Indian equity benchmarks Sensex and Nifty closed lower amid weak global cues Wednesday even though they recovered half of their intraday losses in late afternoon deals. Financial and automobile shares took a hit.
The Sensex index closed 135 points lower at 52,443 and the broader Nifty50 barometer gave up 37 points to settle at 15,709. Broader markets underperformed the headline indices, with midcap and smallcap gauges slumping half a percent each. The market breadth continued to favour bears with an advance-decline ratio of 2:3.
On the Nifty50 index, Bharti Airtel, Tata Steel, SBI Life, Divi's Lab, and IndusInd Bank were the top gainers. Kotak Mahindra Bank, Cipla, Tata Motors, M&M, and Dr Reddy's Labs were the top losers.
Among NSE's sectoral gauges, only Nifty Metal and Nifty IT ended the day in the green; Nifty Metal rose nearly 1.5 percent. Nifty PSU Bank was the worst hit, closing 1.9 percent lower, followed by Nifty Auto, which declined 1 percent. Metal stocks witnessed a sharp recovery from the lows led by a nearly 3 percent rise in Tata Steel.
On the IPO front, the Rolex Rings issue was fully subscribed within the initial hours of opening. The issue is subscribed 2.18 times so far on Wednesday, the first day of bidding.
The Glenmark Life Sciences IPO was subscribed 4.25 times so far on July 28 - the second day of bidding. The offer received bids for 6.38 crore equity shares against the IPO size of 1.50 crore equity shares, according to data available on the exchanges.
The share price of IndusInd Bank surged over 3 percent during the session after the bank reported a doubling of its net profit to Rs 1,016.11 crore.
The share price of Airtel surged over 5 percent after the telecom company announced a price hike for its entry-level plan.
Maruti ended the session down 1 percent after the auto major reported a weak set of quarterly earnings.
SBI Life continued to gain momentum on the back of strong first-quarter earnings. The stock has risen 8 percent so far this week.
(Edited by : Yashi Gupta)
First Published: IST