Sensex Tanks 692 Points, Nifty Below 24,150; HDFC, Tata Motors Top Drags

Stock Market Updates: Equity benchmark indices, BSE Sensex and NSE Nifty50, ended in negative territory on Wednesday. Sensex fell 692.89 points or 0.87 per cent to 78,956.03, while Nifty50 dropped 208.03 points or 0.85 per cent to 24,139.

Tuesday ended in favor of bears as 38 out of 50 constituents of the Nifty50 index ended lower, dragged by heavyweights like HDFC Bank and BPCL. Shriram Finance, HDFC Life Insurance Company, and ONGC were the other drags, each falling over 2.78 per cent.

In the BSE space, 2ou4 t of 30 constituents of the Sensex ended in the red, with HDFC Bank, Tata Steel, and Bajaj Finance leading the declines of up to 3.29 per cent.

Broader indices also settled lower, with small-cap shares being the worst hit as the Nifty Smallcap 100 index fell 1.30 per cent.

Among the sectors, Banking, Financial Services, Metal, OMC, and Realty were the top laggards with falls of up to 1.87 per cent. Meanwhile, Healthcare, IT, and consumer durables managed to end in the green.

Market View by Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Market’s dismissal of the Hindenburg report as inconsequential is significant. This further reinforces investors’ confidence in the success of the buy on dips strategy which has been one of the main driving forces of this bull run. The market which has been climbing all walls of worries has climbed this Hindenburg wall too, instilling confidence in retail investors and DIIs flush with money.

MSCI Rebalance: August review

Shares of RVNL, Vodafone Idea, Dixon Technologies, Oil India, Prestige Estates, Oracle Financial and Zydus Lifesciences will be included in the MSCI India Index as part of the latest rejig.

Bandhan Bank is the only Indian stock that will be excluded from the index.

Global markets

Asia-Pacific markets stayed mixed during Tuesday morning’s trading session, following a fluctuating session overnight in the US.

Japan’s benchmark Nikkei 225 jumped 2.53 per cent and breached the 36,000-mark for the first time since August 2.

ASX200, and Hang Seng, meanwhile, were up 0.2 per cent each.