The Indian stock market struggled to maintain its early gains and closed at the day's low as financial stocks underperformed. The BSE Sensex, dropped 311 points to settle at 62,918, while the Nifty 50 declined 68 points to 18,688.

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The Nifty Bank index witnessed a downward trend, with most of the stocks ending the day in negative territory. HDFC Bank, ICICI Bank, and Kotak Mahindra Bank emerged as the top losers in the banking sector.

Top losers on the Nifty 50 were Hero MotoCorp, Wipro, IndusInd Bank, SBI and Kotak Mahindra Bank.

The top gainers were Apollo Hospitals, Divis Laboratories, Dr Reddy's Laboratories, Cipla and BPCL.

Among sectors, the bank index was down 1 percent, the realty index fell nearly 1 percent, the Information Technology index shed 0.5 percent, while the pharma index rose 1 percent and the FMCG index added 0.5 percent.

Also read: Stock Market Highlights: Sensex, Nifty 50 close near day’s low, Nifty Bank slides 500 points

In contrast, the midcap segment continued to outperform, with the Midcap Index reaching a record high at the close of the trading session.

The banking sector faced significant pressure, with the Nifty Bank sliding 544 points to 43,444. On the other hand, the midcap index gained 74 points to reach 34,907.

Pharmaceutical and FMCG stocks provided support to the Nifty, with companies like Apollo Hospitals, Britannia Industries, and Nestle India achieving record highs.

Shares of Hero MotoCorp, India's largest two-wheeler manufacturer, declined 5 percent due to reports of the Ministry of Corporate Affairs initiating a probe into the company's affairs.

IT heavyweights, including Infosys, TCS, and Wipro, extended their losses from the previous day, with declines ranging from 1 percent to 2 percent.

Zee Entertainment Enterprises witnessed a 4 percent dip in its stock price as the Securities Appellate Tribunal declined to issue an interim order.

Also read: Market capitalisation of BSE-listed companies climbs to a record high

First Published:Jun 15, 2023 4:03 PM IST