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.
Benchmark indices on Tuesday ended lower for the third consecutive session. Nifty was below 25,800 amid widening current account deficit and weak manufacturing data.
At close, the Sensex was down 33.49 points or 0.04% at 84,266.29, and the Nifty was down 13.95 points or 0.05% at 25,796.90.
The mid-and small-cap indices outperformed their large-cap counterparts, with the Nifty Midcap 100 index rising 0.34% and the Nifty Smallcap index posting a gain of 0.79%.
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On Nifty50, Tech Mahindra led the rally with a 3.1% gain, followed by M&M and Britannia Industries, which rose 2.3% and 1.7%, respectively.
Adani Enterprises, Infosys, Coal India, Kotak Mahindra Bank, Adani Ports & Special Economic Zone, State Bank of India, HCL Tech, Wipro, and Hero MotoCorp, all closing with gains exceeding 1%.
Among sectors, buying was seen in media, auto, and IT, while selling was seen in the telecom, power, FMCG, Oil & Gas, and realty sectors.
Nifty Media topped the charts with a 1.52% gain, followed by Nifty IT, Nifty Metal, and Nifty Auto, which recorded a rise of 1.17%, 0.25%, and 0.2%, respectively.
IT stocks closed higher following remarks from Fed Chair who suggested that the US central bank might consider further rate cuts, although it is not bound by a preset course of action.
Paytm shares continued recovery surging nearly 8% to an eight-month high of Rs 745 per share.
Shares of Policybazaar parent gained 6.6% as Jefferies issued a ‘buy’ call on the stock with a target price of Rs 1,800 per share.
Muthoot Finance stock slipped 4%, a day after the RBI directed gold financiers to review processes.
Shares of gold financier Manappuram Finance fell 1.8% on the RBI directive as well.
Bajaj Auto declined 1.38%, staying in the red for a third trading session in a row as investors took partial profits off the table.
National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) will remain closed on Wednesday, October 2, 2024, in observance of Gandhi Jayanti.
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