The benchmark Indian equity index fell on Wednesday as investors watched the rise in crude oil prices. Brent crude futures traded near US $ 117 a barrel on global supply concerns amid the ongoing Russia-Ukraine conflict.
The domestic index started at a higher level but handed over all their gains in afternoon trading, dragged down by car and finance stocks.
Back home, 30 shares of the BSE Sensex were down 304 points or 0.53 percent to close at 57,685, while the broader NSE Nifty moved 70 points or 0.40 percent lower to close at 17,246.
Medium and small -cap stocks closed on mixed notes as the Nifty Midcap 100 index rose 0.55 percent and small -cap stocks declined 0.21 percent each.
Eight of the 15 sector gauges – compiled by the National Stock Exchange – end in red. Nifty Auto and Nifty Financial Services posted lower index performance by down 1.04 per cent and 0.88 per cent, respectively. However, Nifty Metal and Nifty Pharma jumped by 1.21 per cent and 0.42 per cent respectively.
In terms of niche stocks, Kotak Mahindra Bank was the Nifty’s biggest loser as the stock cracked 2.61 per cent to Rs 1,760.75. HDFC, Britannia, Bharti Airtel and Sun Pharma are also among those left behind.
Shares of Hero MotoCorp fell 1.22 per cent to Rs 2,394 after the Income Tax (IT) department started a search at the company’s premises. It also raided MotoCorp Hero Chairman Pawan Munjal and other senior executives of the company on suspicion of tax evasion.
The overall market share remained negative as 1,467 stocks rose while 1,927 declined on the BSE.
On the BSE 30 -stock index, HDFC, Kotak Bank, Airtel, Sun Pharma, Maruti, HDFC Bank and M&M were among the biggest losers.
In contrast, Tata Steel, Dr Reddy’s, ITC, PowerGrid, NTPC, IndusInd Bank and Reliance Industries settled on the green.