Market

Closing Bell: Sensex, Nifty end in the red after hitting record high in 2 previous sessions

Updated : April 22, 2020 12:13 PM IST

Indian shares ended lower on Wednesday, after hitting record highs in two previous sessions, as major banking heavyweights fell during the day.

Investors also turned cautious ahead of the signing of an initial trade deal.

Indian shares ended mildly in the red on Wednesday, after hitting record highs in two previous sessions, as major banking heavyweights including IndusInd Bank, SBI, and HDFC Bank fell during the day.

Investors also turned cautious ahead of the signing of an initial trade deal. US Treasury Secretary Steven Mnuchin said on Tuesday Washington would keep tariffs on Chinese goods until the completion of a second phase trade agreement, denting hopes of an improvement in relations between the world’s top two economies.

US markets dipped overnight while broader Asian markets also slipped on Wednesday on concerns that the tariff dispute is not over.

The Sensex settled 80 points lower at 41,873, while Nifty ended 19 points lower at 12,343. Meanwhile, broader markets outperformed with Nifty Midcap and Nifty Smallcap indices up 1 percent each.

Among stocks, Yes Bank, Hero MotoCorp, Tata Motors, Titan, and GAIL were the top gainers on Nifty, while IndusInd Bank, Wipro, SBI, Infosys, and BPCL led the losses.

After falling for the last 2 sessions amid concerns over capital raising, Yes Bank share price jumped 3.5 percent after the private lender acquired a 30 percent stake in a Reliance Power subsidiary Rosa Power.

IndusInd Bank fell 5.5 percent on asset quality concerns, a day after the private sector lender released its third-quarter results. Private sector lender IndusInd Bank reported a 32 percent growth in a net profit in Q3FY20 at Rs 1,300.20 crore as against Rs 985.3 crore in the same period last year.

Wipro fell 3.5 percent after it reported a 2.17 percent year-on-year (YoY) drop in consolidated net profit at Rs 2,455.9 crore for the third quarter ended December 2019. In the corresponding quarter last year, the company posted a net profit of Rs 2,510.4 crore.

Sectoral indices were mixed for the day. Nifty Realty and Nifty Auto rose the most, up 1.1 percent, while Nifty Media and Nifty Metal rose 0.7 percent each for the day. Nifty Pharma also advanced 0.6 percent and Nifty FMCG added 0.1 percent. Meanwhile, Nifty Bank declined 0.8 percent and Nifty IT fell 0.1 percent.

Closing Bell: Sensex, Nifty end in the red after hitting record high in 2 previous sessions

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