Benchmark stock market indices settled lower on Wednesday as losses in banking and financial shares overshadowed positive global cues. Both benchmarks have ended lower for five straight sessions.
At the closing bell, the S&P BSE Sensex ended 344.29 points lower to 57,555.90, while the NSE Nifty settled below the 17,000-mark after falling 71.15 points. The situation in the broader markets was slightly better than the benchmarks, with Nifty Smallcap and Midcap indices ending in positive territory.It may be noted that the Nifty Bank, Nifty Financials, Nifty Media, Nifty FMCG and Nifty Auto were the top sectoral drags, while Nifty Metal rose 1.80 per cent. Nifty Pharma also saw marginal gains.
Adani Group stocks emerged as strong performers, with flagship Adani Enterprises rising over 5 per cent and Adani Ports gaining just over 4 per cent. Other stocks that gained include Asian Paints, Tata Steel and Titan.
On the other hand, the top losers on the 50-share Nifty were Bharti Airtel, IndusInd Bank, Reliance Industries Limited, Hindustan Unilever and SBI.
Domestic markets started off the day on a positive note, in line with global market trends, after fresh US inflation data bolstered hopes of a smaller interest rate hike by the US Federal Reserve in its upcoming policy review. However, the gains evaporated due to late selling and weakness in heavyweight banking and financial stocks.
