Nifty Cracks Below 17K; Benchmarks End in Red for Day 5, Reverse Morning Gains

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Nifty Cracks Below 17K; Benchmarks End in Red for Day 5, Reverse Morning Gains
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Leading Indian stock indices ended in the red for the fifth consecutive session on Wednesday despite making a positive opening in the day, tracking positive cues from global markets.

Benchmarks Nifty50 declined 0.42% and slid under the 17,000 mark to 16,972.15 levels on Wednesday’s closing, while Sensex lost 0.6% or 344.29 points.

The domestic market opened higher, following a relief rally on Wall Street in the overnight session as US CPI cooled in February, reinforcing investor hopes that the Fed would likely opt for a smaller rate hike at its upcoming policy meet.

However, sell-offs across banking, financial and FMCG stocks pulled the market lower and erased gains made in the first half of the day.

Most sectors under the Nifty umbrella sank in red, led by Nifty PSU Bank and Nifty Bank , tanking up to 1.2%, while Nifty Metal jumped almost 2%, shrugging off the overall market sentiment.

Adani stocks Adani Enterprises (NS: ADEL ) and Adani Ports were top gainers on Nifty, surging almost 6%, while heavyweights Tata Steel (NS: TISC ), Titan (NS: TITN ), Bharat Petroleum (NS: BPCL ), LT (NS: LART ) and PowerGrid (NS: PGRD ) added to the gains.

On the contrary, market biggies including Bharti Airtel (NS: BRTI ), IndusInd Bank (NS: INBK ), Reliance (NS: RELI ), SBI (NS: SBI ), Hindustan Unilever (NS: HLL ) and HDFC Bank (NS: HDBK ) exerted pressure on Dalal Street.

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  • debasis Biswas @debasis Biswas
    19000 nifty
    Like 0
  • Syed Ali @Syed Ali
    15500 soon nifty touch dii pumping cash to hold nifty its is fact continously 15 days dii pump cash to hold nifty 50 index ...... but as per globel sentemental nifty is overvalued ..... it is correction faseee.. lic also puming cash i nifty 50.. all pumping cash institutaional getting havey los soon
    Like 0
  • NAVIN SINGH @NAVIN SINGH
    16600 nifty will be touch tomorrow expiry
    Like 0
    • Prasad Arya @Prasad Arya
      Nifty will touch 16740 and plays around this level
      Like 0
    • Vrundavan Nursery @Vrundavan Nursery
      16650
      Like 0

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