Market records steepest weekly declines in over two years
At close, Sensex ended near the 78,000 mark, shedding 1.5% from the previous session, while the Nifty fell below 23,600, also down 1.5%.
Breaking a nine-day gaining streak, the key Indian equity indices provisionally closed Wednesday’s trade in the red on the back of heavy selling pressure in banks, consumer durables and auto stocks, amid sustained foreign fund outflows even as global cues were positive.
The BSE Sensex, after resuming higher at 34,443.42, advanced to hit a high of 34,591.81 on buying by domestic institutional investors (DIIs) as well as retail participants. However, investors preferred to lock in gains towards the close of the session, with the benchmark finally ending at 34,331.68, down 63.38 points, or 0.18 per cent.
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The gauge had risen 1,375.99 points, or 4.17 per cent in the previous nine sessions.
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Axis Bank, Mahindra and Mahindra, IndusInd Bank, Hero MotoCorp and Coal India were the main losers on the BSE, while Hindustan Petroleum, Titan, Lupin and Tech Mahindra stocks dragged the NSE Nifty50 lower.
The 50-stock NSE barometer Nifty finished 22.50 points, or 0.21 per cent, down at 10,526.20 after hitting the day’s high of 10,594.20 and a low of 10,509.70.
It had gained 420.30 points, or 4.15 per cent in the past nine sessions.
The BSE market breadth was bearish with 1,516 declines and 1,137 advances.
Investor sentiment got a boost after the IMF said on Tuesday India was expected to grow at 7.4 per cent in 2018 and 7.8 per cent in 2019, leaving its nearest rival China behind.
On Tuesday, the equity indices registered gains for the ninth straight session — the longest gain in over four years.
The NSE Nifty50 edged higher by 20.35 points or 0.19 per cent to close at 10,548.70 points, while the Sensex settled at 34,395.06 points — up 89.63 points or 0.26 per cent.
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