In banking-finance stocks, Sensex tumbled 208 points to 61,774.

- UK Erosion behind Europe, gaps in global markets as crude boils

- Nifty down 63 points to 18285: attraction in consumer durables

MUMBAI: The US may be on the brink of defaulting on debt ceiling hikes, with the Biden administration currently facing uncertainty over whether to raise the debt ceiling as a result of new economic challenges for China and supply cuts in crude oil and increasing US strategic reserves. The sentiment of the global stock markets also weakened further with a crash in the prices of industrial metals in the world market due to the fear of a global recession due to the increase in prices. Inflation in the UK rose more than expected, leading to a big wash in European markets. Along with the global markets today corporate results including Hindalco disappointed, in the Indian stock markets also the funds booked profit in banking-finance, metal-mining, automobile stocks, the index based market turned soft again. Apart from selective buying in select consumer durables, healthcare stocks as well as FMCG and IT stocks, markets were subdued today. The Sensex closed down 208.01 points at 61773.78 and the spot Nifty closed down 62.60 points at 18285.40. The international prices of crude oil rose this evening, Brent crude increased by 1.08 dollars to 77.92 dollars and New York-Nymex crude oil increased by 1.13 dollars to close to 74.04 dollars.

Bankex fell by 256 points

In banking-finance stocks, there was a profitable selling of funds today. The decision taken by the Reserve Bank of India to withdraw Rs.2000 currency notes was seen by the market and some experts as a step to improve the condition of the banks, the liquidity condition and despite the optimism of the governor Shaktikanta Das that the condition of the banks is good, there was a sell-off in the banking and finance stocks today. Federal Bank decreased by Rs.1.80 to Rs.123.85, ICICI Bank increased by Rs.12.40 to Rs.940.40, HDFC Bank decreased by Rs.21.15 to Rs.1615.65. Along with this, Monarch net worth decreased by Rs.9.40 to Rs.211.35, Nahar Capital decreased by Rs.6.80 to Rs.280.10, Muthut Finance decreased by Rs.22.50 to Rs.1105.15, MCX India decreased by Rs.27. 20 decreased to Rs.1361.20.

Consumer Durables Index jumped 511 points

Funds in stocks of consumer durables companies were aggressively buying today. Dixon Technologies' quarterly net profit increased by 28.06 per cent to Rs 80.64 crore and sales by 3.82 per cent to Rs 3065.45 crore, while share price increased by Rs 238.65 to Rs 3514.30. Amber Enterprises rose by Rs.95.40 to Rs.2130.65, CG Consumer rose by Rs.10.05 to Rs.276.10, Blue Star rose by Rs.44.50 to Rs.1433.80, Havells India rose by Rs.23.25 Rs.1273, Titan Company increased by Rs.28.30 to Rs.2711.20. The BSE Consumer Durables Index rose 511.09 points to close at 39589.72.

Funds boom in healthcare stocks:

Funds in healthcare-pharmaceuticals stocks were also picking today. Laurus Labs increased by Rs.19.70 to Rs.334.55, Caplin Labs increased by Rs.27.25 to Rs.743.55, Glenmark Life increased by Rs.18.60 to Rs.537.80, Medicaman Bio increased by Rs.21.85 667, Stride Pharma increased by Rs.9.90 to Rs.378.80, Narayan Hyudalya increased by Rs.19.10 to Rs.840.10, Sun Pharma Industries increased by Rs.18.25 to Rs.949, Alchem ​​Lab increased by Rs.41 .75 up to Rs.3299.95, Novartis rose by Rs.8.05 to Rs.717.70. The BSE Healthcare Index rose 169.71 points to close at 23303.24.

Valuing in IT stocks

In IT-Software Services, Technology stocks, a selection of funds appreciated today. KPIT Technology increased by Rs.53.35 to Rs.979.05, Nucleus Software increased by Rs.26.05 to Rs.662.55, Nelco increased by Rs.22.75 to Rs.621.95, R Systems increased by Rs.7.95 to Rs. .262.80, Tanla Platforms increased by Rs.18.40 to Rs.737.75, Aflay India increased by Rs.16.60 to Rs.925.15, Rategain Travel increased by Rs.5.45 to Rs.392.85. While L&T Technology fell by Rs.100 to Rs.3797, Allied Digital fell by Rs.5.77 to Rs.93.44.

Selling pressure in small, mid cap stocks

Sensex, Nifty based today with funds selling, market breadth remained negative as funds, small, mid cap, cash stocks of players also sold. However, funds remained buyers in select small, mid cap stocks. Out of the total 3602 scrips traded in BSE, the number of gainers was 1673 and the number of decliners was 1796.

Purchase of Rs.1486 crores of institutions

Foreign Portfolio Investors-FPIs, Foreign Institutional Investors-FIIs made a net purchase of Rs.1185.84 crore worth of shares in the cash segment today-Wednesday. A total of Rs.7362.65 crore was sold against a total purchase of Rs.8548.49 crore. While DII-domestic institutional investors made a net purchase of Rs.300.93 crore. A total of Rs.5579.89 crore was sold against a total purchase of Rs.5880.82 crore.