Market closes lower due to losses in consumer stocks amid weak earnings
The stock market closed lower on Wednesday due to losses in consumer stocks amid weak earnings.
The stock market closed lower on Wednesday due to losses in consumer stocks amid weak earnings.
The benchmark indices surged 1.8 per cent on the back of strong gains in capital goods, banking, energy, and auto stocks on Tuesday.
Stock market fell on Monday amid losses in global markets as the US President Donald Trump announced new tariffs on key trading partners, including Canada, Mexico, and China.
Stock market closed higher on Friday, a day before the announcement of Budget, for the fourth consecutive session.
At close, Sensex was up 654 points or 0.9 per cent at 76,555 and Nifty was up 206 points or 0.9 per cent at 23,163.
Investors seemed to have already discounted the possible rate hikes by major central banks, including the US Federal Reserve. Positive cues from the overnight US markets too lent support.
The 30 stock S&P BSE Sensex jumped 300.44 points or 0.51 per cent to close at 59,141.23 points against its previous session's close at 58,840.79 points. Earlier, the Sensex started the day in the red at 58,747.31 points and fell to a low of 58,487.76 points in the early morning trade. The markets witnessed good buying support later in the day. The Sensex rose to a high of 59,277.55 points in the intra-day.
Sensex and Nifty were trading 0.1 per cent lower each. Among the Nifty 50 companies, 25 declined and the rest 25 advanced this morning
The broader Nifty 50 of the National Stock Exchange slumped 346.55 points or 1.94 per cent to 17,530.85 points against its previous day's close at 17,877.40 points.
At 9.26 am, Sensex traded at 59,598.92 points, down 335.09 points or 0.56 per cent, whereas Nifty traded at 17,784.25 points, down 93.15 points or 0.52 per cent.
