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.
The unprecedented pandemic has knocked India off its fiscal consolidation path for the next few years and revival of the economy remains the primary concern of the government.
Domestic equities remained buoyant and benchmark Nifty surpassed the psychologically-key 15,000 level before settling lower, said Binod Modi, Head Strategy at Reliance Securities.
On the Sensex pack, gainers were led by IndusInd Bank, zooming around 8 per cent, followed by PowerGrid, Dr Reddy's, Sun Pharma, NTPC and Axis Bank.
Most analysts are of the view that the equity markets reacted positively to the Budget primarily due to higher capital expenditure plans, status quo on direct taxes and no incremental taxes on capital gains.
Healthy buying was witnessed in banking, finance and auto stocks.
