The News Scroll 23 June 2021  Last Updated at 5:14 pm | Source: PTI

Sensex breaks 3-day winning streak as heavyweights stumble

Sensex breaks 3-day winning streak as heavyweights stumble
outlookindia.com
1970-01-01T05:30:00+0530
Mumbai, Jun 23 (PTI) The BSE Sensex nursed losses on Wednesday after three days of gains, weighed by selling in Reliance Industries, finance and metal stocks despite firm Asian cues.

Persistent foreign fund outflows added to the selling momentum, though a recovery in the rupee capped the losses, traders said.

The 30-share BSE benchmark ended 282.63 points or 0.54 per cent lower at 52,306.08 in choppy trade. Similarly, the broader NSE Nifty declined 85.80 points or 0.54 per cent to 15,686.95.

Kotak Bank was the top loser among the Sensex constituents, shedding 1.32 per cent, followed by L&T, Tata Steel, TCS, Axis bank, ICICI Bank, HDFC and Reliance Industries.

On the other hand, Maruti, Titan, Bajaj Finserv, M&M, UltraTech Cement, HDFC Bank and SBI finished with gains of up to 2.33 per cent.

In the Sensex pack, 23 counters declined while only 7 ended in the green.

"Consolidation continued as lack of key triggers in the domestic market and flight of foreign funds influenced investors to stay on the sideline. Global markets remain mixed as Fed''s reassurance on a slow pace in rates hike failed to get momentum in the market.

"All the sectors traded in red barring auto as all major manufacturers decided on a price hike. Easing lockdown restrictions and pick up in vaccination drive will aid economic activity, which is likely to be visible in the second half of the financial year," said Vinod Nair, Head of Research at Geojit Financial Services.

BSE oil and gas, utilities, metal, energy, teck and IT indices fell up to 1.21 per cent, while consumer durables and auto closed higher.

Broader BSE midcap and smallcap indices lost up to 0.43 per cent.

On the macroeconomic front, Moody''s Investors Service slashed India''s growth projection to 9.6 per cent for 2021 calendar year, from its earlier estimate of 13.9 per cent, and said faster COVID vaccination will be paramount in restricting economic losses to the June quarter.

Asian markets followed Wall Street higher after Federal Reserve chair Jerome Powell reiterated the US central bank''s accommodative stance despite concerns over hardening inflation.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended with gains, while Seoul was in the red.

Equities in Europe were largely trading with losses in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.84 per cent higher at USD 75.44 per barrel.

The rupee snapped its two-day losing streak to settle 10 paise higher at 74.27 against the US dollar, tracking weakness of the American currency overseas.

Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 1,027.94 crore, as per exchange data. PTI ANS ABM ABM


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI
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