Sensex snaps 4-day winning run, slips 150 pts; RIL gains 2%, Oil India 4.5%

CLOSING BELL: The Nifty IT, Bank, and FMCG indices dropped over 1 per cent each

CLOSING BELL

Stock market highlights: After opening gap-down with a loss of over 500 points, the BSE Sensex sought support from Reliance Industries, Bharti Airtel, ITC, and NTPC to end 414 points off lows on Wednesday.

Amid a subdued global mood, the 30-pack index shut shop at 53,027, down 150 points or 0.28 per cent. The Nifty50 index, meanwhile, closed at 15,799, down 51 points or 0.32 per cent.

HDFC Life, HUL, Apollo Hospitals, Axis Bank, Tata Consumer Products, Bajaj Finserv, and UPL were the major draggers, down up to 4.5 per cent.

In the broader markets, the BSE SmallCap index settled wee bit in the red, while the BSE MidCap index fell 0.7 per cent. Sectorally, most of the indices closed with losses barring the Nifty Oil and Gas index (up 0.9 per cent). The Nifty IT, Bank, and FMCG indices dropped over 1 per cent each.

RIL succession plan: Stock may hit new high

The stock has been gradually sailing along the 50-weekly moving average (WMA), since May 2020. The 200-WMA is currently placed at Rs 2,464 level. And as long as this support average is not violated with an aggressive sell-off, the stock is likely to see accumulation on corrective moves, according to the weekly chart set-up. READ MORE