Top losers, gainers today: Tata Steel, Tata Motors, Nestle India, Asian Paints among most active stocks
Nifty had a significant decline on Wednesday's trading session as a result of negative economic data coming out of China, the euro zone, and the US, which prompted caution and had an impact on the risk sentiment. The Nifty 50 index was down 1.05% at 19,526.55, while the S&P BSE Sensex fell 1.02% to 65,782.78. Also, the fear gauge index, India VIX soared and closed 9.67% higher amid negative cues from global markets.
“VIX soars high after tracking negative cues from global markets promoting investors to book profits in domestic indexes which was due in Indian markets after continued outperforming in last one quarter," said Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities. Hero MotoCorp Ltd, Tata Steel Ltd, Tata Motors Ltd, Bajaj Finserv Ltd, and NTPC were among the top losers of Nifty, while Divi's Laboratories Ltd, Nestle India Ltd, Hindustan Unilever Ltd, Asian Paints Ltd, and Tech Mahindra Ltd were among the top gainers. All the Nifty sectoral indices ended in red.
Investor optimism dampened following Fitch's downgrade of the U.S. long-term debt rating due to fiscal concerns and disappointing factory activity data from China and the euro zone. Asian markets tumbled alongside Wall Street as traders were taken aback by the downgrading of US sovereign debt, weak economic data, and worries over inflated valuations on Wednesday.
Tokyo's Nikkei 225 closed 1.8% at 32,861.29, Hong Kong's Hang Seng Index ended down 0.5% at 19,916.77, and Shanghai Composite was down 0.2% at 3,285.32. “The Indian market witnessed a broad sectoral slide, affected by weak global market trends. Negative news regarding the US rating downgrade on fiscal concerns, coupled with weak factory activity data from
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