Market Close: Nifty, Sensex End Lower, Pare Losses; Bank & Auto Stocks Slump

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Market Close: Nifty, Sensex End Lower, Pare Losses; Bank & Auto Stocks Slump

By Malvika Gurung -- Indian equity benchmark indices ended a volatile session lower, extending losses to the second consecutive session on Wednesday but managed to recoup some losses towards the end, as weak global cues, heightening Russia-Ukraine crisis and soaring oil prices hammered the domestic market today.

Benchmark gauges Nifty 50 ended 1.12% lower and BSE Sensex closed 778.4 points or 1.38% lower, after plummeting 1,041 points or 1.85% in the afternoon session on Wednesday.

The volatile session witnessed losses across auto, banking and pharmaceutical stocks, while metal and oil & gas scrips provided support to the market. 

Oil prices went flying in early trade on Wednesday, amid aggravating geopolitical tensions and aggressive sanctions imposed on Russia, with Brent crude and WTI Futures soaring to multi-year highs.

This indicated a rise in inflation, paired with the 10-year benchmark bond yield recording a single-session jump since Feb 22. As a result, investors on Dalal Street lost Rs 76,809 crore in the morning session.

Broader market indices managed to outperform their headline peers, with the Nifty Midcap closing flat and Nifty Smallcap gaining 0.5%.

On the sectoral indices, Nifty Metal leapt ahead, jumping 4.07%, while Nifty Auto lagged, tanking 3%. Nifty Bank declined 2.3%.

On the Nifty50 index, 32% of stocks ended in green, led by Coal India (NS: COAL ), HDFC (NS: HDFC ) Life Insurance (NS: HDFL ), SBI (NS: SBI ) Life Insurance (NS: SBIL ) and Tata Steel (NS: TISC ), gaining 5.6-8.5%.

The top laggards were Maruti Suzuki (NS: MRTI ), Dr. Reddy’s Laboratories (NS: REDY ) and Bajaj Auto (NS: BAJA ), down 4.6-6%.

On the 30-scrip Sensex, 23 stocks ended in red.

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