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Rate hike fears hit banking, auto stocks
Sensex, Nifty decline for 2nd day amid weak global markets; Heavy selling in rate-sensitive shares as growing worries over higher interest rates after positive US data hit the market sentiment; Gains in IT and pharma stocks restricted losses
Mumbai: Benchmark BSE Sensex and NSE Nifty ended lower on Wednesday after losses in rate-sensitive banking and auto shares amid weak global market trends as higher interest rate and recession fears hit investor sentiment.
Extending losses for a second straight day, the 30-share Sensex declined by 168.08 points or 0.28 per cent to settle at 59,028.91. During the day, it fell 474.1 points or 0.80 per cent to 58,722.89. The broader NSE Nifty dipped 31.20 points or 0.18 per cent to 17,624.40.
Analysts said growing worries over higher interest rates after positive US data hit the market sentiment. "The latest economic figures indicate that the US central bank would continue to raise interest rates," Vinod Nair, head (research) at Geojit Financial Services said.
"Markets ended marginally lower in a volatile trading session amid mixed cues. The Nifty index opened with a down gap, tracking feeble global cues however buying in the select index majors helped the index to pare losses as the day progressed. Markets have been maintaining a positive tone amid consolidation, while the global indices are reeling under pressure. And, we feel the scenario may extend further," said Ajit Mishra, V-P (research), Religare Broking Ltd.
In the broader market, the BSE smallcap gauge climbed 0.73 per cent and midcap index advanced 0.46 per cent. Among the BSE sectoral indices, auto fell 1.12 per cent, power declined 0.91 per cent, Utilities (0.75 per cent) and bank (0.51 per cent). Basic Materials, healthcare, industrials, telecom and consumer durables were among the gainers.
Foreign institutional investors (FIIs) were net buyers as they bought shares worth Rs1,144.53 crore on Tuesday, as per exchange data.
