Benchmark indices were trading in the red during the afternoon on Wednesday, dragged by IT and financials.

After opening on a negative note, the market edged down further amid mixed global cues, dragged by losses in heavyweights such as HDFC.

At 1 pm, BSE Sensex was ruling at 51,538.97, down 395.91 points or 0.76 per cent. It hit an intraday high of 51,863.94 and a low of 51,505.99.

Nifty 50 was trading near the day's low of 15,477.15 at 15,487.95, down 86.90 points or 0.56 per cent. It hit an intraday high of 15,564.05.

Adani Ports, UPL, SBI Life, HDFC Life and Cipla were the top gainers on the Nifty 50, while ITC, HDFC, Asian Paints, Tech Mahindra and Axis Bank were the top laggards.

Likhita Chepa, Senior Research Analyst, CapitalVia Global Research Ltd, said, fresh waves of selling in IT and technology counters and negative trends in global markets pushed Indian benchmarks down.

"Moody's Investors Service forecasted 9.3 per cent growth in India's GDP in the current fiscal year, which ends in March 2022, and 7.9 per cent in FY23, which kept the market sentiments subdued. US stocks closed in a negative zone after the rising inflation in the market. Asian markets were also trading in the red zone following the global peers," added Chepa.

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IT, Financials under pressure

On the sectoral front, IT, FMCG and financials dragged while Metals, PSU Banks and Realty stocks rebounded sharply.

Nifty IT recorded the highest losses and was down 1.05 per cent; Nifty Bank and Nifty Financial Services were down 0.46 per cent and 0.76 per cent, respectively. Nifty FMCG was down 0.63 per cent.

Meanwhile, Nifty Metal was up 1.34 per cent, Nifty PSU Bank recorded the highest gains and was up 2.59 per cent. Nifty Realty was up 1.47 per cent. 

Midcap, smallcap stocks rebound 

Midcap and smallcap stocks rebounded sharply as broader indices outperformed the benchmarks. 

Nifty Midcap 50 was up 1.05 per cent while Nifty Smallcap 50 was up 0.82 per cent. The S&P BSE Midcap was up 

1.16 per cent while the S&P BSE Smallcap was up 1.04 per cent. 

The volatility index rose 0.69 per cent to 17.51.

 

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