Sensex falls 48 points on late selling

Benchmark stock indices Sensex and Nifty closed lower for the third consecutive session on Wednesday, dragged down by last-hour selling in metal and pharma shares amid firm crude oil prices and elevated global bond yields.

Giving up all intraday gains, the 30-share BSE Sensex declined 48.78 points, or 0.07 per cent, to settle at 72,480.29 on fag-end selling. After a flat start, the index had gained 533.16 points, or 0.73 per cent, to hit a high of 73,062.23.

The 50-share NSE Nifty dropped 95.75 points, or 0.42 per cent, to end at 22,620.45.

This month, the BSE benchmark tanked 4,476.98 points, or 5.81 per cent, and the Nifty dropped 1,459.95 points, or 6 per cent. Among the 30 Sensex firms, Eternal, Sun Pharma, Titan, Adani Ports, Tata Steel and HDFC Bank were among the major laggards. Foreign Institutional Investors (FIIs) offloaded equities worth `9,980.22 crore on Tuesday, according to exchange data. “The relief rally loses its steam with profit booking at the higher levels, followed by a rebound in oil prices. The elevated global bond yields continue to remain a key overhang, limiting the scope for sustained risk-taking.

“The overall market tone remains cautious; investors continue to monitor the trajectory of crude oil prices, bond yields, inflation expectations, and the potential implications for global monetary policy,” Vinod Nair, Head of Research, Geojit Investments Ltd, said.