Market erases all gains, Nifty falls below 23,300
At close, the Sensex was down 422.59 points or 0.54% at 77,155.79, while the Nifty fell 168.60 points or 0.72% at 23,349.90.
Equity Investors’ wealth has soared by a massive Rs 9.41 lakh crore during three successive days of gains in the domestic equity market on Wednesday, shrugging off last week’s losses. The S&P BSE Sensex surged 1,147.76 points or 2.28 per cent at 51,444.65, while the Nifty climbed 326.50 points or 2.19 per cent to end at 15,245.60.
The Sensex rally was driven by Bajaj FinServ, Reliance Industries, Bajaj Finance, ICICI Bank, HDFC and Axis Bank.
Of the 30 Sensex constituents, 27 closed in the green.
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At the close of trade, the total market capitalisation of the BSE-listed companies increased by Rs 3,69,170.72 crore to Rs 2,10,22,227.15 crore.
Since March 1, the market capitalisation of the BSE-listed companies has zoomed by Rs 9,41,131.42 crore to reach Rs 2,10,22,227.15 crore on Wednesday.
Reliance Securities Head (Strategy) Binod Modi said, “Domestic equities extended gain for the third consecutive day as fading concerns of rising bond yields and continued rebound in high frequency key economic indicators in February 21 emboldened investors. Additionally, global markets also remained supportive.”
Foreign investors had bought equities worth Rs 2,223.16 crore on net basis in Indian capital markets on Tuesday, exchange data showed.
Elsewhere in Asia, stock markets extended gains on Wednesday despite an overnight retreat on Wall Street.
Meanwhile, Brent Futures rose by 1.84 per cent to trade at USD 63.77 per barrel.
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