Sensex, Nifty Decline For Fourth Straight Session; Infosys, Bajaj Finance Top Losers
On Wednesday, Indian market indices declined for the fourth day in a row as investors awaited clues from the US Federal Reserve on the pace of tapering. Heavyweights in the information technology and financial services industries like Infosys, Bajaj Finance, HDFC Tata Consultancy Services, and Bajaj Finserv were among the market’s biggest drags lower during the session. The Sensex lost as much as 445 points at its lowest point of the day, and the Nifty 50 momentarily went below its key psychological threshold of 17,200.
The Sensex dropped 329 points to 57,788, while the Nifty 50 index dropped 104 points to 17,221.Investors were looking for signals as to when the Federal Reserve will stop purchasing assets and begin raising interest rates, while the rapid spread of the Omicron coronavirus variety weighed on sentiment as well.
With the exception of the measure of car shares, all 15 sector gauges ended lower, headed by the Nifty Realty index, which fell about 2%. The Nifty IT, PSU Bank, Metal, Financial Services, and Oil & Gas indices all dropped by 0.7-1.2 percent.Selling pressure was also seen in mid- and small-cap stocks, with the Nifty Midcap 100 index falling 0.6 percent and the Nifty Smallcap 100 index down 0.39 percent.
One97 Communications, the parent company of digital payments provider Paytm, fell as much as 13.22% after a lock-in period for its anchor investors expired on Wednesday. In early trading, the stock hit an intraday low of 1,297.70.The largest Nifty loser was Tata Consultancy Services (TCS), which slid 1.5 percent to settle at 3,570. Titan, Divi’s Labs, HCL Technologies, Tata Steel, HDFC, Power Grid, Britannia Industries, Grasim, Infosys, SBI Life, and Dr Reddy’s Labs all had their stock prices drop by 1-2.7 percent.
Sun Pharma, Kotak Mahindra Bank, Mahindra & Mahindra, Hero MotoCorp, Maruti Suzuki, Larsen & Toubro, Tata Consumer Products, and NTPC, on the other hand, saw their stock prices rise.
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