Final Trade: Sensex ends 239 pts lower, Nifty slides to 24,752 as market extends losses to 2nd day; ITC leads FMCG stocks lower

Stock Market News, Nifty 50 Closing Bell: Domestic equity benchmarks registered minor losses on Wednesday, continuing to fall for a second straight session, amid selling pressure in FMCG, energy and auto stocks. Weakness in ITC shares weighed on both main indices amid a large block deal and amidst ex-dividend trade. With the domestic earnings season now largely out of the way, the focus shifted on global cues amid easing of trade war-related concerns. 

The Sensex ended 239.3 points lower at 81,312.3 while the Nifty 50 settled at 24,752.5, down 73.8 points from its previous close.

IndusInd Bank, Apollo Hospitals, UltraTech, Hindalco, Nestle India, Tata Consumer Products and Grasim were the worst hit among the 34 losers in the Nifty50 basket, closing between 1.5 per cent and 1.9 per cent lower. On the other hand, HDFC Life, BEL, Bajaj Finance, Hero MotoCorp and Bharti Airtel, rising between 0.6 per cent and 1.5 per cent, were the top gainers. 

ITC, Reliance, Mahindra & Mahindra, HDFC Bank and UltraTech Cement were the biggest drags for both main indices, though ICICI Bank, Bharti Airtel and Bajaj Finance lent some support.

ITC shares fell as much as 4.3 per cent to Rs 415.1 apiece on BSE during the session before settling with a cut of 3.0 per cent, trading in huge volumes. ITC carries a weightage of 3.6 per cent in the Nifty50—the sixth heaviest stock in the basket.

Canara Bank and Bank of Baroda, rising 2.1 per cent and 0.7 per cent for the day, kept the Nifty Bank afloat. The banking index finished the day 64.2 points, or 0.1 per cent, higher at 55,417.

Among broader indices, the Nifty Midcap 100 stood flat while the Nifty Smallcap 100 rose 0.3 per cent. 

Overall market breadth was neutral at the end of the day, with an advance-decline ratio of nearly 1:1 on BSE. 

Global markets

European markets began the day on a muted note, with the pan-continental STOXX 600 index trading 0.3 per cent lower in late morning deals. The UK’s FTSE 100, France’s CAC and Germany’s DAX benchmarks were down 0.1-0.2 per cent each. 

Dow Jones Industrial Average futures traded 0.1 per cent lower, suggesting a lacklustre opening ahead on Wall Street.