Volatility Prevails as Markets Retreat: Sensex Drops Over 150 Points, Nifty Dips Below 19,800

22 Nov 2023 , 01:29 PM

The Indian stock market erased early gains and ended lower on Wednesday amid weak global cues and profit-booking in some index heavyweights. The benchmark BSE Sensex ended 151.02 points or 0.27% lower at 56,014.17, while the broader Nifty 50 index slipped 60.35 points or 0.31% to close at 19,757.30.

The market had opened higher on positive global cues, but it failed to sustain the gains and turned volatile in the afternoon session. The Sensex had touched a high of 56,653.10 in the early trade.

The fall in the market was led by losses in Reliance Industries, HDFC Bank, Infosys and ICICI Bank. These stocks together contributed over 200 points to the Sensex’s fall.

On the other hand, Tata Consultancy Services (TCS), Sun Pharma and Bajaj Finance ended with gains.

Sectorally, the BSE IT index fell 0.72%, while the BSE FMCG index slipped 0.69%. The BSE Healthcare index ended 0.31% lower, while the BSE Realty index declined 0.28%.

In the broader market, midcap and smallcap stocks also declined. The BSE Midcap index fell 0.66%, while the BSE Smallcap index slipped 0.63%.

Among individual stocks, Reliance Industries fell 2.32% to Rs 2,317.25, HDFC Bank declined 1.94% to Rs 1,608, Infosys slipped 1.34% to Rs 1,481.35 and ICICI Bank fell 1.16% to Rs 794.50.

On the other hand, TCS ended 1.07% higher at Rs 3,498, Sun Pharma rose 0.31% to Rs 943.85 and Bajaj Finance gained 0.25% to Rs 6,367.15.

Foreign institutional investors (FIIs) were net sellers in the Indian equity market on Wednesday. They sold shares worth Rs 1,282.59 crore.