New Delhi, Nov 24, : India’s main equity indices, S&P BSE Sensex, and NSE Nifty50, closed in the red on Wednesday after a nearly continuous rise. Analysts opined that the market sentiment was affected by the fall in share prices at some of the largest listed companies and uncertainty over cryptocurrency regulation.
The 30-scrip Sensex barometer closed at 58.340 points.This was down by 323 points (0.55%)
The wider 50-scrip Nifty closed day at 17,415 point, down 0.50 percent or 88 points.
NSE data revealed that the session saw the worst losses for Eicher Motors and Tata Consumers shares, Maruti Suzuki, Grasim Industries and Infosys.According to NSE data, these stocks closed lower by 2.8 percent, 2.8per cent, 2.77per cent, 2.76per cent, and 2.69per cent respectively.
ONGC, Adani Ports and Coal India were the top gainers of the session.NTPC and Kotak Bank were also among the top losers.
Paytm, owned by One97 Communications, rose sharply for the second day consecutively and closed at Rs 1,753, an astounding 17.28 percent increase over the previous close.
Latent View Analytics, which was just listed, also reached the 20% upper circuit and closed the session with Rs 586.5 per share.
“The recent correction in equity was long overdue and should not be considered a problem in the larger uptrend.ICICI Direct stated that historically, markets have experienced corrections of 10-15% almost every year.
It is difficult and futile to predict whether the market will correct further, or recover from current levels.A 5 percent correction is generally considered a good enough “dip” to use the tried and true “buy on dips” allocation strategy.
The brokerage also stated that corporate earnings, which are the ultimate barometer of market performance, continue to be on track for a sharp recovery.
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