Market Close: Sensex, Nifty sink further

Market on Wednesday opened in the green but soon after the pre-opening session slipped in the red zone. Market trade around the 38,000 level for the most part of the first half of the day and then lost more ground in the afternoon session to close down by 487 points or 1.27 per cent. The biggest draggers were Tata Motors and Reliance.

Wednesday saw the sixth consecutive day of fall for the benchmark indices Sensex, Nifty & Nifty Bank as the tariff war intensifies. The BSE Sensex closed at 37,789.13, down by 487.50 points or 1.27 per cent and Nifty50 was at 11,359.45, down by 138.45 points or 1.20 per cent. The popular index Nifty Bank closed down by 293.80 points or 1 per cent at 28,994.40.

On a broader market basis, mid-caps and small-caps followed the suit and Nifty Mid-cap 100 was down by 0.98 per cent, while Nifty Small-cap 100 was down 1.28 per cent.

Among the top losers on Nifty were, Bajaj Finance, Bajaj Finserv, Reliance and Tata Motors. ZEEL lead the loser down more 10 per cent, while the rest were down by around 3 per cent. Among the top gainer were Hindalco, UPL, Titan, Asian Paint and Cipla, up by around 1 per cent each

Sectorally, all indices were in red zone. Nifty Media was down more than 4.53 per cent, mainly due to ZEEL, followed by Realty down by 2.11 per cent. Other major indices Auto, Pharma were down by around 1 per cent, respectively.

Index heavyweights Reliance was dragging Sensex the most, contributing negative 143.19 points, followed by HDFC and HDFC Bank contributing negative 58.68 and 39.67 points, respectively. The other draggers were SBI, ICICI Bank, Bajaj Finance and Infosys contributing more than 20 points, respectively.