Closing Bell: Sensex down 150 points, Nifty below 15800 – IT, FMCG, Bank stocks drag most

Amid massive volatility, the Indian markets snapped a four-day winning rally, to end Wednesday’s session in the red. Sensex closed over 150 points lower, while Nifty50 settled below the 15800-mark, dragged by information & technology, FMCG along with banking and financials.

At the market close, the BSE Sensex fell by 150 points or 0.28 per cent to the 53027-mark, while Nifty50 declined by 51 points or 0.32 per cent to 15799. Broader markets underperformed the benchmarks to close lower, with mid-cap down nearly 0.44 per cent and small-cap down around 0.56 per cent.

As many as 34 stocks declined and 16 advanced on Nifty50 at the close. HDFC Life slumped most to become top Nifty loser, down around 5 per cent, followed by HUL down nearly 4 per cent, and Apollo Hospital down almost 3.5 per cent, while Axis Bank, Tata Consumer, and Bajaj Finserv were down 2-3 per cent.

On the contrary, ONGC continued its upward rally, closing a top Nifty gainer, up nearly 3 per cent, followed by NTPC and Reliance up around 2 per cent, while Coal India gained over 1 per cent.

FMCG stocks witnessed pressure on concerns with respect to GST rate hike on some items. State-owned ONGC and Oil India surge on deregulation for domestically produced oil. Similarly, AU Small Fin Bank slips 4 per cent after Credit Suisse initiates coverage with a target of Rs 510 per share.

Markets traded volatile for yet another session. Weak global cues were weighing on the sentiment in early trade which triggered a gap-down start however buying in select index majors trimmed the losses as the day progressed, Ajit Mishra, VP - Research, Religare Broking said in his comment.