Sensex, Nifty snap gaining streak; HUL top loser on Sensex, Axis Bank surges by over 7 per cent

Domestic benchmark indices end their gaining streak as Sensex closed in red at 37,871.52, down by 58.81 58.81 points or 0.16 per cent from its previous close while Nifty dropped by 29.65 points or 0.27 per cent to settle at 11,132.60.

Stock of IndiaMART InterMESH soared to reach the day's high of Rs 2,456.60 per share after the company's consolidated profit for Q1FY21 doubled amid strong operating performance. The company's net profit in Q1FY21 rose to Rs 74.1 crore from Rs 32.4 crore reported in Q1FY19 while revenue from operations for Q1FY20 increased by 3.9 percent to Rs 153.1 crore from Rs 147.3 crore posted in Q1FY19 as a result of marginal improvement in the realisation of existing customers.

Globally, Shanghai index closed in green, up by 0.37 per cent whereas Hang Seng tanked by 2.25 per cent after US ordered China's Houston consulate to close. FTSE 100 and Dax were seen trading down by 0.89 per cent and 0.51 per cent respectively.

Amidst negative investor sentiments, rupee ended at 74.76 against the US dollar as compared to Tuesday's close of 74.74.

The active gold contract on MCX hit a record high of Rs 50,020 per 10 gm as investment demand for precious yellow metal has been rising in the midst of uncertainty around the global pandemic and the US-China trade war. Further, market experts believe that the huge amount of fiscal stimulus given by US Fed is weakening the dollar and helping dollar-denominated assets like gold.

Taking cues from global markets, silver also crossed the Rs 60,000 mark on Wednesday. Silver futures rose by 5.37 per cent or Rs 3,078 to reach Rs 60,420 per kg.

Sensex winners included Axis Bank zooming by 7.36 per cent on positive Q1FY20 results followed by Titan Company rising by 4.22 per cent, Power Grid gaining by 3.43 per cent, NTPC increasing by 2.26 per cent, etc. Sensex losers comprised HUL dropping by 3.06 per cent, Tata Steel declining by 2.51 per cent, Maruti Suzuki dipping by 2.06 per cent, IndusInd Bank decreasing by 1.90 per cent, Infosys falling by 1.85 per cent, etc.