Market snaps 2-day gains, selling in banking, metal and IT
At close, the Sensex was down 426.85 points or 0.53% at 79,942.18, and the Nifty was down 126 points or 0.51% at 24,340.85.
Indian markets rode on a positive note on Wednesday morning as investors reacted to double news of Shaktikanta Das being appointed RBI governor as well as results to state elections in five states.
Equity benchmarks soared with the Sensex up 128.23 points or 0.36% at 35278.24 and the Nifty higher by 33.20 points or 0.31% at 10582.40.
314 shares advanced, against a decline of 93 shares, while 12 shares were unchanged.
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All sectoral indices were trading in the green, with most gains seen in metals, infrastructure, banks and automobiles.
Scripting a new narrative of its revival and resurgence in the country’s politics — especially in the crucial electoral politics of the Hindi heartland — just ahead of the upcoming Lok Sabha elections, the Congress party earlier on Tuesday wrested two states, Rajasthan and Chhattisgarh, from the BJP. It also emerged the single-largest party in Madhya Pradesh, which proved to be a marathon cliffhanger as the state witnessed a see-saw battle between the BJP and the Congress till midnight.
Shares of banks and non-banking financial companies (NBFCs) soared in trade after former finance secretary Shaktikanta Das was appointed the successor to Urjit Patel.
Former finance secretary and current member of the 15th finance commission Shaktikanta Das was on Tuesday appointed the new governor of the Reserve Bank of India.
Das, who retired as Economic Affairs Secretary in May 2017, has been appointed for a term of three years.
He replaces Urjit Patel, who surprisingly resigned from the central bank Monday.
Meanwhile, the Indian rupee opened lower by 35 paise at 72.20 per dollar on Wednesday versus yesterday’s 71.85.
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