Equity indices close in red; Latent View hits 20% upper circuit

New Delhi, Nov 24 After a rise almost throughout the session, India's key equity indices S&P BSE Sensex and NSE Nifty50 closed in the red on Wednesday.

A fall in share prices of some of the major listed companies, coupled with uncertainty over cryptocurrency regulation weighed on the broader market sentiment, analysts opined.

The barometer 30-scrip Sensex closed at 58,340 points, down by 323 points or 0.55 per cent.

Similarly, the broader 50-scrip Nifty closed the day at 17,415 points, down by 88 points or 0.50 per cent.

Shares of Eicher Motors, Tata Consumers, Maruti Suzuki, Grasim Industries, and Infosys were the top losers during the session, NSE data showed. As per the information available on the NSE website, stocks of these companies closed 2.8 per cent, 2.8 per cent, 2.77 per cent, 2.76 per cent and 2.69 per cent lower, respectively.

The top gainers during the session were ONGC, Adani Ports, Coal India, NTPC, and Kotak Bank.

Notably, One97 Communications-owned Paytm rose sharply for the second consecutive day and closed at Rs 1,753, up whopping 17.28 per cent from the previous close.

Besides, the newly listed Latent View Analytics hit the 20 per cent upper circuit and closed the session at Rs 586.5 per share.

"The recent correction (in equity) was overdue and should be construed as healthy in the overall larger uptrend. Historically, markets have seen corrections of 10-15 per cent almost every year," ICICI Direct said.

"It is difficult and actually a futile exercise to predict whether the market will correct further or will recover from current levels itself. In general, a 5 per cent correction is a good enough "dip" to follow the time and tested "buy on dips allocation strategy."

Also, corporate earnings, which is the ultimate barometer of the market performance, remain on track for a sharp recovery, the brokerage added.