Closing Bell: Markets extend fall for 3rd straight session; Sensex down 370 points, Nifty below 16000 level - Banking & Financials drag most

Declining for the third consecutive session, the Indian markets closed negative on Wednesday as the BSE Sensex slipped over 370 points and Nifty50 tumbled below key support level of 16000. The weakness in the benchmarks was mainly led by banking and financial stocks. 

At the market close, the BSE Sensex dipped by 372 points or 0.69 per cent to 53,514.15, while Nifty50 slumped by 92 points or 0.57 per cent to 15,966.65. Conversely, the broader markets closed in the green, with both mid and small-cap surging by 0.16 and 0.22 per cent respectively. 

The 12-share banking index – Nifty Bank, dragged the benchmark index most. It fell by 304 points or 0.87 per cent to 34,827.8 at the close, dragged by private lenders like HDFC Bank and ICICI Bank. 

As many as 27 stocks advanced and 22 declined on Nifty50 at the close. Metal stock JSW Steel gained the most to become a top Nifty gainer, up nearly 2.5 per cent, followed by Divis Lab also up almost 2.5 per cent, while HUL, Cipla, and Asian Paints each gained between 1.5-2 per cent at the close. 

On the contrary, IndusInd Bank closed as a top Nifty loser, down around 3.3 per cent, followed by Bharti Airtel down over 3 per cent, while heavyweights such as HDFC, HDFC Bank, and Reliance Industries each down between 1.5-3 per cent at the market close. 

The sectoral indices were equally divided into gainers and laggards, wherein bank and financials lead the gainers pack up slipping nearly 1 per cent, while the Pharma index spearheaded the winners' pack, gaining over 1 per cent, followed by FMCG and Metal each up around 1 per cent at the close.