Sensex Loses 89 Pts, Media Stocks Shine, Nifty Bank Hits Lowest In 2 Weeks

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Sensex Loses 89 Pts, Media Stocks Shine, Nifty Bank Hits Lowest In 2 Weeks

By Malvika Gurung -- Indian equity benchmark indices ended the session lower, extending losses to the second straight day on Thursday, amid rising oil prices, prospects of the US Fed raising interest rates aggressively at the next meeting in May, and the Russia-Ukraine war showing no signs of dying out even after almost a month.

Banking stocks pulled the markets lower in today’s session, with the sectoral index Nifty Bank posting its worst day since March 7.

Benchmark indices Nifty 50 slid 0.13% and BSE Sensex 89.14 points or 0.15%, while buyings across sectors like metals, IT and pharmaceuticals provided support to the domestic market.

Broader market indices outperformed their headline peers, with Nifty Midcap 100 gaining 0.59%, Nifty Smallcap 100 rising 0.43% and Nifty 500 ending on a flat note, up 0.03%.

Sectoral indices under the Nifty basket ended on a positive note except banking and financial indices, with Nifty Private Bank slumping 1.79% and Nifty Bank dropping 1.72%. Nifty Media , on the other hand, rallied 5.9%, led by a 16.9% jump in Zee Entertainment (NS: ZEE ).

44% of stocks listed on Nifty ended in green, led by Dr Reddy zooming 4.7%, while Coal India (NS: COAL ), UltraTech Cement (NS: ULTC ), Hindalco Industries  (NS: HALC ) were among major gainers. Kotak Mahindra Bank (NS: KTKM ) slumped the most, along with Titan (NS: TITN ), HDFC Bank (NS: HDBK ), and ICICI Bank (NS: ICBK ).

On the 30-scrip Sensex, 17 stocks ended in green.

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