Market Wrap, Dec 10: NIFTY50 ends at 25,758, SENSEX falls 275 points as consumer, IT stocks drag; SMIDs underperform, IndiGo falls 3%

After a volatile session, the Indian stock market closed lower for the third straight session on Wednesday, December 10, dragged down by consumer and IT stocks amid weak global cues. Sentiment remained subdued as global investors stayed cautious ahead of the US Federal Reserve’s policy outcome.

The broader market continued to remain under pressure, with mid-cap stocks underperforming the main equity benchmark indices.

According to exchange data, on Tuesday, the foreign institutional investors (FIIs) sold shares worth ₹3,760.08 crore, while the domestic institutional investors (DIIs) bought equities worth ₹6,224.89 crore on a net basis.

On the global front, most of the Asian markets were trading lower as caution prevailed among traders ahead of the US Federal Reserve interest rate decision following a weak session on Wall Street.

Japan's Nikkei declined 0.36%, China's Shanghai Composite tumbled 0.23%, and South Korea's KOSPI fell 0.21%, while Hong Kong's Hang Seng closed 0.2% higher.

On Wall Street, the main indices ended on a sluggish note a day ahead of the US Fed decision on interest rates. The Dow Jones Industrial Average fell 0.38%, the S&P 500 declined 0.09%, and the tech-heavy Nasdaq advanced 0.13%.

Here are the key developments of Wednesday's session that you need to know

As many as 3,201 stocks traded on the NSE on Wednesday. Out of this, 1,353 advanced and 1,753 stocks declined, while 95 scrips remained unchanged.

This indicated that the market breadth was in favour of declines.

A total of 29 stocks hit their 52-week highs, while 84 stocks touched their one-year lows. Besides, 81 stocks hit their upper circuit limits, and 40 touched their lower circuit bands on Wednesday.

The market capitalisation of NSE-listed firms stood at ₹461.73 lakh crore at the close of the session.

India VIX, the volatility gauge, stood at 10.91 levels, falling marginally by 0.36%.

The broader market continued to lag, with the Nifty Midcap 100 slipping 1.12% to close at 59,007.75, while the Nifty Smallcap 100 fell 0.9% to end at the 17,090.15 level.

In the midcap space, Dixon Technologies (-8.52%), BSE Limited (-4.91%) and Persistent Systems (-4.4%) were the biggest losers. Weakness in Kaynes Technology (-10.51%), MCX (-5.34%) and Reliance Power (-4.74%) further weighed on the Nifty Smallcap 100.

Nifty Consumer Durables took the lead among the losers’ pack, declining 1.72%, followed by Nifty IT (-0.89%), Nifty PSU Bank (-0.7%), Nifty Private Bank (-0.43%) and Nifty Realty (-0.36%).

Meanwhile, Nifty Media (0.48%), Nifty Metal (0.46%), Nifty Pharma (0.17%) and Nifty Oil and Gas (0.11%) ended the session in green.

On the NIFTY50 index, 19 stocks closed higher, and 31 declined by the end of the session.

InterGlobe Aviation tanked 3.17% and was the biggest laggard. Eternal (-3.09%), Trent (-1.77%), Adani Enterprises (-1.39%) and JSW Steel (-1.31%) were the other top losers.

On the flip side, Eicher Motors (1.54%), Hindalco Industries (1.07%), HDFC Life Insurance (1.06%), Tata Steel (0.83%) and Sun Pharma (0.7%) were the biggest-gaining stocks on the 50-share index.