Sensex falls 667 points on mixed global cues, Nifty drops to 22,704

The Sensex was down 667 points or 0.89 per cent at 74,502, whereas the Nifty closed at 22,704, down 183 points or 0.80 per cent. The fairness benchmarks in India closed in deep purple on Wednesday due to revenue reserving by buyers and mixed global cues – marking a decline for 3 consecutive days thus far this week.

Banking index Nifty Bank additionally declined by greater than 1 per cent to shut at 48,501, down 640 points or 1.30 per cent. The midcap and smallcap shares carried out higher in contrast to the largecaps in the course of the session on Wednesday.

The Nifty Midcap 100 index closed at 52,125 points, down 169 points or 0.32 per cent. However, the Nifty Smallcap 100 index elevated by 10 points or 0.06 % to shut at 16,886 points.

Sector-wise, pharma and metallic shares had been the most important gainers, whereas auto, IT, PSU financial institution, FMCG, and realty had been the most important losers.

The India volatility index (India VIX) closed at 24.17 points on a day when 24 out of 30 Sensex shares closed within the purple. Tech Mahindra, ICICI Bank, Bajaj Finserv, HDFC Bank, ExtremelyTech Cement, and Axis Bank had been the highest losers, whereas Power Grid, Sun Pharma, Nestle, ITC, and IndusInd Bank had been the highest gainers on Wednesday.

Rupak De, Senior Technical Analyst at LKP Securities, mentioned: “The Bank Nifty index has demonstrated a transparent shift in sentiment by opening under its assist stage at 49,000 and buying and selling beneath it. It closed close to its 21-day EMA at 48,400. If Bank Nifty fails to keep above the 21-day EMA, additional promoting stress might drive it down to 48,000.”

“Consequently, 48,400 now serves because the assist stage for Bank Nifty, with 49,000 appearing as the brand new resistance stage,” De added.

(With inputs from IANS)