The Indian stock market had a good start on Wednesday and continued to rise throughout the day; However, the index lost all its gains due to selling in the last hour. The Sensex ended marginally higher by 64 points at 73,983, while the Nifty fell by 27 points at 23,214. Banking stocks also showed some weakness, with Bank Nifty falling 94 points to close at 55,100.
Meanwhile, the broader market saw further pressure. The Nifty Midcap Select index fell 189 points (1.34%) to 13,991 and the Nifty Smallcap index fell 241 points (1.33%) to 17,822.
**Shares rising and falling in Nifty 50**
Nestle, Axis Bank, HUL and Kotak Mahindra Bank were the top gainers in the Nifty 50, rising around 1.8% to 2%. On the other hand, Hindalco, Coal India, Infosys and ONGC were the biggest losers, falling between 2.6% and 3.5%.
**Other special shares**
Among the stocks in discussion, CMR Green Technologies’ shares jumped nearly 25% on the day of its IPO listing. Clean Max Enviro Energy shares rose nearly 9% after the company signed a deal with META for 900 MW of renewable energy capacity. Afcons Infrastructure shares rose 4.5% on news of a big order, while Concord Biotech shares rose about 3.8% after it received US FDA approval.
Selling pressure was clearly visible in the retail sector. V2 Retail shares fell nearly 6% and Go Fashions fell 5.7%. Shares of Shringaar Jewelers and Swiggy also remained under pressure and fell by more than 2.5%. Power and renewable energy stocks also showed weakness. NLC India shares fell nearly 4% and Reliance Power shares fell 3.56%. Shares of Inox Wind and ACME Solar also fell by more than 3%.
In the mass market, Akums Drugs, Smt. Shares of Bector Foods, Chambal Fertilizers and ABSL AMC saw gains of 4% to 8%. On the other hand, Oil India shares were the biggest losers, falling nearly 10%. Shares of Avalon Technologies, Manappuram Finance and Sterlite Technologies also fell between 5% to 7%. Overall, while there was no significant change in the main indices, the market mood appeared weak due to profit-booking in midcap and smallcap stocks.
