Nifty 50, Sensex fail to hold gains; auto, FMCG stocks rise
The Nifty 50 closed 0.11% lower, settling at 23,727, while the Sensex ended with a minor 0.09% drop at 78,472.
Despite decline in crude oil prices the Sensex on Wednesday afternoon dropped 100 points over concerns of a slowdown in global growth and a partial shutdown of the US government.
All sectors, except consumer durables and capital goods, traded in red. Heavy selling pressure was seen in finance, banking and IT stocks.
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The benchmark Brent Crude prices declined to 50.15 a barrel following which the domestic currency appreciated to 69.97 per US dollar from its previous close of 70.14.
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“Oil market is facing a lot of uncertainty and one possibility is that the OPEC may go for further production cut if prices decline,” Anuj Gupta, Deputy Vice President – Research, Commodities and Forex, Angel Broking, told IANS
A steep decline was seen before Christmas and it was difficult to ascertain the reasons at this stage, Gupta said.
At 1.45 p.m., S&P BSE Sensex traded 105.87 points or 0.30 per cent lower at 35,364.28 after touching a high of 35,443.99 and a low of 35,010.82.
The Nifty traded 19.85 points or 0.19 per cent lower at 10,643.65.
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