29 Jun , 2022 By : Divye Saini
Indian equities ended in the red after four days on Wednesday as worries about economic growth and recession fears weighed on investor sentiment. Dragged by banking and IT stocks, the 30-share pack Sensex dropped 150 points to close at 53,026.97. Its broader peer, Nifty50, shed 51.10 points to end the session at 15,799.
On the currency front, rupee fell 19 paise to close at all-time low of 79.04 (provisional) against US dollar.
"India had to bear the double whammy effect of a dampening global equity market, and rising crude prices as major suppliers like Saudi Arabia are unable to boost the output in the short-term," said Vinod Nair, Head of Research at Geojit Financial Services.
However, the market was able to recover most of the losses due to the strong movement of index heavyweights, PSUs, metals and oil and gas stocks before losing some ground due to volatility in the global market.
There is no clear direction in the market because of mixed global cues. While the easing of Covid restrictions in China has helped to bring some positivity, low consumer data from the US brought forth concerns over growth and inflation, said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
Going ahead, we expect market volatility to continue within a broader trading range, Khemka added.
17 of the Nifty50 stocks rose, while 33 declined in today's session. ONGC was the top gainer, rising 2.85 per cent, followed by NTPC, Reliance Industries,Sun Pharma and Coal India, which rose between 1-2 per cent each. Among the top losers, HDFC Life shed 4.67 per cent, followed by HUL, Apollo Hospitals, Axis Bank and Tata Consumers dropped between 2-3 per cent each.
In stock specific action, Tejas Networks jumped 7.5 per cent after Japanese chipmaker Renesas said it would work with the company on wireless network solutions including 5G.
Route Mobile cracked 6.6 per cent as investors were disappointed at the size of company's buyback and the open market route.
Oil India and Oil & Natural Gas Corp ended 4.8 per cent and 3.2 per cent higher, after the Cabinet approved deregulation of sale of domestically produced crude oil.
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