Sensex, Nifty further down 1%- Dinamani

The stock market was seen to be up and down on Wednesday as well. In a market that started with a sharp decline, the bull’s attempt to dominate at one point was wasted. The BSE Sensex, comprising the top 30 stocks, lost another 509 points as the “bear” dominance continued.
While the global market cues were unfavorable, the domestic market started with a sharp decline. After that the “bulls” dominated for a while, but the “bears” completely dominated as Asian and European markets turned negative. Thus, the market ended the 6th day down. IT, pharma, healthcare stocks were marginally supported. At the same time, other sector stocks including banking and financial institutions faced heavy selling.
Sensex down 509 points: The Sensex, which opened the morning at 56,710.13, fell 397.39 points to touch a high of 57,213.33. Later, the Sensex, which fell as high as 56,485.67, eventually lost 509.24 points (0.89 per cent) to close at 56,598.28. On the Sensex, 12 stocks gained. 18 stocks came on the losers list.
Asian Paints advance: Asian Paints rose 2.90 per cent, Sunpharma 2.37 per cent and Dr Reddy 2.03 per cent led the gainers on the Sensex. Also, Power Grid, Nestlé, Hindustan Uni Lever, Tech Mahindra, TCS, M&M, HCL Tech also made the expensive list.
ITC falls sharply: Meanwhile, leading consumer goods major ITC 2.97 percent, Axis Bank 2.84 percent and Reliance 2.64 percent led the decliners. It was followed by Tata Steel, SBI, HDFC, Indus Ind Bank, HDFC Bank, Bajaj Fin Serv among others which declined between 1.70 and 2.40 per cent. Also, leading corporate stocks including Maruti, Kotak Bank, ICICI Bank, Titan also came in the fall list.
Market cap falls by Rs 1.73 lakh crore: Market capitalization fell by Rs 1.73 lakh crore to close at Rs 268.43 lakh crore. Meanwhile, foreign institutional investors sold shares and withdrew investments to the tune of Rs 2,823.96 crore on Tuesday, stock market data showed.

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