Sensex, Nifty Give Up Six Days Of Gains In Final Two Hours
Closing Bell: A Full Stop, Finally.
The 10-day rally for the Indian equity markets finally came to a halt on the weekly options expiry day.
The S&P BSE Sensex ended 2.6% or 1,066 points lower at 39,728, while the NSE Nifty 50 index failed to hold the 11,700 mark, ending 2.4% or 300 points lower at 11,680. 47 out of the 50 index constituents ended with losses.
With today's fall, the Nifty has given up gains of six out of the last 10 trading sessions.
This was also the first instance in the October series when the Sensex and the Nifty have ended with losses.
The catalyst for the final hour recovery in Wednesday's session - the Nifty Bank saw a swift fall today. The index ended not only 3.3% or 800 points lower, but also below Wednesday's low of 23,149, from which it staged a reversal. The index finally closed at 23,072.
All other sectoral indices ended with losses as well. The Nifty I.T., Nifty Media and Nifty PSU Bank index declined 2.8% each, while the Nifty Realty index fell 2.4%.
The Nifty Pharma index fell for the third straight day, ending 1.8% lower. The Nifty Auto and FMCG index fell over 1% each.
Broader markets too ended lower, but the decline was modest as compared to other indices. Both Nifty Midcap and Nifty Smallcap index ended 1.7% lower.
The India Volatility Index ended 9.1% higher, above the mark of 22 at 22.05.
1,359 stocks on the NSE ended with losses while 507 managed to buck the trend.