Mumbai, Sep 30 (PTI) Benchmark stock indices Sensex and Nifty closed lower for the third consecutive session on Wednesday, dragged down by last-hour selling in metal and pharma shares amid firm crude oil prices and elevated global bond yields.
Giving up all intraday gains, the 30-share BSE Sensex declined 48.78 points, or 0.07 per cent, to settle at 72,480.29 on fag-end selling. After a flat start, the index had gained 533.16 points, or 0.73 per cent, to hit a high of 73,062.23.
The 50-share NSE Nifty dropped 95.75 points, or 0.42 per cent, to end at 22,620.45.
This month, the BSE benchmark tanked 4,476.98 points, or 5.81 per cent, and the Nifty dropped 1,459.95 points, or 6 per cent.
Among the 30 Sensex firms, Eternal, Sun Pharma, Titan, Adani Ports, Tata Steel and HDFC Bank were among the major laggards.
Kotak Mahindra Bank, ICICI Bank, InterGlobe Aviation and Axis Bank were among the winners.
Brent crude, the global oil benchmark, was up 0.54 per cent to USD 103.1 per barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 9,980.22 crore on Tuesday, according to exchange data.
“The relief rally loses its steam with profit booking at the higher levels, followed by a rebound in oil prices. The elevated global bond yields continue to remain a key overhang, limiting the scope for sustained risk-taking.
“The overall market tone remains cautious; investors continue to monitor the trajectory of crude oil prices, bond yields, inflation expectations, and the potential implications for global monetary policy,” Vinod Nair, Head of Research, Geojit Investments Ltd, said.
Broader markets closed mixed as the BSE MidCap Select index declined 0.44 per cent, while SmallCap Select index was up 0.34 per cent.
Among the BSE sectoral indices, Hospitals tanked 4.97 per cent, Healthcare tumbled 2.35 per cent, Consumer Durables 1.43 per cent, Metal 1.24 per cent, Commodities 0.54 per cent and FMCG 0.35 per cent.
Realty jumped 1.42 per cent, MidSmall Private Banks Quality Tilt 1.10 per cent, MidSmall Private Banks 1 per cent, Private Banks index 0.66 per cent and Telecommunication 0.54 per cent.
“Global macro concerns continued to keep sentiment fragile. Brent crude remained elevated around USD 103 a barrel despite moderating somewhat from recent highs, while the US 10-year Treasury yield remained near recent highs, having touched 5.293% in the previous session. Persistent foreign selling remained another major overhang, with FIIs selling nearly Rs 9,980 crore on Tuesday,” Ajit Mishra, SVP – research, Religare Broking, said.
“Crude oil prices remained relatively stable through the session, offering little fresh direction as uncertainty over the regional conflict and its implications for global energy supplies remained unresolved. This kept the broader market tone measured rather than decisively negative,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
In Asian markets, South Korea’s Kospi ended lower, while Shanghai’s SSE Composite index, Japan’s Nikkei 225 and Hong Kong’s Hang Seng index settled higher.
Markets in Europe were trading on a mixed note.
US markets ended lower on Tuesday.
On Tuesday, the Sensex dropped 242.65 points, or 0.33 per cent, to settle at 72,529.07. The Nifty declined 64.05 points, or 0.28 per cent, to end at 22,716.20. PTI SUM MR
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