Following poor Asian market cues, Indian benchmark indices, the Sensex and Nifty, fell further after making a negative start. The IT, banking, and energy stocks pulled the benchmark indices lower on the last trading day of the Financial Year 20-21. The S&P BSE Sensex fell 627 points to 49,509 levels and the broader Nifty50 index gave up the 14,750-mark.
On a sectoral basis, the oil and gas and FMCG sectors were among the worst performers, with bank and IT stocks leading the decline. Individual stocks such as HDFC twins (HDFC and HDFC Bank), PowerGrid, ICICI Bank, Infosys, and Tech Mahindra were among the top losers on the BSE Sensex pack, down over 2%.
The Indian rupee has recovered its early losses and is now trading at 73.20 per dollar, up 18 paise, despite selling in the domestic stock market. It opened at 73.59 per dollar, down 21 paise from Tuesday's close of 73.38.
On the Nifty, major losers included HDFC, HDFC Bank, Tech Mahindra, Power Grid Corp, and Coal India, while gainers included GAIL, Grasim Industries, Bajaj Finserv, UPL, and ITC.
During Wednesday's volatile trading session, metal stocks remained stable. The Nifty Metal index, in particular, outperformed the benchmark Nifty 50, which was trading in the red.
SpiceJet, a private airline, signed a Memorandum of Understanding (MoU) with Avenue Capital Group in New York on Wednesday for a strategic partnership in the financing, purchase, selling, and leaseback of 50 new planes that the airline expects to order.