Markets trade lower for second consecutive day; SENSEX slips below 80,000

Indian equity benchmark indices extended their fall on Wednesday, with NIFTY50 falling below the 24,400 mark, down by 0.35%. Similarly, the SENSEX plunged by 320 points to 80,109. The India VIX continued its downward trend, slipping over 3% to fall below the 12.5 mark, hitting a fresh two-week low.

The Banking and Financial stocks led the fall, with shares of Bajaj Finance dropping over 2% and hitting a fresh seven-week low following the NBFC Q1 earnings that missed estimates. ICICI Bank emerged as the top loser in the NIFTY50 index, slipping below its 20-DMA for the first time in a month. On Wednesday, the Nifty Bank hit a fresh one-month low, slumping over 600 points or 1.18%.

Among the sectoral indices, the top gainers were Nifty Media (+1.96%), Nifty Oil & Gas (+1.28%), and Nifty Realty (+1.05%) barring Nifty FMCG (+1.66%). On the other hand, Nifty Bank (-1.2%), Nifty Financial Services (-0.8%) and Nifty PSU Bank (-0.61%) were the top losers.

Broader market indices saw buying interest on Wednesday, with Nifty Midcap 100 and Smallcap 100 up by 0.77% and 1.20%, respectively. The Nifty Midcap 100 index reclaimed its 20-DMA. Market breadth favoured advances, with 1,755 stocks advancing compared to 547 stocks declining.