Stock markets edge down on selling in banking, IT shares

Mumbai: Benchmark Sensex slipped by 45 points in highly volatile trade on Wednesday due to selling in private bank and IT shares amid weak Asian markets and continuous foreign fund outflows.

Declining for the second straight session, the 30-share BSE Sensex fell 45.46 points or 0.06 per cent to settle at 73,466.39. During the day, it declined by 437.93 points or 0.59 per cent to 73,073.92.

The NSE Nifty remained unchanged at 22,302.50.

From the Sensex basket, Asian Paints, UltraTech Cement, Hindustan Unilever, HDFC Bank, HCL Technologies, Bajaj Finance, Bajaj Finserv and ICICI Bank were the major laggards.

On the other hand, Tata Motors, Power Grid, NTPC, Larsen & Toubro and Maruti were among the gainers.

A sector-specific action was visible in FMCG and auto stocks, aided by an expectation of a revival in rural demand in H1FY25, Nair added.

In the broader market, the BSE midcap gauge climbed 0.78 per cent and smallcap index advanced 0.50 per cent.

Among the indices, IT declined by 0.57 per cent, bankex by 0.38 per cent and teck by 0.29 per cent.

Energy, industrials, utilities, auto, metal, power and services were among the gainers.

In Asian markets, Tokyo, Shanghai and Hong Kong settled lower, while Seoul ended with gains.

European markets were trading with gains. Wall Street ended on a mixed note on Tuesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,668.84 crore on Tuesday, according to exchange data.

Global oil benchmark Brent crude declined 1.65 per cent to USD 81.79 a barrel.

The BSE benchmark went lower by 383.69 points or 0.52 per cent to settle at 73,511.85 on Tuesday. The NSE Nifty declined 140.20 points or 0.62 per cent to 22,302.50.