Closing Bells: Financial Stocks Drag Sensex and Nifty Over 0.35% Down

The Indian benchmark indices NSE Nifty 50 and S&P BSE Sensex have closed Wednesday over 0.35% lower as the financial stocks dragged them down. The major cues managed to erase some of the losses due to the rallying of pharma and metal stocks. However, it was not enough to help the indices close higher. 

The S&P BSE Sensex closed the day at 38,193.82 points. It lost 0.45% or 171.43 points over the day. The biggest contributors to the losses in the index were SBI, Bajaj Finserv, Axis Bank. They dropped 4.46%, 3.29%, and 2.94% respectively. Other financial stocks Bajaj Finance, ICICI Bank, Kotak Bank, HDFC Bank, and HDFC dropped 2.20%, 2.17%, 1.84%, 1.47% and 0.93% respectively on Wednesday. 

Also Read: Indian Benchmark Indices Close Monday Nearly 2.25% Lower

The index received much-needed support from Tata Steel, Reliance Industries Limited (RIL), and Sun Pharma as they gained 3.04%, 2.57% and 1.40% respectively. They were followed by Bharti Airtel, Nestle India and Asian Paints whose share price jumped 1.33%, 1.10% and 1.05% respectively. Only 12 of the 30 stocks that form the Sensex index surged while the remaining 18 of the closed in the red. 

The NSE Nifty 50 closed Wednesday 0.35% or 39.35 points to wrap up Wednesday at 11,278 points. Losses in the index were led by SBI and GAIL. Zee Ent turned out to be the most significant gainer in the index. Its share price moved ahead by 3.65% over the day. 

Pharma stocks Cipla and Dr Reddy’s advanced by 2.83% and 1.85% over the day. Of the fifty stocks that constitute the Nifty index, 25 apiece ended the day in green and red. India VIX, the volatility gauge, closed the day at the 22.23 levels, shedding 2.17% or 0.49%. 

For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in

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