Sensex falls 110 pts, Nifty closes at 16,240 as markets pare early gains in highly volatile session

Stock Market May 18 Updates: Power Grid was the top loser in the Sensex pack, shedding by 4.48 per cent. In contrast, Ultratech Cement was the top gainer, rising by 1.98 per cent.

By Aalok Sensharma
Updated: Wed, 18 May 2022 04:43 PM IST
Minute Read
Sensex falls 110 pts, Nifty closes at 16,240 as markets pare early gains in highly volatile session

Mumbai/ New Delhi | Jagran Business Desk: The Indian stock market on Wednesday snapped its two-day winning session with domestic benchmark indices giving up the early gains in highly choppy trade. The 30-share BSE benchmark settled at 54,208.53, falling by 109.94 points or 0.20 per cent, while the 50 NSE Nifty closed at 16,240.30, plunging by 19 points or 0.12 per cent.

Power Grid was the top loser in the Sensex pack, shedding 4.48 per cent, followed by Tech Mahindra, State Bank of India (SBI), Bharti Airtel, L&T, Bajaj Finsv, Wipro, NTPC, HCT Tech, Tata Steel, ICICI Bank, and Titan.

In contrast, Ultratech Cement was the top gainer, rising by 1.98 per cent. Besides, Hindustan Unilever, Asian Paints, Sun Pharma, Axis Bank, ITC, Reliance, Maruti Suzuki India, Dr Reddy's, and Mahindra and Mahindra were the other top gainers.

Experts blamed the weak opening of the European market for the fall in India. In Europe, equity exchanges were trading on a mixed note in the afternoon session. Meanwhile, in Asia, markets settled on a mixed note on Wednesday.

"With the support from Pharma and FMCG stocks, the domestic market had a steady run until the weak opening of the European market. UK's soaring retail inflation number along with Fed Chair's reassurance on bringing down the inflation, disturbed the sentiment, risking sharper rate hikes," Vinod Nair, Head of Research at Geojit Financial Services, was quoted as saying by news agency PTI.

"With prospects of a sizeable interest rate hike by the global central banks, investors are advised to allocate higher weightage to sectors that are least affected by such policies like defensives," Nair added.

Meanwhile, international oil benchmark Brent crude gained 1.13 per cent to USD 113.2 per barrel. Foreign institutional investors continued in selling mode, offloading shares worth a net Rs 2,192.44 crore on Tuesday, according to stock exchange data. 

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