Stock Market Highlights: Nifty, Sensex End With Minor Losses; Tech Stocks Enter Bear Market
The NSE Nifty 50 ended 27.40 points, or 0.12% lower at 22,470.50, while the BSE Sensex closed 72.56 points, or 0.10% down at 74,029.76.
The benchmark equity indices ended Wednesday's session lower, with Nifty ending in red and Sensex extending its decline for the third day.
The NSE Nifty 50 ended 27.40 points, or 0.12% lower at 22,470.50, while the BSE Sensex closed 72.56 points, or 0.10% down at 74,029.76.
"Despite negative cues from global markets, the Nifty opened flat at 22,536. The index registered its intraday high of 22,577 early in the session before witnessing a sharp decline, hitting an intraday low of 22,329," said Sundar Kewat, technical and derivatives analyst, Ashika Institutional Equity.
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Shares of Infosys Ltd., Tata Consultancy Services Ltd., Axis Bank Ltd., Bharti Airtel Ltd. and HCL Technologies Ltd. weighed the index the most.
While those of HDFC Bank Ltd., Kotak Mahindra Ltd., ITC Ltd., Reliance Industries Ltd. and Bajaj Finance Ltd. cushioned the fall.
On the NSE, seven out of 12 sectors rose with five in the red. The Nifty Finance and Nifty Auto rose the most, while Nifty IT fell the most.
Shares of information technology companies were under pressure on Wednesday, as Nifty IT fell into bear market territory, with the index falling 21.67% from the record high it made in December.
Nifty IT fell over 4% to an eight-month low on Wednesday, extending its decline for the fourth straight day.
The index was dragged down by heavy-weights Infosys Ltd. and Wipro Ltd. that have also seen an over 20% decline. LTIMindtree Ltd. and Mphasis Ltd. have also corrected over 30% from Dec. 13 last year.
On the BSE, 11 out of 21 sectors declined, with BSE Information Technology falling the most, while BSE Auto led the advance.
The broader markets ended lower, with the BSE MidCap ending with loss of 0.57% and the SmallCap falling 0.48%.
The market breadth was skewed in the favour of sellers, as 2,484 stocks declined, 1,498 advanced and 140 remained unchanged on the BSE.
