Stock Market: Sensex falls 765 points; Nifty below 17,200

Sensex falls 765 points, Nifty below 17,200; Weighing Reliance, FMCG, Banks. However, the broader indices outperformed the major benchmark indices. BSE Midcap index closed flat, while Smallcap index was up 0.3%

Major benchmark indices reversed their two-day winning streak with losses of over one per cent. Index heavyweights Reliance Industries, banking and FMCG stocks were responsible for significant losses. 

The BSE benchmark index, Sensex, had started trading on a positive note and soon touched a high of 57,757 (up almost 300 points from previous close). Selling started at the end of the first hour of trading, and then the afternoon deals picked up pace. The BSE 30 index fell to 56,641 in late trade – down 1,116 points from the day’s high. The Sensex finally closed at 57,696, down 765 points.

The NSE Nifty fell 309 points from a high of 17,490 to a low of 17,181 and finally closed 205 points lower at 17,197.

However, the broader indices outperformed the major benchmark indices. The BSE Midcap index remained almost flat, while the Smallcap index rose 0.3 per cent. The overall market breadth was also positive, with 1,778 advancing shares versus 1,475 declining stocks on the BSE.

Among 30 Sensex stocks, PowerGrid Corporation was the major loser at Rs 206, down 4 per cent. Reliance Industries closed at Rs 2,414, down 2.8 per cent.

Asian Paints, Kotak Bank, Tech Mahindra, Maruti, Bharti Airtel, ITC, Sun Pharma, Dr Reddy’s and Mahindra & Mahindra fell between 1.5 per cent and 2 per cent. Larsen & Toubro and IndusInd Bank were two of the five notable gainers.

In broader markets, Vodafone Idea jumped another 12 per cent to a 52-week high in today’s trade. The stock has gained up to 32 per cent this week. The stock remains in demand even after the tariff hike.

Shares of Tata Teleservices Maharashtra (TTML) closed on the 5th upper circuit for the 14th consecutive trading session, which closed with a gain of 5 per cent at Rs 129.45, its new high on the BSE on Friday. The stock of Tata Group Telecom Services has almost doubled or 97 per cent higher from the level of Rs 65.70 on November 12, 2021.