Markets extend losses for 2nd day amid mixed global cues

Mumbai: The Sensex and Nifty nursed losses for the second straight session on Wednesday, pressured by steep declines in IT, FMCG and pharma counters amid a mixed trend overseas. High crude oil prices, lacklustre macroeconomic data and foreign fund outflows also played spoilsport. The 30-share BSE Sensex declined 185.24 points or 0.33 per cent to settle at 55,381.17 in a see-saw session. On similar lines, the broader NSE Nifty dipped 61.80 points or 0.37 per cent to finish at 16,522.75.

Nestle India was the top loser among the Sensex components, skidding 2.99 per cent, followed by Tech Mahindra, Bajaj Finserv, Sun Pharma, HCL Tech, HUL, PowerGrid and UltraTech Cement. In contrast, M&M topped the winners' chart, climbing 1.32 per cent, after the homegrown auto major posted a multi-fold jump in total sales in May. HDFC rose 0.94 per cent after the mortgage lender announced a 5 basis points (bps) increase in its benchmark lending rate. Kotak Mahindra Bank, Tata Steel, HDFC Bank, ITC and NTPC were among the other gainers. The market breadth was negative, with 20 of the 30 Sensex stocks closing in the red. "Continuous rise in crude oil prices due to EU's decision to partially ban Russian oil hindered global market. Indian economy registered a growth of 8.7 per cent in FY22 but is expected to slow down in FY23 to 7.2 per cent, as per the latest RBI forecast. "Auto sales data, posted by major manufacturers, witnessed growth in passenger and commercial vehicle segments due to pick up in the construction sector. However, two-wheeler and tractor segments continued to remain under pressure," said Vinod Nair, Head of Research at Geojit Financial Services.