The stock market closed in the red on Wednesday, with the Sensex and Nifty extending their losing streaks for the sixth consecutive session, marking the longest decline in the past three months.
| Company | Value | Change | %Change |
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The Sensex fell 123 points to settle at 76,171, while the Nifty slipped 27 points to close at 23,045.
Despite the negative close, the broader markets saw a significant recovery from the day’s lows, with the midcap index climbing 1,400 points off its bottom, although it still ended 132 points lower at 50,756. The Nifty Bank index saw a positive turn, rising 700 points from the day’s low to close 76 points higher, at 49,479, providing crucial support to the Nifty index.
The market breadth leaned toward declines, with the advance-decline ratio standing at 2:3, reflecting a larger number of stocks in the red. However, the financial sector continued to provide stability, particularly with banking stocks contributing positively to the indices.
The auto sector continued to face selling pressure. Mahindra & Mahindra and Eicher Motors were among the top losers, reflecting broader concerns within the sector. Most other auto stocks experienced similar downward movement, although Ashok Leyland stood out with a positive reaction following its Q3 earnings, rising over 8% after reporting an all-round beat.
On the earnings front, Siemens closed with minor cuts, after reporting a mixed set of quarterly results, while Hindustan Aeronautics (HAL) ended nearly 2% lower amid volatility, despite reporting largely in-line Q3 earnings. Jubilant Foodworks missed margin estimates, leading to a 3% drop in its stock price.
The real estate sector faced significant selling pressure, with stocks down between 4-7%, driven by concerns over slowing demand and economic uncertainty.
As the market closed, Nifty managed to hold on to the crucial 23,000 level, largely due to the support from financial stocks, though broader market sentiment remained weak, as seen by the overall decline in the market breadth.
