Markets snap 5-day winning run on fag-end selloff; IT, finance stocks weigh

BSE realty, auto, IT, teck, power and consumer durables indices fell up to 2.05 per cent, while metal, FMCG and healthcare finished with gains.

Markets snap 5-day winning run on fag-end selloff; IT, finance stocks weigh

Mumbai: Equity benchmarks succumbed to a fag-end selloff to close in the red on Wednesday as investors pocketed gains after a five-session rally amid weak global cues.

A depreciating rupee also weighed on market sentiment, traders said.

After opening on a positive note, the 30-share BSE Sensex buckled under selling pressure in the last hour of trade to close 345.51 points, or 0.95 per cent, lower at 36,329.01.

On similar lines, the broader NSE Nifty shed 93.90 points, or 0.87 per cent, to close at 10,705.75.

Bajaj Finance was the top laggard in the Sensex pack, tumbling 4.45 per cent, followed by Asian Paints, Bajaj Finserv, Maruti, HCL Tech and Infosys.

On the other hand, IndusInd Bank, SBI, HUL, Tata Steel and ITC were among the gainers, spurting up to 5.06 per cent.

According to traders, domestic market followed the volatility in global equities as rising number of COVID-19 cases across the world stoked concerns over economic recovery.

The number of cases around the world linked to the disease has crossed 1.17 crore and the death toll has topped 5.43 lakh.

In India, the number of infections has spiked to 7.42 lakh, with 20,642 fatalities.

"Markets were volatile as virus infections continued to mount and uncertainty increased regarding the economic recovery. Volatility is expected to continue and investors need to maintain a stock specific view on the market," said Vinod Nair, Head of Research at Geojit Financial Services.

BSE realty, auto, IT, teck, power and consumer durables indices fell up to 2.05 per cent, while metal, FMCG and healthcare finished with gains.

Broader BSE mid-cap and small-cap indices fell up to 0.43 per cent.

Global equities wavered as the relentless rise in coronavirus cases triggered doubts about the economic recovery.

Bourses in Tokyo and Seoul closed lower, while Shanghai and Hong Kong notched up gains.

Stock exchanges in Europe too began on a negative note.

Meanwhile, international oil benchmark Brent crude futures fell 0.16 per cent to USD 43.01 per barrel.

On the currency front, the rupee depreciated 9 paise to settle at 75.02 against the US dollar.