Sensex wiped out early gains, slipping 49 points, nifty ending below 16,600; Car, Bank Shares Drag

Sensex and Nifty decided on a lower note today.

New Delhi:

Indian equities ended in the red on Friday as car and bank losses offset gains in technology and index-weighted Reliance Industries (RIL). The domestic indices plunged into the negative zone during late transactions amid profit discussion, which wiped out all their early gains. The stock benchmark turned positive yesterday and yielded a two-day loss.

The 30-share BSE Sensex fell 49 points or 0.09 percent to close at 55,769 today, while the broader NSE Nifty moved 44 points or 0.26 percent to stand at 16,584. Sensex swung in a band of 713 points during today’s session.

Mid- and small-cap stocks ended on a weak note when Nifty Midcap 100 fell 1.64 percent and small-cap stock fell 0.86 percent higher.

13 out of the 15 sector meters – compiled by the National Stock Exchange – sat in the red. Sub-indices Nifty Auto, Nifty Consumer Durables and Nifty Bank outperformed the platform by falling as much as 1.82 percent, 1.47 percent and 0.95 percent, respectively.

On the stock-specific front, Grasim Industries was the best Nifty loser, as the stock cracked 6.53 percent to Rs 1,339. UltraTech Cement, Shree Cement, Hero MotoCorp and Maruti were also among those left behind.

The overall market breadth was negative as 1,379 stocks advanced while 1,954 fell on BSE.

On the 30-share BSE index, UltraTech Cement, Maruti, NTPC, Axis Bank, Bajaj Finserv, IndusInd Bank, M&M, Bharti Airtel, Tata Steel, Nestle India, SBI, ICICI Bank and Titan were among the biggest losers.

Also, Life Insurance Corporation of India (LIC), the country’s largest insurer and largest local financial investor, fell 0.69 per cent to pay at Rs 800.25.

In contrast, Reliance Industries, Infosys, L&T, HCL Tech, Sun Pharma, TCS, Hindustan Unilever, Wipro, Tech Mahindra, PowerGrid and Dr Reddy’s ended up in the green.

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