Closing Bell: Bears get a walkover on street as Sensex, Nifty capitulate to selling pressure in IT, bank and metal stocks

Closing Bell: Bears got a virtual walkover on Dalal Street as frontline indices capitulated to selling pressure in IT, banks and metal stocks. S&P BSE Sensex and NSE Nifty50 ended in deep red today which was also a weekly expiry day. Sensex closed at 61,799.03, down 878 points 1.40 per cent while Nifty50 finished at 18,414.90, 245 points or 0.59 per cent lower from Wednesday's closing. Banking gauge Nifty Bank settled at 43,498.20, dropping 551 points or 1.25 per cent.

India VIX, a gauge of volatility in Nifty was up 6.57 per cent to 13.73. 

The negative closing comes on the heels of Federal Reserve's 50 bps interest rate hike and forward guidance on inflation and GDP. The Fed Chair lowered GDP growth estimates for FY23 while highlighting inflation situation outlook. Both Sensex and Nifty50 opened with gap down and widened the losses as the session progressed.

In the 50-stock Nifty50, 5 advanced against 45 declines. The top gainers were NTPC, HeroMoto Corp, Britannia Industries, SBI Life and Sun Pharmaceuticals while the top losers were Tech Mahindra, Titan, Infosys, Grasim Industries and Eicher Motors.

All 15 Nifty sectoral indices ended in the red but the culprit for today's fall were Nifty Bank (-1.25 per cent, Nifty IT (-2.11 per cent) and Nifty Metal (-1.43 per cent). Infosys and HDFC Bank accounted for the lion share of fall in frontline indices. 

Profit booking was visible even in the broader markets. Nifty Mid Cap 100 was trading at 32,530.75, down 1.01 per cent. In the 100 stock index, 19 stocks advanced, 80 declined while 1 remained unchanged. The top gainers were Linde India, Gujarat Gas and Hindustan Petroleum while the top losers were Bank of India, Union Bank and Tube Investments. The Nifty Small Cap 100 index ended at 10,080.95, down 0.57 per cent. 26 stocks gained while 74 stocks declined in the 100-stock index. The top gainers were Sterlite Technologies, JB Chemicals and Indiabulls Housing Finance while the top losers were Medplus Health Services, Campus and Metropolis Health.