Business News: Stock market slipped after six days; Sensex fell 434 points

After six consecutive days of growth, the domestic stock market closed in the red on Wednesday. On the third trading day of the week, Bombay Stock Exchange Sensex closed down by 434.31 (0.59%) points. On the other hand, National Stock Exchange’s Nifty closed at 22055, falling 141.91 (0.64%) points.

The fall in the market on the third trading day of the week was due to deepening uncertainty over interest rate cuts in America and weakness in the IT and energy sectors. Barring metal, PSU banks and realty sectors, all major sectoral indices closed in the red. NTPC, Power Grid and Wipro were the top Sensex losers, falling more than two per cent each. Shares of HCL Tech, L&T and Tech Mahindra also closed down. On the other hand, shares of Tata Steel, SBI, IndusInd Bank and JSW closed in the green.

In single shares, Zee Entertainment shares closed down 15%. A report about the company claims that SEBI has found a misappropriation of $241 million in its accounts. However, the company has denied any such thing. Its shares closed at the upper circuit of five percent after Tourism Finance Corporation investor Aditya Kumar Halvasia bought 13% stake in the company.

Talking about the sectoral front, Nifty Media slipped by 4.9% after the fall in shares of Zee Media, Dish TV and Network18. Nifty Auto, Bank, IT, Pharma, Healthcare, Consumer Durables and Oil & Gas sectors also closed in the red.

In the broader market, Nifty Midcap100 fell 0.47%. The SmallCap100 declined 0.27%. Meanwhile, the market capitalization of BSE listed companies declined by Rs 2.7 lakh crore to Rs 388.8 lakh crore due to weakness in the market during Wednesday’s trading session. 2,377 stocks listed on BSE closed with losses and 1,465 with gains. There was no change in the prices of 100 shares.