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.
On the 30-components on Sensex, only four managed to close in the green— Dr Reddy's, ICICI Bank, HDFC and L&T, rising up to 0.74 per cent
Domestic equities rebounded sharply despite weak global cues mainly supported by a sharp recovery in financial stocks, said Binod Modi, Head - Strategy at Reliance Securities.
Unlike the larger markets, the MidCap and SmallCap on the broader markets ended with gains at 0.99 per cent and 0.73 per cent respectively.
Sector-wise, BSE power, utilities, energy, FMCG, basic materials, and metals indices rose up to 3.25 per cent, while BSE realty and capital goods closed with losses.
Following the large-cap markets, the broader markets also plunged with MidCap and SmallCap closing at 1.3 and 1.6 per cent down respectively.
