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 Sensex chart, Axis Bank, Tech Mahindra, ONGC, Dr Reddy's, Bajaj Finance and Sun Pharma were major laggards.
Gains in Reliance, TCS, Infosys, HCL Tech, HDFC and ICICI Bank also helped the barometer extend its rally for a second day.
Of the 30 components of Sensex, three closed in the red including Tech Mahindra, ITC and M&M, shedding up to 0.54 per cent.
The gainers on the Sensex pack were led by Bajaj Finserv, rising nearly 5 per cent, followed by Bajaj Finance, Larsen, Asian Paints, Reliance Industries, Bajaj Auto, Axis Bank and HDFC.
Global markets retreated as rising COVID-19 cases clouded optimism over economic recovery, even as Chinese shares rose after positive GDP data.
