Market Close: Sensex dips 268 pts on hints of slowdown

The benchmark index BSE Sensex closed down at 37,060.37, down by 267.64 points or 0.72 per cent on Wednesday. The Nifty50 closed at 10,918.70, down by 98.30 points or 0.89 per cent. Bear mode got activated after India's veteran biscuit-maker Parle threatened of job cuts citing economic slowdown.

Index heavyweights that pulled down the Sensex were HDFC, ITC, L&T, ICICI Bank and SBI, while the stock that supported the index was Infy. ITC and HDFC contributed negative 41 points to the Sensex, followed by L&T and ICICI Bank contributing negative 38.62 and 31.15 points, respectively. While on the other hand, Infy contributed positive 24.80 points. HUL, HDFC Bank, Hero Moto, Maruti also supported the index marginally.

The most traded index Nifty Bank closed down by 263.40 points or 0.94 per cent at 27,719.05. The stock that contributed most to the downfall were SBI contributing negative 67.42 points and ICICI Bank negative 56.86 points, IndusInd Bank negative 51.79 points.

All sectoral indices closed in the red. Nifty PSU bank index dipped the most down by 2.95 per cent, followed by Nifty Metal down by 2.89 per cent and Nifty Media down by 1.45 per cent.

On Nifty, top gainers were Hero Moto, followed by Maruti, Infy, TechM and Eicher Motors. Among the top losers were Tata Motors down by 9.57 per cent, followed by Indiabull Hsg and Yes Bank down by more than 8 per cent and Grasim and Tata Steel down by more than 4 per cent each.