Top gainers, losers today: Titan Company, ITC, Power Grid, Reliance Industries, L&T; check full list here
BSE Sensex ended at 65,151.02 down 388.40 points or down 0.59 per cent while the Nifty also closed at 19,365.25 level, down 99.75 points or 0.51 per cent. Consumer stocks fell 0.89 per cent, led by a 2.05 per cent decrease in heavyweight ITC as analysts warned that the recent rise in its share prices may have limited rerating potential. IT fell 0.49 per cent on concerns about further monetary policy tightening in the US.
Most sectors were aligned to the move and ended lower wherein energy, FMCG and IT were among the top losers. Amid all, the broader indices managed to outperform for yet another session as they closed flat to marginally in the green. Commenting on today's market performance, Vinod Nair, Head of Research at Geojit Financial Services said, "The mounting influence of weak global cues hindered the domestic market's ability to recoup, resulting in sustained selling pressure.
The release of Fed minutes unveiled a divided stance among its members regarding the necessity of additional rate hikes, contrasting the previously anticipated rate pause. ‘’Concurrently, the Indian rupee experienced a decline due to the dollar index surpassing 103.5; however, likely intervention from the RBI offered a degree of support. Moreover, the escalation of US bond yields is expected to limit the influx of foreign investments into the Indian market, further impacting market dynamics,'' added Nair.
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