Market Witness Selling Force; PSU Bank Stocks Slump

Domestic stock market extended more losses through the afternoon session and closed with Sensex down by 267-pts at 37,060. The Nifty50 index slumped 98-pts at 10,918.70 on Wednesday.

Tata Motors, Indiabulls Housing, Yes Bank, Grasim and Tata Steel were among major losers on the Nifty, while Hero MotoCorp, Maruti, Infosys, Tech Mahindra and Eicher Motors led the losses.

All the sectoral spaces closed lower led by the major falls in PSU bank (-2.95%), metal (2.89%) and media (1.45%), followed by Realty, Banking and Pharma stocks which were down by 1% to 1.40% in range.

The top falls in Nifty PSU Bank index was led by sharp selloff in Allahabad Bank, Jammu& Kashmir bank, Bank of Baroda and Indian Bank.

Nifty Pharma index falls 0.93% led by losses in Cadila Healthcare, Glenmark and Cipla and Dr.Reddy’s lab. Dr Reddy’s scrip declined over 2% after USFDA inspection.

Shares of Oil Marketing Companies (PSU OMCs) declined as Brent crude oil price gained. IOC (down 1.70%), BPCL (down 2%) and HPCL (down 1.45%) edged lower.

Among rising stocks, Biocon rose 2.66% as domestic, foreign firms looks on stake in subsidiary.

Shares of Nestle India soared 5.60% to hit its one-year high of Rs 12,635.

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