Stock Market Today: Sensex, Nifty Snap Six-Day Rally As HDFC Bank, Infosys Drag
The S&P BSE Sensex closed 434.31 points, or 0.59%, lower at 72,623.09, while the NSE Nifty 50 declined 141.90 points, or 0.64%, to end at 22,055.05.

KEY HIGHLIGHTS
- Oldest First
Yield On The 10-Year Bond Flat
The yield on the 10-year bond closed flat at 7.06%.
Source: Bloomberg
Rupee Flat Against U.S. Dollar
The local currency closed flat at 82.97 against the U.S. Dollar.
Source: Bloomberg

Sensex, Nifty Halt Six-Day Winning Streak: Closing Bell
The benchmark indices erased early gains and declined sharply to snap six days of gains as HDFC Bank Ltd. and Infosys Ltd. weighed the markets.
Nifty Pharma declined the most as Zee Entertainment Enterprises Ltd. dragged the index. Nifty Energy and Nifty IT index also fell over 1% on Wednesday.
The S&P BSE Sensex closed 434.31 points, or 0.59%, lower at 72,623.09, while the NSE Nifty 50 declined 141.90 points, or 0.64%, to end at 22,055.05.
During the day, the Sensex fell as much as 0.83% to an intraday low of 72,450.56. The Nifty declined 0.90% to an intraday low of 21,997.95.
The Indian market is facing stiff resistance at higher levels, according to Vinod Nair, Head of Research, Geojit Financial Services. "The valuation of a broader index is at a significant premium, leading to an unfavourable risk-reward, which influences investors to book profits."
For day traders now, 22,150/73,000 would act as a crucial resistance zone, Shrikant Chouhan, Head Equity Research, Kotak Securities said. As long as the market is trading below the same, the weak sentiment is likely to continue, he said.
European stocks traded lower from a near-record high amid mixed earnings among the biggest companies.
Big tech dragged the U.S. stock market away from its all-time highs, with Wall Street awaiting Nvidia Corp.’s earnings Wednesday. Traders will also await cues from the U.S. FED minutes.



Sahres of HDFC Bank Ltd., Infosys Ltd., Larsen and Toubro Ltd., NTPC Ltd., and Tata Consultancy Services Ltd. weighed on the index.
Whereas, Shares of State Bank of India Ltd., Tata Steel Ltd., ICICI Bank Ltd., IndusInd Bank Ltd., and JSW Steel Ltd. positively contributed to the Nifty.
Broader markets underperformed benchmark indices. The S&P BSE Midcap index fell 1.27%, and the S&P BSE Smallcap declined 0.84%.
On BSE, 19 out of 20 sectors declined, and only one advanced. The S&P BSE Oil and Gas sector was the worst performer among sectoral indices, while the S&P BSE Realty index rose 1.96% to become the top performer.
Nine out of the 12 sectors on the NSE ended in red. Nifty Media was the top loser while Nifty Realty gained the most.
Market breadth was skewed in favour of sellers. Around 2,365 stocks advanced, 1,477 stocks declined, and 100 stocks remained unchanged on BSE.
Global markets treaded cautiously awaiting the U.S. FED minutes, while Chinese markets were buoyed by policy interventions, Nair said. "Concerns lingered since investors were heavily betting on a U.S. FED rate cut, which is put at risk by January's higher-than-expected inflation."
Ambuja Cements To Invest Rs 1,000 Crore To Set Up Grinding Unit
Ambuja Cements Ltd. is to invest Rs 1,000 crore to set up cement grinding unit.
It will set up a 4 MTPA cement grinding unit in Jharkhand.
Source: Exchange Filling