It was a subdued start to the market as benchmarks gave up gains quickly and hovered around the flat terrain.
It’s a negative close for Nifty in September series and it has ended below 11,000-mark as well. The Sensex has concluded the session over 200 points lower.
Sentiment could have been soured after US Federal Reserve’s decision to hike interest rates by 25 basis points came through. Additionally, financials saw selloff again after CNBC-TV18 reported that the Reserve Bank of India had cancelled its meeting with shareholders of IL&FS ahead of its annual general meeting (AGM).
There was selling across sectors, with maximum cuts visible among banks, automobile, infrastructure, metals and pharmaceuticals. Additionally, there was immense selling in the midcaps space as well. The Nifty Midcap ended over 2 percent lower.
It was a subdued start to the market as benchmarks gave up gains quickly and hovered around the flat terrain. But some more selling towards the afternoon, led by a fall in index heavyweights such as RIL and Maruti Suzuki, among others, dragged the market. But the weakness in banks, due to the reasons mentioned earlier, pulled the market down.
At the close of market hours, the Sensex closed down 218.1 points or 0.6% at 36324.1, while the Nifty was lower by 76.3 points or 0.6% at 10977.5. The market breadth is negative as 767 shares advanced, against a decline of 1,793 shares, while 167 shares were unchanged.Shares of Tata Consultancy Services (TCS), Infosys, and Bharti Infratel were the top gainers, while Yes Bank, Maruti, and Indiabulls Housing have lost the most.