Market snaps 5-day losing streak led by realty, banking and metal
At close, the Sensex was up 498.58 points or 0.64% at 78,540.17, and the Nifty was up 165.95 points or 0.70% at 23,753.45.
The Sensex on Tuesday ended the seven-day winning streak with a 53 points loss after a survey showed India’s service sector activity declined for the second straight month in October.
Yes Bank ended as the top gainer on the BSE after the marquee investor Rakesh Jhunjhunwala picked up nearly Rs 1.3 crore shares of the private bank.
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Sensex closed 53.73 points lower at 40,248.23 after flip-flopping between the intra-day high of 40,466.55 and a low of 40,053.55. Nifty also slipped lower by 24.10 points at 11,917.20.
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“Based on ongoing result outcome investors are focusing on quality stocks while Mid & Small are under-performing,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nifty Pharma, Nifty Metal, Nifty Private Bank, Nifty PSU Bank and Nifty Realty indexes also declined between 0.7-1 per cent each.
Mid- and small-cap shares underperformed their larger peers as the Nifty Midcap 100 index declined 1.08 per cent and the Nifty Smallcap 100 index fell 0.84 per cent.
Zee Entertainment was a top loser in the Nifty 50 basket of shares, the stock fell 3.7 per cent to close at Rs. 285.15. IndusInd Bank, UltraTech Cement, Sun Pharma, Eicher Motors, Infosys, Grasim Industries, Coal India and Tata Steel were also among the losers.
On the flipside, Bajaj Finance was top gainer, up 3.3 per cent to close at Rs. 4,250. Bharti Infratel, Yes Bank, UPL, Bharti Airtel, Bajaj Finserv and State Bank of India were among the gainers. Among the individual shares, Punjab National Bank fell 5 per cent to Rs. 64.75 after its bad loans rose in the September quarter.
Analyst said excitement is missing in the market as majority of the index participants have already declared their Q2 numbers and now traders are waiting for either domestic developments or global development on the trade tariff front.
(With input from agencies)
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