Closing Bell: HDFC, HDFC Bank drag Sensex, Nifty50 as markets end truncated week in red

Indian markets closed negative after a gap-up opening mainly dragged mainly by auto, bank, and financial service sector stocks. Domestic markets ended negatively for the third straight session today. At the market close, the BSE Sensex fell by over 237 points or 0.41 per cent to 58339-level, while Nifty50 declined by almost 55 points or 0.31 per cent to 17475-level on Wednesday. 

Meanwhile, the broader markets closed mixed as mid-cap ended flat with a negative bias down 0.03 per cent, and small-cap concluded in the green up 0.2 per cent. 

See Zee Business Live TV Streaming Below:

As many as 22 shares closed in the green and 28 in the red on Nifty50 at the market close. ONGC closed as a top gainer, up nearly 3 per cent on the back rise in crude prices and OPEC (Organization of the Petroleum Exporting Countries) decision to cut 2022 oil demand growth on Tuesday.

Apollo Hospital closed second-highest on Nifty50 on Wednesday, up over 2 per cent, followed by UPL, ITC, and Sun Pharma each up between 1-2 per cent on the NSE.

On the contrary, HDFC twins – HDFC Bank and HDFC were amongst the top laggards on Nifty, after Maruti Suzuki, each of these stocks declined between 2-2.5 per cent, followed by Dr Reddy’s and Tata Motors down over 1.5 per cent each at the close.

Sectorally, the maximum selling pressure was seen in auto, banking, and financial stocks, each down by nearly 1 per cent, while FMCG witnessed most buying interest followed by metal and pharma stocks during Wednesday’s session.