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Sensex Falls 334 Points, Nifty Slips Below 15,650

The Auto sector plunged the most dragged by shares of Tata Motors, Ashok Leyland, and Motherson Sumi.

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The Indian equity markets cleared their early gains and settled lower on Wednesday, June 9 mainly dragged by stocks in the Auto and Financial sector. The frontline S&P BSE Sensex was down 333.93 points at 51,941.64, while the Nifty-50 was down 104.70 points at 15,635.40.

Experts feel that the outlook and overall sentiments remain positive and the decline in the market can be used by investors and traders to build up new positions as buying on dips is the market trend. On the technical front too, the Nifty index holding above 15,600 at closing levels is a good sign for the market, experts said.

The 30-share pack Sensex witnessed selling in 22 scrips and advances in 8 scrips in the intraday session on Wednesday. Shares of Reliance, Bajaj Twins, and IndusInd Bank were among the top drags for the index, losing over a per cent each in the day's trade.

The widespread selling pressure was seen across all sectors as bears dominated the market during the session. The Auto sector plunged the most dragged by shares of Tata Motors, Ashok Leyland, and Motherson Sumi as they shed over two per cent each.

The broader markets also ended their long winning streak as both BSE Midcap and Smallcap indices closed lower close to a per cent each. Among the Midcaps, Shriram Transport Finance, Vodafone Idea, and New India Assurance dipped 3-4 per cent each.

The overall performance supported losses too as 1697 shares ended with losses and 1425 shares advanced at the market closing on Wednesday.