Indian benchmark indices slipped in late morning deals on Wednesday after a positive start in early trade. Sensex fell 485 pts to 73,183 and Nifty declined 197 pts to 22,138. Market cap of BSE-listed firms fell to Rs 376.67 lakh crore. ITC, Nestle, ICICI Bank and Kotak Bank were the top Sensex gainers, rising up to 6.41 per cent. Of 30 Sensex stocks, 24 were trading in the red.
Shares of PowerGrid, NTPC, Tata Steel and Titan were the top Sensex losers, falling up to 5.70%.Midcap and small cap indices tanked 1131 pts and 1621 pts, respectively.
Gaurang Shah, Senior Vice President, Geojit Financial Services said, "Given the historical volatility of small and midcap stocks, it's crucial for investors to exercise caution in allocating funds, whether directly in stocks or through mutual fund SIPs. Investors should be prepared for the inherent volatility in small, mid, and microcap stocks, as corrective phases have occurred before. Regulatory steps aim to safeguard the interests of small retail investors."
Capital goods, consumer durables and auto shares were the top sectoral losers with their indices tanking 1890 points, 1243 points, and 908 points, respectively on BSE.
Market breadth was negative with 420 stocks rising against 3333 stocks falling on BSE. 78 shares were unchanged.
Previous session
The domestic equity market closed higher on Tuesday. Sensex ended 165 pts higher at 73,667 and Nifty added 3 points to close at 22,335