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ICICI Bank, RIL, SBI drag Sensex to end 248 points lower, Nifty closes below 11,900; key points

FE Online

The leading benchmark indices Sensex and Nifty snapped a 3-day winning streak on Wednesday, even as bluechip heavyweights including SBI, ICICI Bank and Tata Steel dragged the index to give up their closing highs from Tuesday. The Sensex ended the session 248 points down at 39,502.05, while the Nifty closed below the 11,900-mark, led by losses in banking, metal and auto stocks amid weak cues from global markets. Yesterday, the Sensex closed 66 points higher at 39,749.73, while the Nifty closed 4 points higher at 11,928.75, registering their highest ever close. Notably, the Sensex and Nifty had been on a rising spree ever since the Narendra Modi-led NDA stormed to victory in the Lok Sabha polls.

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SBI(3.29%), Tata Steel (2.76%), ICICI Bank (2.67%), Tata Motors (2.46%), Maruti Suzuki (2.33%) were among the biggest losers in the 30-share index. Notably, shares of ICICI Bank, SBI, Reliance Industries and L&T were the biggest contributors to Sensex’s overall loss, together accounting for 181 points fall in the 30-share index. Sun Pharma (2.41%), TCS (1.78%), HCL Tech (1.17%) were the biggest gainers in the index. IT majors TCS, Infosys and HCL Tech were among the handful of Sensex shares to end the session in green. Sun Pharma shares closed 2.41% higher after the firm reported Q4 results in-line with estimates.

All the major Nifty sectoral indices closed in the red on Wednesday. The stock market turned choppy tracking weak cues from global markets and fresh selling of equities by foreign institutional investors (FIIs). FIIs were net sellers and sold shares worth Rs 501.11 crore on Tuesday, while domestic institutional investors (DIIs) purchased equities to the tune of Rs 269.22 crore, provisional data available with stock exchanges showed.

The fall in Indian equity market comes after global markets tumbled on Wednesday on concerns surrounding the US-China trade war. The European Central Bank said that a growth slump caused by rising trade tensions is the biggest risk to financial stability in the eurozone. Meanwhile, the Indian currency rupee depreciated 18 paise to 69.87 against the US dollar.