Sensex tumbles 426 points, Nifty ends below 24,350; M&M top loser

Closing bell: The domestic stock market indices witnessed a broad-based selloff triggered by Mahindra & Mahindra which lost as much as 7.7 per cent to hit an intraday low of Rs 2697.80.

Bombay Stock Exchange’s 30-share benchmark fell as much as 427 points or half a per cent on Wednesday, pulling the index down its key mark of 80,000, ending below 79,930. On the other hand, NSE’s Nifty 50 took a 109 points or 0.44 per cent hit to fall below the 24,400 level. The broader market index settled at 24,325 as Hindalco, Tata Steel, TCS, and HCL Tech lost 2.57 per cent, 2.26 per cent, 1.74 per cent, and 1.41 per cent respectively. 

Out of 30 stocks in Sensex, 20 were trading in red led by Mahindra & Mahindra, Tata Steel, TCS, HCL Tech, SBI, and JSW Steel. While Asian Paints, Power Grid, NTPC, and Bharti Airtel were among the top gainers in Dalal Street. 

Asian Paint rose as much as 3.75 in intraday trade to hit the mark of 3,014 apiece. The market capitalisation of the company currently stands above 2.87 lakh crore. The positive move in this stock came after the media reports claiming that the paint-making company has hiked its product prices by 0.7-1 per cent across its portfolio. 

Today’s top losers Mahindra & Mahindra took the wrath of the market after the company decided to cut down the ex-showroom price of its XUV 700 by Rs 2 lakh, to celebrate the third anniversary of its flagship SUV. This is the sharpest intraday decline for Mahindra shares in nearly a year, topping the list of Nifty losers. 

All of the Nifty’s broad market indices were trading in red except the Nifty Next 50 index which was led by strong gains in IRFC, REC Limited, and Berger Paints. 

In terms of sectoral indices, Nifty Auto took the biggest hit, losing 2.02 per cent. Apart from M&M, Excide India, Apollo Tyres, Motherson Sumi, and Hero Motocorp were today’s top laggards. Pharma, Media, PSU Banks, and IT companies were some of the top losing indices today. 

On the other hand, Oil & Gas, Healthcare, Pharma, FMCG, and Financial Services were the sectors that showcased minor gains.