Sensex, Nifty Erase Day's Gains, End Lower Dragged By Auto, IT Stocks

India's stock benchmarks fell, dragged by losses in information technology, auto and FMCG stocks. This is the fifth time in the last six sessions that the benchmarks have declined, with yesterday being the only exception.

The S&P BSE Sensex shed 0.55% to 58,340.9. The 30-stock gauge rose as much as 0.51% in intraday trade before erasing the gains. The NSE Nifty 50 index also declined by similar magnitude to 17,415.05.

The S&P BSE Midcap index almost mirrored its larger peer's decline while S&P BSE SmallCap index outperformed, adding nearly 0.5%.

Fourteen of the 19 sectoral indices compiled by the BSE Ltd. declined with S&P BSE Information Technology, S&P BSE Auto and S&P BSE Tech shedding over 1%.

The market breadth was skewed in the favour of bulls at close. About 1,932 stocks advanced, 1,358 declined and 140 remained unchanged.

The Cabinet has approved the repeal of three farm laws, days after PM Narendra Modi announced the government's decision in a televised address.

The Cabinet also approved the extension of Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY) for another four months up to March 2022. The estimated food subsidy will cost Rs 53,344.5 crore for a total out go of food grains of 163 lakh metric tonnes.

Shares of HDFC Bank Ltd. rose marginally to Rs 1,519.35 apiece after over 16 lakh shares of the company were exchanged in a bunch trade.

Source: Bloomberg

Benchmark indices S&P BSE Sensex and NSE Nifty 50 pared gains of as much as 0.5% and fell 0.1%, led by a decline in Reliance Industries Ltd. and Infosys Ltd.

NSE Nifty 50 fell as much as 0.27% to 17,458.05, while S&P BSE Sensex fell about the same to a low of 58,472.45.

Shares of Crompton Greaves Ltd. and Muthoot Finance Ltd. were trading in the red for the sixth day in a row. This is the longest loss streak for Crompton in two years.

ICICI Prudential Ltd. too is lower for the seventh straight day, on track for the longest losing streak since the period ended Nov. 22, 2019.

ICICI Prudential has lost a total of 8.6% during the streak while the S&P BSE Sensex Index fell 3.2%. Today, the stock fell 0.3% to Rs 614.65.