INSUBCONTINENT EXCLUSIVE:
The Indian equity benchmarks declined for second straight session on Wednesday dragged by losses in Reliance Industries, HDFC Bank, HDFC,
Kotak Mahindra Bank, Axis Bank, Tata Consultancy Services and Bharti Airtel
The Sensex fell as much as 378 points and Nifty 50 index dropped below its important psychological level of 17,900
For most part of the day, benchmarks traded in a narrow band with a negative bias, however, they extended losses in afternoon trading after
selling pressure in banking shares intensified.The Sensex ended 314 points lower at 60,008 and Nifty 50 index fell 101 points to close at
17,899.The dollar jumped on Wednesday, as strong U.S
retail sales data fuelled bets on earlier Federal Reserve rate hikes, while shares in Europe made slim gains after Asian markets had wobbled
on worries about COVID-19.With inflation running high, the data boosted expectations of a rate hike as early as mid-2022
Investors also said the data could encourage the Fed to accelerate the tapering of its asset purchase programme.Back home, nine of 15 sector
gauges compiled by the National Stock Exchange ended lower led by the Nifty Realty index's 1.6 per cent decline.Nifty Oil - Gas, Private
Bank, Consumer Durables, Pharma, Financial Services and Bank indices also fell between 0.7-1.5 per cent.On the other hand, auto shares
witnessed buying interest for second straight session on reports that concerns over semiconductor shortage will be resolved soon
Select media and healthcare shares also witnessed buying interest.Mid-cap shares succumbed to selling pressure while select small-cap stocks
witnessed buying interest
The gauge of 100 midcap on the National Stock Exchange slumped 0.7 per cent while Nifty Smallcap 100 advanced 0.13 per cent.UPL was top
Nifty lower, the stock fell 3.2 per cent to Rs 755
Reliance Industries, Cipla, Britannia Industries, Axis Bank, Indian Oil, Coal India, Divi's Labs, Kotak Mahindra Bank, Eicher Motors, Grasim
Industries, Adani Ports and Shree Cements also fell between 1.6-2.2 per cent.On the flipside, Asian Paints, Maruti Suzuki, SBI Life, Tata
Motors, NTPC, ITC, Power Grid, IndusInd Bank and Tech Mahindra rose between 1.2-2.4 per cent.The overall market breadth was negative as
1,855 shares ended lower while 1,494 ended higher on the BSE.
