Markets end lower led by IT, Financial stocks; Sensex slips over 550 pts; HDFC twins underperform

6 Apr 2022 , 04:02 PM

Domestic equities moved in tandem with U.S markets to close lower, fuelled by investors’ expectation of a stricter interest rate hike by the FED. The market closed lower for a second straight day dragged by IT and financial stocks.

The BSE Sensex declined 564 points, or 0.94 per cent, to end at 59,610 while the Nifty50 shut shop at 17,808, down 150 points or 0.83 per cent. Broader markets outperformed the main indices with Nifty Midcap and Nifty Smallcap gaining 0.6% and 0.1% respectively.

Most sectoral indices ended in red except Nifty Metal (+1.4%) and Nifty PSU Bank (+1.9%). Nifty IT, Nifty Fin Service and Nifty Pvt Bank were the major laggards which dipped 1.63%, 1.59% and 1.28% respectively.

Coal India, Tata Steel, NTPC, UPL, PowerGrid, BPCL, and Bharti Airtel were the top gainers while, HDFC Bank, HDFC, and HDFC Life were the biggest laggards on the 50-pack index. HCL Tech, Infosys, Tech Mahindra, Shree Cement, TCS, Divis Labs, Kotak Bank, Axis Bank, and M&M were the top losers today.

Meanwhile, European markets inched lower with the pan-European Stoxx 600 slipping 0.3 per cent. The UK’s FTSE100, Germany’s DAX, and France’s CAC40 were also dipped in the range of 0.5-1.5 per cent.

Japan’s Nikkei ended 1.6 per cent lower, South Korea’s Kospi dropped 0.88 per cent, and China’s CSI300 fell 0.3 per cent.