Lagatar24 Desk
Mumbai, Oct.27: Losses in banking and financial services stocks such as Axis Bank, Bajaj Finance, Bajaj Finserv, HDFC Bank, and Kotak Mahindra Bank halted the Indian equity benchmarks’ two-day gain streak on Wednesday.
The Sensex and Nifty moved in a narrow range for the majority of the day, but late selling pressure in the banking index wiped away all intraday gains, according to analysts. The Sensex dropped 474 points from its greatest point of the day, and the Nifty 50 index hit an intraday low of 18,201 after touching a high of 18,342.
The Sensex dropped 207 points to 61,143, while the Nifty 50 index dropped 57 points to 18,211.
Eight of the National Stock Exchange’s 15 sector indices finished lower, headed by the Nifty Media index, which fell 2.4 percent. The Nifty Metal, Private Bank, Bank, and Financial Services indices all declined 1% to 1.6%.
PSU Bank, information technology, healthcare, and pharma stocks, on the other side, saw increased purchasing demand.
The Nifty Midcap 100 and Nifty Smallcap 100 indices ended little altered, while mid- and small-cap stocks were flat.
After reporting September quarter earnings, Axis Bank was the highest Nifty loser, with the stock falling 6.5 percent to settle at Rs.787.35. Bajaj Finance, ONGC, Tata Motors, Hindalco, IndusInd Bank, Hindustan Unilever, JSW Steel, NTPC, Reliance Industries, Tata Steel, and Kotak Mahindra Bank all saw their stock prices fall by 1.5% to 4%.
Asian Paints, UPL, Divi’s Labs, SBI Life, Cipla, Infosys, UltraTech Cement, Sun Pharma, and State Bank of India, on the other hand, saw their stock prices rise.
On the BSE, the overall market breadth was positive, with 1,780 shares closing higher and 1,466 shares closing down.
