Indian equity benchmarks ended lower on Wednesday weighed down by financial stocks like Axis Bank which reported a sharp plunge in its September quarter profits, and tracking weak cues globally as a retreat in US consumer confidence, and renewed slump in oil prices raised concerns over the health of the global economy.
The 30-share BSE SENSEX closed at 27,836.51, down by 254.91 points or 0.91 per cent, and the NSE Nifty ended at 8,615.25, down by 76.05 points or 0.88 per cent.
During the day’s trade, the BSE Sensex touched intraday high of 28,050.55 and intraday low of 27,759.56, while the NSE Nifty touched intraday high of 8,657.3 and intraday low of 8,596.6.
On the corporate front, shares of Axis Bank witnessed selling pressure after reporting a steep fall of 83.3 per cent in its net profit for the second quarter ended September 30, 2016 at Rs 319.08 crore, mainly on account of rise in bad loans.
The top losers of the BSE Sensex pack were Axis Bank Ltd. (Rs. 486.50,-8.04%), Tata Motors Ltd. (Rs. 529.50,-4.27%), Tata Steel Ltd. (Rs. 398.85,-4.01%), ICICI Bank Ltd. (Rs. 278.55,-3.65%), Adani Ports & Special Economic Zone Ltd. (Rs. 305.00,-2.43%), among others.
On the flip side, Bharti Airtel Ltd. (Rs. 318.05,+2.25%), Hero MotoCorp Ltd. (Rs. 3421.55,+1.92%), Maruti Suzuki India Ltd. (Rs. 5871.95,+1.56%), Dr. Reddy’s Laboratories Ltd. (Rs. 3243.30,+1.34%), Hindustan Unilever Ltd. (Rs. 842.80,+1.29%), were among top gainers on BSE.
On the sectoral front, bank and metal stocks were among top losers on BSE, falling as much as 1.89 per cent and 1.37 per cent respectively.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 3,161, shares advanced were 1,260 while 1,650 shares declined and 251 were unchanged.