The domestic markets remained under pressure due to rising US bond yields and a stronger greenback, said Vinod Nair, Head of Research at Geojit Financial Services.
While Sensex reported a loss of 796 points, or 1.18 per cent, to settle at 66,800, Nifty closed at 19,901, down 232 points or 1.15 per cent.
Concerns reigned over the upcoming Fed policy, interest rate trajectory and rising oil prices. Bank Nifty underperformed on Wednesday due to rising cost of funds and reduction in deposits leading to moderation in net yields, Nair said.
Most of the sectoral indices were in the red while Nifty Metal and Nifty Bank were the top losers, down by 1.53 per cent and 1.17 per cent, respectively, said Vaibhav Vidwani, Research Analyst at Bonanza Portfolio.
Increased US bond rates, weaker rupee, rise in crude oil prices, selling by FIIs, and the results of the HDFC Bank analysts' meeting -- all contributed to Wednesday's market gloom, he said.
HDFC Bank, down by 4 per cent, contributes 14 per cent in Nifty 50. Due to the combined impact of an increased cash reserve ratio and surplus liquidity, HDFC Bank anticipates that the net interest margin would decrease and perhaps fall by 25 basis points, which supported the negative sentiment of the market.
Power Grid Corporation, Coal India, ONGC, Sun Pharma and Eicher Motors were among the top gainers, while the top losers were HDFC Bank, JSW Steel, Reliance Industries, BPCL and SBI Life Insurance, Vidwani said.
Adani Portfolio's tax contributions reach Rs 58,104 crore for FY 2023-24
The Adani Group's total global tax and other contributions to the exchequer amounted to Rs 58,104.4 crore for the financial year 2023-24, showcasing a significant increase from the previous year's Rs 46,610.2 crore through its portfolio of listed entities, the company said on Sunday.
Reliance Consumer Products partners with Assam’s established business house, Jericho, to set up a cutting-edge bottling facility
Reliance Consumer Products Ltd (RCPL), a leading FMCG and beverage company, has strengthened the presence of Campa’s portfolio in Northeast India with the inauguration of a new bottling plant in Guwahati, Assam. Developed in collaboration with local partner Jericho,
India poised to stay world’s fastest growing economy in 2025-26: RBI bulletin
High frequency indicators point towards a sequential pick-up in momentum of India's economic activity during the second half of 2024-25, which is likely to sustain moving forward, according to the latest RBI monthly bulletin.
Adani Portfolio clocks highest ever TTM EBITDA of Rs 86,789 crore, core infra biz surges
Led by its core infrastructure business, the Adani Portfolio has delivered the highest-ever trailing-twelve-month (TTM) EBITDA of Rs 86,789 crore, the Adani Group said on Thursday.
India doing well on protecting small investors, corporate governance improved significantly: NSE CEO
India is doing well in protecting small investors while corporate governance has improved significantly amid rapid technological changes, National Stock Exchange (NSE) MD and CEO, Ashishkumar Chauhan, said on Tuesday.
Tesla ramps up hiring in India after Elon Musk-PM Modi meet in US
After the successful visit of Prime Minister Narendra Modi to the US, Elon Musk-run Tesla has ramped up hiring in India, a market where it is slated to enter anytime soon.
Indian stock market opens lower, Nifty below 22,850
The Indian benchmark indices opened lower on Monday amid mixed global cues as selling was seen in auto, IT and PSU bank sectors in the early trade, as the upcoming reciprocal trade tariffs announced by the US government stayed on top of the investors’ mind.
Overall industry sentiment after PM Modi's US visit is of confidence and enthusiasm: CII
The overall sentiment following Prime Minister Narendra Modi's US visit is of confidence and enthusiasm – a belief that a new era of India - US collaboration is underway, which will drive growth, innovation, and prosperity in the years ahead, the Confederation of Indian Industry (CII) said on Saturday.