Markets tank on Diwali eve; BSE Sensex slumps 257 points, Nifty ends below 17,850

Mumbai: Domestic equity indices nursed losses for the second straight session on Wednesday as investors stayed on the sidelines ahead of a crucial Fed policy meeting outcome where it is expected to announce tapering of its pandemic-era stimulus measures.

The 30-share BSE Sensex ended 257.14 points or 0.43 per cent lower at 59,771.92. Similarly, the broader NSE Nifty slipped 59.75 points or 0.33 per cent to 17,829.20.

Sun Pharma was the top laggard in the Sensex pack, falling 3.06 per cent, followed by IndusInd Bank, Kotak Bank, Bharti Airtel, ICICI Bank, M&M and HDFC Bank.

On the other hand, L&T, UltraTech Cement, Asian Paints, SBI, Tata Steel and Bajaj Finance were among the gainers, spurting as much as 3.99 per cent.

SBI jumped 1.14 per cent after the country's largest lender reported a 69 per cent jump in consolidated net profit at Rs 8.889.84 crore for the September quarter on account of a decline in bad loans.

The domestic markets closed Hindu calendar year Samvat 2077 with stellar gains. The Sensex rallied 16,133.94 points or 36.97 per cent, while the Nifty soared 5,048.95 points or 39.50 per cent. Markets will have a special one-hour Muhurat trading session on Diwali (Thursday) to mark the beginning of Samvat 2078.

Sectorally, BSE telecom, bankex, auto, consumer durables and finance indices ended up to 1.50 per cent lower on Wednesday, while capital goods, realty, metal and industrials finished with gains. Broader BSE midcap and smallcap indices slipped up to 0.32 per cent.

The rupee appreciated by 22 paise to close at 74.46 against the US dollar on Wednesday on the back of easing crude oil prices and foreign fund flows into domestic IPOs. PTI