Sensex, Nifty close lower on selloff in power, metal stocks

Equity benchmarks Sensex and Nifty gave up early gains to close in the red on Wednesday after a selloff in power, metal and consumer durable stocks amid a weak trend in global equities.

However, a rally in the rupee against the U.S. dollar and unabated foreign capital inflows helped the indices restrict the losses, traders said.

In a largely range-bound session, the 30-share BSE Sensex ended 151.60 points or 0.25% lower at 61,033.55. The index witnessed high volatility towards the fag-end and recorded an intra-day high of 61,447.23 and a low of 60,905.15.

On similar lines, the broader NSE Nifty fell 45.80 points or 0.25% to end at 18,157.

PowerGrid was the biggest loser in the Sensex pack, slipping 4.06%, followed by Tech Mahindra, Sun Pharma, Bajaj Finserv, NTPC and M&M.

In contrast, ITC, Dr Reddy’s, Kotak Mahindra Bank, IndusInd Bank and HCL Tech were among the gainers, climbing up to 1.99%.

Domestic equity markets were closed on Tuesday on account of Guru Nanak Jayanti.

Elsewhere in Asia, bourses in Shanghai, Tokyo and Hong Kong closed in the red, while Seoul logged gains.

Stock exchanges in Europe too were trading with losses in mid-session deals.

International oil benchmark Brent crude was trading 0.67% lower at $94.72 per barrel.

The rupee appreciated 42 paise to close at 81.50 (provisional) against the U.S. dollar on Wednesday.

Foreign institutional investors (FIIs) remained net buyers in the Indian capital market on Monday, as they bought shares worth ₹1,948.51 crore, as per exchange data.