Sensex skids for 3rd day as bank stocks tumble; Bharti Airtel bucks trend

Equity benchmarks nursed losses for the third session on the trot on Wednesday, weighed by banking, energy, and auto stocks amid a lackluster trend overseas. Global markets stayed on the back foot amid a continuing sell-off in Chinese shares, while investors also remained on the sidelines ahead of the US Federal Reserve's policy decision. After plummeting over 700 points in intra-day trade, the 30-share BSE Sensex clawed back some lost ground to end 135.05 points or 0.26 percent lower at 52,443.71. Similarly, the broader NSE Nifty slipped 37.05 points or 0.24 percent to close at 15,709.40.

Kotak Bank was the top laggard in the Sensex pack, shedding 2.64 percent, followed by Dr. Reddy's, M&M, PowerGrid, NTPC, HDFC Bank, and Nestle India. On the other hand, Bharti Airtel topped the gainers' chart with a jump of 5.08 percent after the telecom player hiked its prepaid tariffs, just a week after upgrading its postpaid plans. Tata Steel, IndusInd Bank, Bajaj Finserv, ICICI Bank, and UltraTech Cement were among the other winners, climbing up to 2.60 percent.

''Domestic equities extended losses as weak cues from global markets triggered by selling pressure in Chinese tech stocks due to regulatory overhang weighed on sentiments,'' said Binod Modi, Head Strategy at Reliance Securities.

Further, persistent selling pressure in financials led by concerns over asset quality dragged the benchmark index. However, positive cues from European markets and buy on dips helped the market to recover from the day's low in the second half, he added. Vinod Nair, Head of Research at Geojit Financial Services, said, ''Jitters over Chinese clampdown and wariness over ongoing Fed meeting outcome, continue to disturb the domestic market. However, as the global markets gained ground after the recent sell-off, losses were trimmed by the end of the day.'' ''Due to a weak start to the sector earnings, pharma stocks continued to trade in bear's grip while banking, auto, and realty stocks were feeble too. Globally, the Fed's comment on economic recovery, inflation, and monetary policy may provide hints about tapering, which will determine the mood of the market shortly,'' he added. Sectorally, BSE auto, banks, utilities, realty, consumer durables, and energy indices slipped up to 1.01 percent, while telecom, metal, tech, basic materials, and capital goods indices ended with gains. The broader BSE midcap index ended flat, while the smallcap gauge fell 0.45 percent. Elsewhere in Asia, bourses in Shanghai and Tokyo ended with losses, while Hong Kong and Seoul closed in the green.

Equities in Europe were trading on a positive note in afternoon trade.

Meanwhile, international oil benchmark Brent crude advanced 0.76 percent to USD 74.08 per barrel. The rupee recovered by 9 paise to close at 74.38 against the US dollar on Wednesday, snapping its two-day losing run ahead of the US Fed policy decision. Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 1,459.08 crore, as per exchange data.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)