Markets end lower led by auto, financial; Sensex down over 300 pts, Nifty below 17,250; Metal stocks gain

23 Mar 2022 , 03:51 PM

Equity benchmark indices erased early morning’s gain to close lower as selling pressure was seen in auto, financials and select heavyweights. The BSE Sensex slipped 304 points or 0.53 per cent to close at 57,685. The broader NSE Nifty also fell 70 points or 0.40 per cent to settle at 17,246.

The Midcap and smallcap shares finished on a mixed note as Nifty Midcap 100 index rose 0.55 per cent and small-cap shares dipped 0.21 per cent each.

The Nifty Auto fell over 1% and is also the worst sectoral performer in today’s trade. Shares of Hero MotoCorp was down by 1% after the media reports said that Income Tax (I-T) department began searches at the company’s premises. It also raided Hero MotoCorp Chairman Pawan Munjal and other senior executives of the company for suspected tax evasion.

Among other sectors, Nifty Financial Services underperformed the index by falling 0.88 per cent, however, Nifty Metal and Nifty Pharma surged as much as 1.21 per cent and 0.42 per cent, respectively.

On the stock-specific front, Kotak Mahindra Bank was the top Nifty loser as the stock cracked over 2.5 per cent. HDFC, Britannia, Bharti Airtel and Sun Pharma were also among the laggards, whereas, Divis Labs, Hindalco, Dr Reddy’s Labs, and Tata Steel gained over 2 per cent each.

The overall market breadth on BSE stood negative as 1,467 shares advanced while 1,927 declined.

Meanwhile, Brent crude futures traded near the $117 a barrel mark on global supply concerns amid the ongoing Russia-Ukraine conflict.