Market Close: Sensex, Nifty Drop; Hindalco Plunges 5%, Nifty FMCG Surges

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Market Close: Sensex, Nifty Drop; Hindalco Plunges 5%, Nifty FMCG Surges
Credit: © Reuters.

By Malvika Gurung -- Indian equity benchmark indices ended a dull session and also the last day of the financial year lower, snapping a three-day winning streak on Thursday, tracking weak cues from global markets amid waning signs the Ukraine war de-escalating, as peace talks between Russia and Ukraine appear to provide no aid.

Gains witnessed across consumer goods stocks, along with some industry heavyweights provided some support to the market, while sharp cuts in pharmaceutical and IT scrips pulled the market lower.

Domestic benchmark gauges Nifty 50 ended 0.19% lower, and BSE Sensex slid 115.48 points or 0.2%, thanks to weak global sentiments.

Vinod Nair from Geojit Financials stated that a drop in oil prices on reports that the US will release substantial petroleum reserves and cheaper oil offered to India by Russia will be a positive development for India in the future.

On the sectoral front, indices listed on the Nifty basket ended on a mixed note, with Nifty Pharma slumping the most by 1.17%, while Nifty FMCG gained the highest, 1.2%. At the same time, Nifty Bank rose 0.11%.

Broader market indices outperformed their headline peers, as NIFTY Midcap 100 rose 0.34% and NIFTY Smallcap 100 climbed 0.7%.

40% of stocks listed on the Nifty ended higher, led by JSW Steel (NS: JSTL ), Mahindra & Mahindra (NS: MAHM ), and Britannia (NS: BRIT ), gaining 2-3% each, while Hindalco (NS: HALC ), Divi's Laboratories (NS: DIVI ) and Apollo Hospitals (NS: APLH ) plunged 2-5% each.

Also, the market witnessed choppiness today as traders squared off their positions before the March month’s F&O contracts expiry.

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