Sensex ends volatile session 778 pts lower; banks and auto bleed, metals shine

NEW DELHI: Benchmark indices sank again on Wednesday after surging crude oil prices indicated towards inflation to rise further. Foreign outflows continued dragging banks, autos lower.

Auto sales data was also disappointing. Moreover, India’s growth numbers that came out on Monday were sharply lower than the expectations. Though the outlook for metal stocks rose and stocks surged for another day.

The 30-share pack Sensex declined 778.38 points or 1.38 per cent to close at 55,468.90. Its broader peer NSE Nifty slumped 185.05 points or 1.10 per cent to 16,608.85.


“It makes sense to deploy the surplus cash in your portfolio in a step-by-step manner assuming stability in the future on a medium to long-term basis. However, volatility is expected in the near term given boiled crude price, state election outcome, and Fed policy status in the coming weeks," said Vinod Nair, Head of Research at Geojit Financial Services.

Market at a glance:

• Chemplast Sanmar rose 10% after credit rating upgrade
• TVS Motor shares shed 3% as Feb sales dropped 5%
• Tata Steel jumped 6% on expansion plans in medical, branded tubes
• Hero Motocorp fell 4% as Feb sales declined 29% YoY
• India VIX, barometer of future volatility, rose 2% to 29

Among the bluechip names, Coal India was the biggest gainer, rising 8.52 per cent. HDFC Life Insurance, SBI Life Insurance, Tata Steel, Hindalco Industries, UPL and JSW Steel were other major gainers.

Maruti Suzuki was the top loser in the Nifty pack, falling 6 per cent. Dr Reddy’s Labs, Bajaj Auto, Asian Paints, Hero MotoCorp, ICICI Bank, HDFC Bank and HDFC were other names that ended in the red. Broader market indices ended mixed, outperforming their headline peers.

Broader market indices ended mixed, outperforming their headline peers. Nifty Smallcap rose 0.50 per cent and Nifty Midcap dipped 0.02 per cent.

Nifty 500, the broadest index on NSE, ended down 0.76 per cent. Nalco, Aegis Logistics, IEX, Hindustan Zinc, Adani Total Gas and Oil India were top gainers from mid and smallcap indices. Bank of Baroda, CG Consumer, Gujarat Gas, Linde India, Kajaria Ceramics and Radico Khaitan were major losers from the broader market space.

Sectoral matrix was mixed on NSE. Nifty Metal was the biggest gainer, up 4.07 per cent, followed by Nifty Media, which rose 1.87 per cent. Nifty Auto was the top loser, down 2.96 per cent. Nifty Bank and Nifty Financial Services were other losers.

Market breadth was in favour of gainers as 1,692 stocks ended in the green, while 1,652 names settled with cuts. As many as 73 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 34 names hit 52-week lows, mostly from the microcap space.

About 313 stocks hit upper circuit limits and 224 lower circuit limits. European markets were trading higher. London-based FTSE rose 0.90 per cent while Paris and Frankfurt climbed 0.59 per cent and 0.49 per cent, respectively. In Asia, barring South Korea, all markets ended in the red.