Wednesday, May 17, 2023, witnessed a bearish sentiment in Stock Market India. Both the Nifty 50 and Sensex closed in the red for the second consecutive session. The Sensex ended 370 points lower, marking its lowest closing level since May 8, while the Nifty 50 settled below 18,200. Financial and IT shares led the indices lower, while FMCG and telecommunication stocks managed to trade in the green.
IT stocks, including TCS, HCL Tech, and Infosys, faced selling pressure, with each slipping over 1%. The Sensex recorded a fall of 372 points, ending at 61,561, while the Nifty 50 declined by 105 points, closing at 18,182. The Nifty Bank fell by 105 points, settling at 43,699, and the Midcap Index dipped by 30 points, reaching 32,763.
LIC Housing witnessed a slide of 6% as disbursals slipped both quarter-on-quarter (QoQ) and year-on-year (YoY). On the positive side, Jubilant Food saw a gain of 3% as its earnings came largely in line with estimates. IndusInd Bank registered its eighth straight day of gains, marking its longest winning streak in six years.
ITC and SBI closed the session with minor gains ahead of their Q4 earnings announcement. Bharti Airtel held on to its opening gains as its Q1 internals were deemed healthy. Oberoi Realty, on the other hand, fell by more than 6% as its Q4 earnings came below estimates. PVR Inox extended Tuesday's fall, declining by more than 7% in two sessions.
Vodafone Plc continued to classify Idea's exposure as nil, leading to a 3% decline in its stock. Rane Madras witnessed a surge of 15% as the company considered divesting a US subsidiary acquired in 2016. Adani Group stocks closed mixed as the Supreme Court granted SEBI until August 14 to complete the probe.
Although the market breadth favored declines, with an advance-decline ratio of 3:4, it is important to stay informed and analyze the market trends for making informed investment decisions.