The Indian equity benchmark indices closed the red for the second straight session following a niche down opening Wednesday, tracking weaknesses from global markets. Selling pressure in financial and IT stocks further weakened the markets, though IT stocks attempted recovery and closed above the flatline The 30-scrip Sensex closed 59,413, plunging 254 points and therefore the Nifty50 index surged 37 points to finish at 17,711. The broader markets outperformed the benchmarks as midcaps surged 1 percent and smallcaps rose half a percent.
Among the 50 stocks on Nifty, Coal India, NTPC, power system , Sun Pharma, and IOC lead the gains, as each scrip rose over 4 to six percent higher. Leading the losses were HDFC, Kotak Mahindra Bank, Asian Paints, UltraCement, and Eicher Motors Among sectors on NSE, a robust rally was seen in metals, PSU Banks, pharma, and realty indexes, whereas Nifty Bank and IT witnessed selling. Nifty Private Bank closed 1 percent lower, and Nifty Bank was down half a percent. Nifty IT ended above the flatline.
Power producers NTPC, Tata Power and Torrent Power, and Coal India, the country’s largest producer of the fuel, rose on Wednesday, spurred by rising demand State-run NTPC, India’s biggest power producer, and miner Coal India, which produces over 80 percent of India’s coal, recorded their biggest intraday rise in additional than seven years. Both stocks have pared gains from the day’s highs
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Tata Power rose by the maximum amount as 9.6 percent to an nearly 14-year high, while Torrent Power, another private power producer, rose to a record Globally, investors sought to staunch the bleed on Wednesday after world stocks suffered their worst rout since January, while US and European borrowing costs raced to their highest in months.
Asia managed to slow the falls and therefore the pan-European STOXX 600 index bounced 1 percent in early trading after shedding over 2 percent Tuesday and in any case three major Wall Street indexes suffered their steepest drops since mid-July.
