A sharp selloff in the last hour of trade weighed on equity benchmarks on Wednesday, with the Nifty giving up 11,700-mark. Weakness among giant index names such as Reliance Industries, HDFC Bank, and Infosys, among others, dragged the Market lower as well.
Banks had a negative impact on the market, along with energy stocks, infra, IT and pharmaceutical names. However, PSU banks and metals tried to offset the losses, but bulls had the tide in their favor.
At the close of market hours, the Sensex closed 173.70 points or 0.45% lower at 38722.93, while the Nifty fell 46.60 points or 0.40% at 11691.90. The market breadth is negative as 1,275 shares advanced, 1,415 shares declined, while 172 shares were unchanged.
ONGC, SBI, Bajaj Finance and UPL are the top gainers, while Coal India, RIL and Power Grid have lost the most.
HEADLINES OF THE DAY
Indian rupee hits a fresh record low of 70.57 per dollar.
India may breach 3.3% fiscal deficit target as oil prices rise.
The crucial resistance for Nifty spot is now seen at 11750 and above this 11900 Support for the immediate term is now placed at 11550 next support will be 11350.
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