Wednesday, February 24

Bears ruin market mood, banking and metal stocks crack

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Equity benchmark indices dipped sharply on Wednesday with broad-based selling across the counters as investors turned cautious after some corporates reported lower-than-expected numbers.
Market experts said foreign and domestic institutional investors turned bearish and booked profits.
At the closing bell, the BSE S&P Sensex was down by 938 points or 1.94 percent at 47,410 while the Nifty 50 lowered by 271 points or 1.91 percent to 13,968.
Except for Nifty FMCG, all other sectoral indices at the National Stock Exchange were in the red with Nifty private bank dipping by 3 percent, PSU bank by 1.5 percent, financial service by 2.7 percent, pharma, and auto by 2 percent each.
Among stocks, Tata Motors was the top loser after dipping 4.4 percent to Rs 266.75 per share. Tata Steel cracked by 4.2 percent to Rs 624.05 per share while Hindalco lost by 3.9 percent.
Index heavyweight Reliance Industries shed 2.3 percent to Rs 1,895.25 per share. IndusInd Bank lost by 4 percent, Axis Bank by 3.7 percent, and HDFC Bank by 3.5 percent.
However, Tech Mahindra gained by 2.6 percent to Rs 997.55 per share and Wipro by 2 percent. SBI Life, ITC, Nestle India, and Cipla to trade with a positive bias.
Meanwhile, Asian equities slipped as investors looked to the US Federal Reserve’s guidance on its monetary policy.
Hong Kong’s Hang Seng index fell by 0.32 percent while South Korea’s Kospi was down by 0.57 percent. But Japan’s Nikkei rose by 0.31 percent.