Sensex Ends 345 Points Lower; Auto And IT Stocks Witness Selling

Indian share markets witnessed selling pressure in the last hour of trading and ended their session on a negative note.

At the closing bell, the BSE Sensex snapped its 5-day winning streak and stood lower by 345 points (down 0.9%).

The NSE Nifty closed lower by 93 points (down 0.9%).

The SGX Nifty was trading at 10,684, down by 75 points, at the time of writing.

Both, the BSE Mid Cap index and the BSE Small Cap index ended down by 0.4%.

On the sectoral front, losses were largely seen in the realty sector, the IT sector, and the auto sector.

Metal stocks, on the other hand, witnessed buying interest.

Asian stock markets ended on a mixed note today. As of the most recent closing prices, the Hang Seng ended up by 0.59% and the Shanghai Composite stood higher by 1.74%. The Nikkei ended down by 0.78%.

The rupee is trading at 75.07 against the US$.

Speaking of the current stock market scenario, the last few months have witnessed the kind of shifts that most investors would recall as once in a lifetime.

The Sensex is up over 34% from the lows in March 2020. At that time, it had declined by over 20%. That seemed to suggest the start of a bear market.

What's Driving the Markets?

Lupin was among the top buzzing stocks today.

Lupin said it is voluntarily recalling its diabetes treatment drug Metformin Hydrochloride extended-release tablets in the US market. In a regulatory filing, the company said that it is voluntarily recalling its Metformin Hydrochloride extended-release tablets USP, 500 mg and 1000 mg products in the US.

In news from the banking sector, IndusInd Bank share price was in focus today.

The stock of the lender witnessed buying interest after media reports suggested that US-based hedge fund Route One Investment Company has initiated talks to increase its stake in the private lender.

Reports stated that Route One Investment Company had initiated talks to increase its stake in the Hinduja Group-backed lender, which is exploring multiple options to strengthen its Balance Sheet and raise capital. It also claimed that the Reserve Bank of India (RBI) has already approved Route One Investment plans.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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