0.68%.
Foreign portfolio investors sold shares worth Rs 4,969.30 crore, while domestic institutional investors bought shares worth Rs 5,929.24 crore, according to provisional data from the exchanges.
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