Sensex, Nifty Snap Four-Day Gaining Streak; Banking Stocks Drag
Closing Bell: Pressure At Higher Levels
Indian equity markets snapped a four-day gaining streak, as cues from the global markets turned adverse in the second half of trade.
Both S&P BSE Sensex and the NSE Nifty 50 index ended 1.58% lower at 34,868 and 10,305 respectively. The Sensex declined 561 points while the Nifty fell 165 points in today's trade.
Among the sectoral indices, the Nifty Bank was the top sectoral laggard; ending 3.8% or 838 points lower at 21,426. All constituents of the Nifty Bank, barring Bank of Baroda, ended with losses.
Other indices like The Nifty Metal, Nifty Pharma and Nifty Realty ended with losses of over 2% each.
The Nifty Media index snapped a seven-day winning streak to end 3% lower.
Nifty FMCG emerged as the only sectoral gainer today, ending 0.45% higher.
Broader markets fell in tandem with the benchmark indices. The Nifty Midcap and Smallcap index fell 1.4% and 1.8% respectively.
The India Volatility Index ended 2.2% higher at the mark of 30.
Market breadth ended in favour of the laggards. 1,074 stocks on the NSE ended with losses while 754 managed to post gains.
The top Nifty gainer in today's session was Asian Paints, which ended 3.8% higher while ICICI Bank and IndusInd Bank ended as the top laggards on the index, declining 7.1 and 6.67% respectively.