Sensex Falls 185 Points, Nifty Settles Below 16,550; IT, Pharma Stocks Drag

Indian equity benchmarks on Wednesday extended their fall for the second straight day, dragged by technology, pharma and consumer goods stocks. The domestic indices erased early gains on renewed inflation worries as the country's economic growth slowed to the lowest in a year during the fourth quarter (Q4) of the financial year 2021-22 (FY22).

India's gross domestic product (GDP) grew 4.1 per cent year-on-year in Q4 FY22.

The 30-share BSE Sensex slipped 185 points or 0.33 per cent to close at 55,381, while the broader NSE Nifty moved 62 points or 0.37 per cent down to settle at 16,523.

Mid- and small-cap shares finished on a slight positive note as Nifty Midcap 100 edged 0.04 per cent higher and small-cap rose 0.28 per cent.

Nine out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Sub-indexes Nifty IT, Nifty Pharma and Nifty Consumer Goods underperformed the platform by falling as much as 1.41 per cent, 1.21 per cent and 0.72 per cent, respectively.

On the stock-specific front, Bajaj Auto was the top Nifty loser as the stock cracked 3.65 per cent to Rs 3,723. Apollo Hospitals, Hindalco, Tech Mahindra and Bajaj Finserv were also among the laggards.

However, the overall market breadth stood positive as 1,854 shares advanced while 1,471 declined on BSE.

On the 30-share BSE index, Nestle India, TechM, Bajaj Finserv, Sun Pharma, Hindustan Unilever, PowerGrid, UltraTech Cement, HCL Tech, Infosys, Wipro, Bajaj Finance and Dr Reddy's were among the top losers.

Also, Life Insurance Corporation of India (LIC), the country's biggest insurer and largest domestic financial investor, inched 0.12 per cent lower to settle at Rs 810.55.

In contrast, M&M, HDFC, Kotak Mahindra Bank, Tata Steel, HDFC Bank, ITC, NTPC, SBI, ICICI Bank and Axis Bank finished in the green.