Nifty slides for 3rd day, breaks below 16,000; all eyes on US inflation data

In yet another day of disappointment, Indian shares extended their losing run to the 3rd straight session on Wednesday. The market remained bruised by recession worries, earnings and rupee jitters. The drop in oil prices also tipped the scales against energy and oil and gas stocks.

The 30-share pack Sensex failed to hold opening gains and settled 373 points lower at 53,514. Its broader peer, Nifty50, declined 91 points and gave up the 16,000 mark.

Strong domestic macro numbers and a fall in crude prices lifted Indian indices to open in positive territory while the gains were restrained by Europe’s negative market trend, said Vinod Nair, Head of Research at

.

From the 30-share pack,

was the top loser even as the lender clarified on the ED investigation. The stock cracked 3 per cent. HDFC,

,

, TCS, and

also settled 1-2 per lower. Bucking the trend,

,

,

,

,

and

advanced by over 1-2 per cent.

Buying was seen in pharma counters, with the Nifty Pharma index settling 1.38 per cent high, led by gains in

,

, Divi’s and

of 2-4 per cent. Metal and FMCG index also settled in the black while Nifty Bank, Auto, and IT ended in the red.

Global markets were in a bear grip ahead of the release of the US inflation data, which is expected to touch fresh highs of 8.8 per cent owing to a surge in gasoline and food costs, Nair added.

Investors globally now await key US inflation data that is expected to touch a fresh four-decade high.

Broader markets outperformed benchmarks as mid and smallcap indices finished on a positive note, with Nifty midcap and smallcap adding 0.16 per cent and 0.22 per cent, respectively.

Today, 1,677 shares advanced, 1,643 declined, and 143 remained unchanged. On BSE, 243 stocks hit the upper circuit limit, while 145 were locked in lower circuits.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

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