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Sensex falls 500 pts from day’s high, Nifty near 23,250: Key reasons behind sharp market decline
Sensex and Nifty trimmed early gains amid profit booking.
Metals fell 1.1% on weak global cues, US rate hike fears
Meesho gains 4% on Jefferies buy; Afcons jumps 9% on order
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The benchmark equity indices Sensex and Nifty pared their early gains during afternoon trade on Wednesday amid profit booking at higher levels and weak global cues.
At 2:50 pm, the Sensex was up 183.56 points or 0.25 percent at 74,102.32, and the Nifty was up 20.75 points or 0.089 percent at 23,262.85.
Among sectoral indices, metals declined 1.1 percent, with 14 of the 15 constituents trading in the red.
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The sector came under pressure as renewed West Asia tensions and rising expectations of a US Federal Reserve rate hike by the end of the year weighed on demand prospects ahead of key US inflation data due later in the day.
Meesho gained 4 percent after Jefferies initiated coverage on the stock with a “buy” rating. Afcons Infrastructure jumped 9 percent after securing an order worth Rs 5,300 crore.