Mumbai, Jun 8 (UNI) The equity market remained weak for the fourth consecutive session on Wednesday, as the BSE Sensex dropped 214.85 points to 54,892.49 as selling was seen in Telecom, Energy, FMCG and Oil and Gas stocks. The Nifty of National Stock Exchange (NSE) too fell 60.10 points to 16,356.25.
High volatility was witnessed during the session, as Reserve Bank of India hiked the Repo Rate by 50 basis points at 4.90 per cent.
The Sensex advanced 238 points to open at 55,345.51. It was surged 316 points at 55,423.97, days high. Later, it was fell nearly 424 points at 54,683.30 points days low before closing at 54,892.49, sliding 214.85 points from its previous close. The Sensex registered the days high and low at 55,423.97 and 54,683.30 points respectively.
The Nifty recorded the days high and low at 16,514.30 and 16,293.35 respectively. The sectoral indices like Telecom, Energy, FMCG and Oil and Gas stocks kept the market under pressure on Wednesday.
In scrips, Bharti Airtel was a major loser, eased 3.31 per cent to Rs 663.20 followed by ITC by 2.03 pc to Rs 268.25, Reliance Industries by 1.74 per cent to Rs 2724.30, Asian Paints by 1.44 per cent to Rs 2705.55 and Axis Bank by 1.03 per cent to Rs 658.90. The gainers were Tata Steel by 1.70 per cent to Rs 1086.75, SBI by 1.66 per cent to Rs 471.05, Dr Reddy’s Lab by 1.52 per cent to Rs 4205.10 and Bajaj finance by 1.25 per cent to Rs 5952.05. The Mid Cap dropped 0.15 per cent and Small Cap by 0.33 per cent. In 30 scrips,13 advanced while 17 declined.
Asian Market was up today as Australia went up by 0.39 per cent followed by China by 0.68 per cent, Hong Kong by 2.19 per cent and Japan by 1.04 per cent.