Indian equity benchmarks swung back into the red on Wednesday after a two-day relief rally fizzled out
New Delhi: After a two-day relief rally faded out due to ongoing worries about interest rate hikes by the central banks and recession fears, Indian equity indexes swung back into the red on Wednesday.
The NSE Nifty fell 226 points, or 1.44 percent, to 15,413 today, while the 30-share BSE Sensex fell 710 points, or 1.35 percent, to 51,823.
After the close, mid- and small-cap equities underperformed, with the Nifty Midcap 100 falling 1.63 percent and the small-cap index falling 1.41 percent.
The Sensex falls 710 points as the relief rally fades, and the Nifty settles below 15,450.
The Sensex and Nifty settled on a lower note today.The National Stock Exchange’s 15 sector gauges all ended in the negative. The platform underperformed the Nifty Metal, Nifty Oil & Gas, and Nifty Consumer Durables subindices, which fell by up to 4.87 percent, 2.16 percent, and 1.29 percent, respectively.
Individual stock losses on the Nifty were led by UPL, whose share price fell 6.03 percent to 613.ONGC, Tata Steel, Hindalco, and JSW Steel were among the backward companies. 1,251 shares increased and 2,079 decreased on the BSE, resulting in a negative market breadth overall.
Tata Steel, Reliance Industries, Wipro, IndusInd Bank, HCL Tech, Bajaj Finserv, Titan, Bajaj Finance, Tech Mahindra, Bharti Airtel, and Axis Bank were some of the major losers on the 30-share BSE index.
TCS and Power Grid, on the other hand, achieved a profit.
Furthermore, shares of Life Insurance Corporation of India (LIC), the country’s largest domestic financial investor and insurer, rose for the third session in a row, closing 0.49 percent higher at 668.55.