Indian benchmark indices close in bloodbath owing to heavy sell-off

20 Dec 2023 , 03:39 PM

Domestic equity indices ended today’s session with sharp declines after witnessing heavy sell-off throughout the session. The indices touched new highs before stooping to low levels. Sensex tanked over 900 points, and Nifty fell over 400 points.

The selling occurred despite the fact that the global market attitude remained positive. Except for the IT and FMCG indexes, all sectors traded down.

BSE Sensex concluded the session 931 points lower at 70,506. NSE Nifty ended with a decline of 347 points at 21,106.

On the sectoral front, all major indices closed in red. Nifty Metal, Media, and Banking stocks fell more than 4%. Heavyweights Nifty Auto and IT stocks closed 2% lower. The mid and small-cap groups have exorbitant valuations. At these prices, chasing mid and small-caps is risky.

On the nifty index, only 4 out of 50 stocks closed in green, namely, ONGC, Tata Consumer, Britannia Industries, and Cipla. The top laggards were Adani Ports, Adani Enterprises, UPL, Tata Steel, and NTPC.

Most active stocks in terms of value were HDFC Bank, Reliance Industries, ICICI Bank, SBI, and ONGC.

In today’s session, a total of 198 stocks rose to new 52-week highs, while 23 stocks touched new 52-week lows.

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