Closing Bell: Indian equity market tanks over 1.5%

Domestic equity bourses Sensex and Nifty closed on a negative note for the fourth straight session on Wednesday and posted the biggest losing streak in five months.

Market fall extends

The Indian equity benchmarks lost 1.5 per cent lower on February 22 as profit booking extended for the fourth day, with investors anxious about additional rate hikes by central banks and the US Federal Reserve's policy meeting minutes to be released later in the day.

At the closing bell, the Sensex was down 927.74 points, or 1.53 per cent, at 59,744.98, and the Nifty was down 272.40 points, or 1.53 per cent, at 17,554.30. The market mirrored the fall in Asian equities with frontline indices slipping 1 per cent or more.

Earlier in the day, amid weak global cues, the market opened on a negative note and expanded the losses as the day progressed with selling witnessed across the sectors.

In today's bloodbath, investors wealth eroded by Rs 377,870.15 crore as the BSE market capitalisation fell to Rs 2,65,21,111.74 crore from Rs 2,61,43,241.59 crore, on February 21.

A bad day for investors 

Today's close was the lowest levels for Sensex and Nifty since October 19, 2022. Bank Nifty Bank fell below 40,000 for the first time since October 17, 2022. BSE companies lost a market cap of Rs 4 lakh crore, which is the biggest 1-day fall in last one month.

Adani Group shares recorded worst day in two weeks, where market cap dropped by Rs 51,000 crore on Wednesday.

Bank Nifty plummeted by 678 points to 39,996, while the midcap index was down by 346 points to 30,211. Financials remained the most hit of the lot as all Nifty Bank constituents were lower.

Stock buzzers of the day

Top Nifty losers were Reliance, HDFC, HDFC Bank, ICICI and Infosys, while pharma stocks witnessed buying in a weak session. Aurobindo Pharma and Glenmark emerged as the top gainers. Among buzzing stocks, Voltas jumped for third straight day as brokerages turned positive ahead of peak summer.