IT, Metals, Realty lead fall; Broader market under pressure
Benchmark indices were trading at the day’s lows amid volatility during the afternoon on Wednesday. Market started on a positive note amid mixed global cues but soon turned volatile. Indices erased all gains to trade lower, witnessing selling pressure across multiple counters.
At 1 pm, the BSE Sensex was trading at the day’s low of 53,828.88, down 223.73 points or 0.41 per cent. It recorded an intraday high of 54,379.59. The Nifty 50 was trading at 16,050.65, down 74.50 points or 0.46 per cent, near the day’s low of 16,050.20. It recorded an intraday high of 16,223.35.
Market is likely to remain volatile ahead of the monthly F&O settlement on Thursday. Investors are awaiting the FOMC (Federal Open Market Committee) minutes later today for clarity on the Fed’s rate-hike path in the near term. The volatility index softened 0.62 per cent to 25.48. SBI Life, HDFC Life, Kotak Bank, NTPC and Nestle India were the top gainers on the Nifty 50 while Asian Paints, Adani Ports, Tech Mahindra, UPL and Wipro were the top laggards.
On the sectoral front, a majority of indices were in the red with IT, metals and realty witnessing increased pressure. Financials barring PSU Bank managed to retain gains. Nifty IT was down over 3 per cent while Nifty Realty was down nearly 3 per cent. Nifty Metal was trading over 2 per cent lower.
Nifty PSU Bank and Nifty Oil & Gas were down over 1 per cent each. Meanwhile, Nifty Financial Services was up 0.73 per cent. Nifty Bank and Nifty Private Bank were up 0.34 per cent and 0.49 per cent, respectively.
Broader market under pressure
The broader market remained under pressure with small-caps taking a heavy beating. Nifty Midcap 50 was down 1.67 per cent while Nifty Smallcap 50 was down 3.26 per cent. The S&P BSE Midcap was down 1.60 per cent while the S&P BSE Smallcap was down 2.41 per cent.