After a 6-day winning streak, benchmark equity indices took a breather on Wednesday, dragged down by information technology stocks on fading hopes of early US rate cuts and energy stocks.
Barring metal, PSU bank, and realty, all major sectoral indices closed in the red.
The 30-share BSE benchmark Sensex fell 434 points or 0.59% to end at 72,623. The broader NSE Nifty dropped 142 points or 0.64% to settle at 22,055.
NTPC, PowerGrid, and Wipro were the top Sensex laggards, falling over 2% each. HCL Tech, L&T, and Tech Mahindra also closed lower, while Tata Steel, SBI, IndusInd Bank, and JSW Steel ended higher.
Among individual stocks, Zee Entertainment Enterprises closed 15% lower amid reports that market regulator Sebi has unearthed a $241-million accounting issue at the media firm.
Tourism Finance Corporation closed locked in a 5% upper circuit after investor Aditya Kumar Halwasiya picked up a 13% stake in the company.
On the sectoral front, Nifty Media fell 4.9%, dragged by Zee Entertainment Enterprise, Dish TV, and Network18. Nifty Auto, bank, IT, pharma, healthcare, consumer durables, and oil & gas also closed in the red.
In the broader market, Nifty Midcap100 fell 0.47%, while Smallcap100 dropped 0.27%.
Meanwhile, the market capitalisation of all listed companies on BSE declined by Rs 2.7 lakh crore to Rs 388.8 lakh crore. The market breadth was skewed in favour of the bears. About 2,377 stocks declined, 1,465 gained, and 100 remained unchanged on the BSE.
