Indian equity market ended lower today, weighed down by a correction in Bajaj twins and Titan Company amid weak global cues. Sensex fell 537 points to 56,819 and Nifty slipped 162 points to end at 17,038. Bajaj Twins, ICICI Bank and Titan were the top Sensex losers, falling up to 7.28 per cent.
Tata Steel, Asian Paints, TCS and HCL Tech were the top Sensex gainers, rising up to 1.05 per cent.
Of the 30 Sensex stocks, 22 ended in the red.
Market cap of BSE-listed firms fell to Rs 266.99 lakh crore. BSE mid-cap and small-cap indices slumped 216 points and 176 points, respectively.
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The market breadth was negative with 1042 shares ending higher against 2487 stocks falling in the red. 145 shares were unchanged.
Vinod Nair, Head of Research at Geojit Financial Service said, "Market continued to be gripped by high volatility following a heavy selloff in the global markets led by elevated energy crisis and weak Chinese economic outlook underpinned by prospects of US rate hikes. Investors are weighing the possibility of a global slowdown due to monetary tightening by central banks, lockdown in China and Russia -Ukraine war. This has resulted in an outflow of funds from equity markets to safe havens."
Banking and consumer durables shares were the top sectoral losers with their BSE indices falling 450 points and 503 points, respectively.
Persistent foreign capital outflows also dented investor sentiment, forex traders said.
Foreign institutional investors continued their selling spree, offloading shares worth Rs 1,174.05 crore on Tuesday, according to stock exchange data.
Equity market closed higher on Tuesday led by gains in Titan and Mahindra & Mahindra amid positive global cues. Sensex rose 776 points to 57,356 and Nifty ended 246 points higher at 17,200. PowerGrid, Titan, M&M , IndusInd Bank and Bajaj Finance shares were the top Sensex gainers, rising up to 3.93 per cent. Axis Bank, Asian Paints, Maruti Suzuki and TCS were the only losers, falling up to 0.72 per cent.
Global markets
European stocks rose on Wednesday, post losses in Asia today. France's CAC 40 gained 0.4% in early trading to 6,436.83. Germany's DAX edged up 0.3% to 13,803.24. Britain's FTSE 100 rose 0.2% to 7,399.85.
The future for the Dow industrials gained 1.1% while that for the S&P 500 added 1.0%. In Asia, Tokyo's Nikkei 225 dropped 1.2% to 26,386.63. South Korea's Kospi slipped 1.1% to 2,639.06 and the Hang Seng in Hong Kong was little changed at 19,946.36.