Closing Bell: Sensex sheds over 1,300 pts as markets fall again; Nifty below 23,900

Closing Bell: Indian equities ended the session sharply lower on Wednesday as broad-based selling across sectors dragged benchmark indices down nearly 1.5%. Financial heavyweights and auto stocks led the decline, pushing the Nifty below the 23,900 mark.The Sensex fell 1,342 points to close at 76,864, while the Nifty 50 dropped 395 points to settle at 23,867. Banking stocks were among the worst hit, with the Nifty Bank index sliding over 2% or 1,215 points to 55,736. Axis Bank, Kotak Mahindra Bank and IndusInd Bank were among the top losers in the banking pack.

Market breadth remained tilted towards declines, with the NSE advance-decline ratio at 2:3. As many as 25 of the 30 Sensex constituents ended in the red, while 41 Nifty stocks closed lower and 16 of them declined more than 2%.
In the derivatives segment, Colgate emerged as the top F&O loser, falling more than 6% on healthy volumes. Auto stocks also came under pressure, with TVS Motorslipping nearly 5%.Cable and wire companies Polycab and KEI Industries dropped up to 10% over the past two sessions amid concerns over volume growth. On the gaining side, FACT extended its rally, rising 32% in two sessions. Oil India gained nearly 3% as Brent crude prices surged above $92 per barrel.

Also Read: Stock Market Fall: India’s three largest lenders wipe out nearly ₹50,000 crore in market cap

Meanwhile, Shakti Pumps, Oswal Pumps, VA Tech and Astral advanced up to 7% after the extension of the Jal Jeevan Mission. InterGlobe Aviation (IndiGo) failed to hold on to its early gains and ended about 4% off its intraday highs.

In the currency market, the rupee weakened to close at 92.04 per dollar compared with Tuesday’s close of 91.81.