Nifty Ends 14-Day Winning Streak; Sensex Drops 202 Points Amid Weak Global Trends

Mumbai: Stock markets closed lower on Wednesday, with the Nifty ending its 14-day winning streak and the Sensex losing 202 points due to global concerns about a potential slowdown in the US economy.

The BSE Sensex fell by 202.80 points or 0.25% to close at 82,352.64, after dropping as much as 721.75 points or 0.87% during the day to 81,833.69. The NSE Nifty also declined by 81.15 points or 0.32% to settle at 25,198.70, having plummeted 196.05 points or 0.77% to an intra-day low of 25,083.80. Nifty’s 14-day rally had seen it gain nearly 1,141 points or 4.59%.

Major laggards among the Sensex’s 30 constituents included ICICI Bank, State Bank of India, Axis Bank, Mahindra & Mahindra, Infosys, Larsen & Toubro, Tata Steel, Tata Consultancy Services, Bajaj Finance and Adani Ports. On the other hand, Asian Paints, Hindustan Unilever, UltraTech Cement, Sun Pharma, and Reliance Industries were among the gainers.

Asian markets, including Seoul, Tokyo, Shanghai and Hong Kong, ended significantly lower, while European markets also traded in the red. US markets had closed sharply lower on Tuesday.

Meanwhile, Foreign Institutional Investors (FIIs) purchased equities worth Rs 1,029.25 crore on Tuesday, as per exchange data. The global oil benchmark Brent crude fell by 0.14% to USD 73.65 per barrel.