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.
India's wholesale inflation declined further during the month of August to 12.41 per cent from 13.93 per cent the previous month but continues to remain in double digits, official data released on Wednesday showed.
Coming to the domestic indices, at 9.24 am, Sensex traded at 59,977.47 points, down 593.61 points or 0.98 per cent, whereas Nifty traded at 17,904.35 points, down 165.70 points or 0.92 per cent.
The 30 stock S&P BSE Sensex surged 455.95 points or 0.76 per cent to 60,571.08 points against its previous day's close at 60,115.13 points. The Sensex started the day in the positive at 60,408.29 points and surged to a high of 60,635.28 points in the intra-day.
Prior to last Thursday, the benchmark indices - Sensex and Nifty - fell for two sessions on the likelihood of aggressive rate hikes in the US to fight inflation as indicated by the US Federal Reserve.
Sensex and Nifty - fell for two sessions on the likelihood of aggressive rate hikes in the US to fight inflation as indicated by the US Federal Reserve. At 9.25 am, Sensex traded at 59,983.29 points, up 190.15 points or 0.32 per cent, whereas Nifty traded at 17,895.80 points, up 62.45 points or 0.35 per cent.
