Benchmark indices Sensex and Nifty closed more than 2% lower on Wednesday. This after Banks bled following HDFC bank's Q3 results. Concerns over heightened tensions in the Middle East and fading expectations of a rate cut by the US Federal Reserve also drove the markets to loss.
The Sensex closed 2% lower at 71,501 points losing about 1,614 points compared to the previous day. Meanwhile Nifty saw its biggest one-day fall since 24 February 2022 closing at 21,578. The benchmark index was down 453 points or 2.06%.
The BSE MidCap index shed 1% and the SmallCap index 0.9%. Nifty Banks declined over 4% falling 2,000 points.
"The Nifty 50 index opened with a dip cut of over 200 points and traded with a negative bias throughout the session. The weakness has taken over the positive bias, and if the index fails to recoup losses, the bears may find opportunities to seize control. Technically, 21700 becomes the immediate resistance followed by 21850 level. On the downside, 21500 needs to be watched for a decisive breakdown", said StoxBox’s Technical and Derivatives Analyst Avdhut Bagkar.
Top gainers on the NSE were HCL Technologies Ltd (1.39%), SBI Life Insurance Company Ltd (0.92%), LTI Mindtree Ltd (0.66%), Tata Consultancy Services Ltd (0.63%), and Infosys Ltd (0.53%).
Top losers on the NSE include HDFC Bank Ltd (-8.50%), Tata Steel Ltd (-4.15%), Kotak Mahindra Bank Ltd (-3.68%), Hindalco Industries Ltd (-3.37%), Axis Bank Ltd (-3.35%)