Markets slump in late trades on Wednesday - LuvKush Finserve

Markets slumped in late trades on Wednesday weighed down by selling pressure in index heavyweights. At the close the Sensex was down 239 points at 18,802 and the Nifty gave off 75 points to close at 5,673. The broader too turned weak in the last hour trade, with the midcap index closing down 1% and the smallcap index weakened by 0.6%. Selling pressure persisted across the sectors except Health Care which closed flat with a positive bias.

The sectoral indices which weighed market were Realty, Auto, Capital Goods and Metal indices which lost between 2-2.7%.Bankex, Oil & Gas, Consumer Durables, PSU and IT indices shed 1-1.8%. Auto stocks were under pressure after reporting disappointing March sales numbers as demand has weakened on the back of economic slowdown and consequently weak consumer and business sentiments.

Bajaj Auto, Tata Motors, Mahindra and Mahindra and Hero MotoCorp down 2-4% were among the top Sensex losers. Power stocks managed to withstand the downfall after the Adani Power ruling from the power sector regulator, Central Electricity Regulatory Commission (CERC), on the issue of supply of electricity from its imported coal-based power project at Mundra in Gujarat.

Source : Equity Bulls

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