Market Close: Sensex Slips 304 Pts; Metals Shine, Divi’s Labs Top Nifty Gainer

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Market Close: Sensex Slips 304 Pts; Metals Shine, Divi’s Labs Top Nifty Gainer
Credit: © Reuters.

By Malvika Gurung -- A day after staging a smart rebound, Indian equity benchmark indices gave in to profit-booking and ended a volatile session lower on Wednesday, erasing gains made in the previous session.

Sell-offs across the IT, financial and auto stocks pulled the market lower, as investors remained cautious of the ongoing Russia-Ukraine war, showing no signs of dying out even after almost a month.

Chances of steeper interest rate hikes by the US Fed to tame soaring inflation, along with rising commodity and input prices played the strings in the domestic market on Wednesday.

Benchmark indices Nifty 50 ended 0.4% lower and BSE Sensex slid 304.48 points or 0.53%, while metal and oil & gas shares provided some support to the market today.

Supply constraints put into place by the ongoing war has given rise to inflationary pressures, which is raising volatility in the markets. Rising input costs and commodity prices, paired with a demand drop due to surging Covid-19 cases in some parts of the world can cause lower the upcoming earnings outlook, stated Vinod Nair from Geojit Financial Services.

Sectoral indices under the Nifty basket ended mixed, with gains led by Nifty Metal , up 1.2%, while Nifty Auto slumped the most by 1.04%. Nifty Bank shed 0.55%.

Broader market indices outperformed their headline peers, with Nifty Midcap gaining 0.55%, and Nifty Smallcap and Nifty 500 dropping 0.2% each.

42% of Nifty stocks ended higher, led by Divi’s Labs, Hindalco Industries (NS: HALC ) and Tata Steel (NS: TISC ), rising over 2% each, while Kotak Mahindra Bank (NS: KTKM ), HDFC (NS: HDFC ) and Britannia Industries (NS: BRIT ) dropped the most, from 2-3%.

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