Sensex extends losses to second day as financial, auto stocks weigh on D-St

Domestic equity benchmarks extended losses to a second straight day on Wednesday amid selling pressure seen in auto and financial stocks, especially PSU banks. Besides, profit booking in heavyweights such as and L&T also weighed on the market.

The S&P BSE Sensex index ended 333.93 points or 0.64 per cent lower at 51,941.64 and the broader NSE Nifty50 benchmark settled at 15,635.35, down 104.75 points or 0.67 per cent from its previous close.

Among blue-chip stocks, Tata Motors was the top laggard, ending 2.61 per cent lower. Adani Ports, Shree Cement, L&T, RIL, Bajaj Finserv, IOC and Bajaj Finance were among other losers in the Nifty50 pack.

On the other hand, Power Grid was the top performer, ending with a gain of 3.93 per cent. SBI Life, NTPC, Titan, Coal India, Divi’s Labs, Cipla and Asian Paints were among other gainers in the 50-scrip index.

Market focus was on a European Central Bank policy meeting and US inflation data due later this week, said analysts.

“ECB is expected to continue its bond-buying policy to support a recovering economy. And US inflation is forecast to be high but transitory, both these factors, if inline, will provide comfort to the market,” said Vinod Nair, Head of Research at Geojit Financial Services.

Globally, stocks held near record highs as investors bet the US central bank is some way off from tapering its economic stimulus.

THIS IS A DEVELOPING STORY. MORE TO COME…