Market Wrap: D-Street slides as Middle East concerns simmer; Sensex down 139 pts, Nifty below 24,850
Indian benchmark indices ended in the red on Wednesday, weighed down by losses in IT and financial stocks, while escalating tensions in the Middle East drove up oil prices and kept investor sentiment subdued.
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Indian benchmark indices ended in the red on Wednesday, weighed down by losses in IT and financial stocks, while escalating tensions in the Middle East drove up oil prices and kept investor sentiment subdued.The BSE Sensex shed 138.64 points, or 0.17%, to close at 81,444.66, while the NSE Nifty declined 41.35 points, or 0.17%, to settle at 24,812.05.The market capitalization of all listed companies on the BSE shrank by Rs 2.69 lakh crore to Rs 446.17 lakh crore.On the 30-share Sensex, TCS , Adani Ports and Special Economic Zone, Hindustan Unilever Bajaj Finserv , and NTPC were among the top laggards, falling between 1% and 1.6%.Financial stocks declined, with the Nifty Financial Services index slipping 0.3%. Index heavyweight ICICI Bank dropped 0.8%.IT stocks, which generate a substantial portion of their revenue from the U.S., also came under pressure. The Nifty IT index fell 0.8%, led by a 1.7% decline in TCS. Shares of LTI Mindtree, HCL Technologies , and Infosys were down between 0.5% and 1.1%.Broader markets mirrored the weakness, with the more domestically oriented Nifty Smallcap 100 and Nifty Midcap 100 indices losing 0.2% and 0.5%, respectively.Among individual movers, Hindustan Zinc dropped 6.9% after its parent Vedanta offloaded a 1.6% stake via a $350 million block deal, priced at a 7% discount to the previous close. Reliance Infrastructure jumped 5% after its subsidiary announced a partnership with France's Dassault Aviation to manufacture Falcon 2000 business jets in India.IndusInd Bank rallied 5.1% after Nomura upgraded the stock to 'buy' from 'neutral' and raised its target price, citing a meaningful clean-up of the bank's balance sheet.
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