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.
A sudden selloff in the last few minutes of trading dragged the key indices down for the fifth consecutive session.
The broader Nifty 50 of the National Stock Exchange fell 109.40 points or 0.62 per cent to 17,674.95 points against its previous session's close at 17,784.35 points. The Nifty had gained 144.80 points or 0.82 per cent on Friday.
"Volatility increased as the market approached the RBI policy meeting outcome. The latest sectoral outperformers like metals, power and oil & gas sectors were the most hit including mid & small caps"
These stocks rose 78 per cent, 93 per cent, 86 per cent, and 60 per cent in the past one-month.
Sensex settled 708 points, or 1.2 per cent, up at 57,277, whereas Nifty was 206 points, or 1.2 per cent up, at 17,670.
