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.
HDFC Bank, HCL Tech, SBI, Tech Mahindra and ICICI Bank were among the gainers.
On the other hand, laggards included HCL Tech, dropped nearly 3 per cent, followed by Axis Bank, Asian Paints, UltraTech Cement and Infosys.
The 30-share BSE index ended 247.79 points or 0.50 per cent higher at 49,517.11. It had earlier touched an all-time high of 49,569.14 during the day.
IT stocks led the rally after TCS on Friday reported a 7.2 per cent jump in December quarter net to Rs 8,701 crore and projected double-digit revenue growth for FY22.
Gainers on the Sensex pack were led by Maruti, rising around 6 per cent, followed by Tech Mahindra, Infosys, UltraTech Cement, PowerGrid and NTPC.
