Sensex falls 372 points, Nifty closes below 18200 points signaling at consolidation ahead

The Indian equity indices formed a bearish turn on Wednesday, as it slipped below the rising channel signaling a rise in bearish bets. The market indices remained in negative territory as cautious investors continued to book profit after the recent spike. The subdued economic readings coming in from the US and China once again raises concern of a slowing economy and hence recession fears, which is making investors jittery about the future course, according to experts.

At close, the Sensex was down 371.83 points or 0.60 percent at 61,560.64, and the Nifty was down 104.75 points or 0.57 percent at 18,181.75, according to estimates.

Kotak Mahindra Bank, Apollo Hospitals, SBI Life Insurance, TCS and HCL Technologies were among the biggest losers on the Nifty,while gainers were Hero MotoCorp, IndusInd Bank, ITC, UPL and BPCL.

On sectoral front,realty, metal and information technology indices shed 1 percent each, while bank, oil & gas and power indices fell 0.5 percent each, according to reliable sources.

The BSE midcap index ended marginally lower and smallcap index ended higher.

On 17th May'23, the Indian rupee falls 10 paise to close at 82.35 against US dollar.

 Experts take: 

Stock market experts have recommended four intraday stocks for Wednesday — Adani Ports, PNB, SBI Card and Lupi.