MUMBAI: Stock markets closed lower for the sixth consecutive day on Wednesday, with the 30-share BSE Sensex settling at 76,171.08, down by 122.52 points or 0.16 per cent.
The index had tumbled 905.21 points or 1.18 per cent intra-day to hit a low of 75,388.39 before recovering in the afternoon session on gains in financial and metal shares. However, losses in oil and IT stocks in the closing session wiped out much of the recovery.
The NSE Nifty dipped 26.55 points or 0.12 per cent to 23,045.25, with 44 of its constituents posting losses and six recording gains. Intra-day, the Nifty fell 273.45 points or 1.18 per cent to 22,798.35, slipping below the key 23,000 level.
Since February 4, the BSE bellwether has slumped 2,412.73 points or 3.07 per cent, while the Nifty has declined 694 points or 2.92 per cent.
Laggards
Among the 30 Sensex shares, Mahindra & Mahindra, ITC, Power Grid, Reliance Industries, IndusInd Bank, Adani Ports, Titan and Infosys were the biggest laggards/
Whereas, Bajaj Finserv, Tata Steel, Larsen & Toubro, UltraTech Cement, Kotak Mahindra Bank and Tata Motors emerged as the top gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs4,486.41 crore on Tuesday, exchange data showed.
The Indian market saw a slight recovery from the sharp intraday declines; however, overall sentiment remained weak due to elevated broader market valuations and muted Q3 earnings growth.
Concerns over excessive valuations are expected to sustain the ongoing consolidation phase, according to a broker. He added that uncertainty regarding the impact of metal tariffs also contributed to market caution.
