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Stock Market Live Updates: Sensex tanks 700 points, Nifty nears 19,500; all sectors in the

Sensex Today Live: Indian shares fell on Wednesday, dragged by broad sectoral slide, tracking global peers after weak economic data from the United States, euro zone and China triggered caution and weighed on risk sentiment.

The slide in domestic equities followed a decline in Asian peers after a weak close in Wall Street and Europe overnight, on rate concerns due to tightness in the labour market in the U.S.

Fitch’s downgrade of U.S. long-term debt rating on fiscal concerns and weak factory activity data from China and euro zone further weighed on investor sentiment.

Eleven of the 13 major sectoral indexes logged losses with high weightage financials and information technology shedding 0.6% each.

The smallcap index was the sole exception, up 0.1%.

“There has clearly been some exhaustion in the market,” said Avinash Gorakshakar, head of research at Mumbai-based Profitmart Securities.

“At this level, the index has become a little top-heavy. Overall, the Nifty 50 will struggle as the risk-reward is favourable in only selective pockets.”

Metal stocks fell 1%, leading the sectoral losses. Tata Steel was the top Nifty 50 loser, down 2%.

The metal sector has been “a major drag in the June quarter results season so far, with a 64% year-on-year decline in earnings, led by Tata Steel and Vedanta,” analysts at Motilal Oswal Financial Services wrote in their interim quarterly review on Wednesday.

Among individual stocks, wine maker Sula Vineyards lost 6.41% after receiving an excise duty notice of 1.16 billion rupees from the Maharashtra government.

Fast moving consumer goods firm Bikaji Foods, turbine maker Triveni Turbines and tractors maker Escorts Kubota climbed between 3.5% and 7% on posting a rise in June-quarter earnings.

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