Bears dominated the Dalal Street for a third straight day on Wednesday as profit booking in banks and financial stocks weighed on the sentiment. The S&P BSE Sensex closed at 58,339 levels today, down 237 points or 0.4 per cent, while the NSE Nifty shut shop at 17,476, down 55 points or 0.31 per cent. In the intra-day deals, the benchmark indices had hit lows of 58,291 and 17,457 levels, respectively.
HDFC, HDFC Bank, Maruti Suzuki, Dr Reddy’s Labs, Tata Motors, PowerGrid, Asian Paints, Bajaj Finserv, Kotak Bank, Titan, Cipla, and Eicher Motors were the top laggards on the Nifty index today, down between 1 and 2 per cent. On the upside, ONGC, Apollo Hospitals, Sun Pharma, ITC, UPL, JSW Steel, and Shree Cement added in the range of 1 to 3 per cent.
Meanwhile, in the broader market, the BSE MidCap index slipped 0.21 per cent but the BSE SmallCap index added 0.27 per cent.
Among sectors, the Nifty Private Bank index was the worst hit as it dipped 1 per cent. On the upside, the Nifty Metal index gained the most, rising 0.57 per cent.
Global Cues
Stocks ended slightly lower on Wall Street Tuesday after investors weighed new data showing some signs that inflation slowed slightly in March, though overall it remained at its highest level in 40 years. The S&P 500 fell 0.3% after having been up 1.3% earlier in the day. The Dow Jones Industrial Average and the Nasdaq composite each fell 0.3% after shedding early gains.
Tokyo stocks opened higher on Wednesday in cautious trade after US shares slid over lingering inflation fears. The benchmark Nikkei 225 index was up 0.36 percent, or 94.49 points, at 26,429.47 in early trade, while the broader Topix index was up 0.23 percent, or 4.25 points, at 1,867.88. Investors remain cautious as they study the implications of the US consumer price index released overnight as they await US corporate earnings due later this week, analysts said.
Hong Kong stocks dropped at the open on Wednesday, following another report showing red-hot US inflation, while oil prices pushed higher. The Hang Seng Index was down 0.64 percent, or 136.91 points, to 21,182.22 in early trade. The Shanghai Composite Index edged down 0.66 percent, or 21.31 points, to 3,192.02, while the Shenzhen Composite Index on China’s second exchange was down 1.15 percent, or 23.49 points, to 2,024.39.
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