Indian stock markets ended in negative territory on Wednesday snapping the nine straight days of gains with key benchmark indices Sensex and Nifty finishing marginally lower led by a slump in heavyweight shares of Axis Bank, Reliance Industries, HDFC Bank, HDFC, M&M and IndusInd Bank. BSE Sensex settled at 34,331.68, down by 63.38 points or 0.18% whereas NSE Nifty concluded down 22.5 points or 0.21% at 10,526.2 on Wednesday. The domestic markets traded higher up until 1:45 pm but a sudden crack was seen just after that followed by an extended sell-off in the banking scrips after Bank of Baroda shares tumbled over 4% on news of CBI questioning the former CMD of Bank of Baroda in connection to Rs 2,919 crore Rotomac loan fraud case.
Shares of ITC, Wipro and Bharti Airtel emerged as the only notable gainers on Wednesday among the BSE Sensex components rising between 1 to 3%. The stock of ITC topped the benchmark Sensex gaining as much as 2.82% to Rs 275.3 providing the major boost in the upsurge of the index. Other major gainers include Tata Steel, Adani Ports, ONGC, NTPC, Yes Bank and HUL. Meanwhile, shares of oil marketers such as HPCL and BPCL hit their respective 52-week lows of Rs 318.4 and Rs 399.33 respectively before closing down 3.03% at Rs 320.05 and 1.25% at Rs 405.5. In the last nine days, BSE Sensex surged as much as 1,376 points to 34,395.06 up until 17 April 2018.
Shares of India’s FMCG giant ITC alone added as much as 65 points to the Sensex while a decline in the shares of Axis Bank, Reliance Industries, HDFC Bank, HDFC, M&M, IndusInd Bank, ICICI Bank, Kotak Mahindra Bank and State Bank of India collectively wiped off about 126 points. The S&P BSE Sensex hovered between the range of 34,591.81 and 34,270.04 before finally closing at 34,331.68 on Wednesday.
Shares of Vadodara-headquartered state-run Bank of Baroda tanked more than 4% in the afternoon trades on Wednesday as the Central Bureau of Investigation questioned the former Chairman-cum-Managing Director with regard to Rs 2,919 crore alleged loan fraud by Rotomac. The stock of Bank of Baroda was the top loser among the components of Nifty Bank and the second-biggest loser among Nifty PSU Bank indices on Wednesday. The stock of Bank of Baroda slipped as much as 4.73% to a day’s bottom of Rs 140.85 before closing down 3.79% at Rs 142.25 on NSE. Shares of Indian Bank cracked as much as 3.89% to end at Rs 306.55 today.