The Indian stock market ended Wednesday’s session in the red, with major indices facing sharp declines.
The Sensex dropped 984 points, or 1.25%, to close at 77,690, while the Nifty fell 324 points, or 1.36%, settling at 23,559.
This marks a continued downturn, with the Sensex losing 1,795 points (2.26%) and the Nifty slipping 589 points (2.44%) this week so far.
Selling pressure was particularly strong in sectors like metals, automobiles, and banking, which contributed significantly to the market’s overall decline.
The market capitalization of all listed companies on the Bombay Stock Exchange (BSE) fell by nearly Rs 6 lakh crore, now standing at Rs 430 lakh crore.
Along with large-cap stocks, small and mid-cap stocks also experienced significant losses. The Nifty Midcap 100 index fell 2.64%, while the Nifty Smallcap 100 index dropped 2.96%.
Out of the 30 Sensex stocks, 27 ended the day in the red.
Top decliners included M&M, Tata Steel, JSW Steel, IndusInd Bank, Kotak Mahindra, HDFC Bank, Reliance Industries, SBI, Bajaj Finserv, Axis Bank, ICICI Bank, and L&T. On the positive side, NTPC, Tata Motors, and Infosys posted gains.
Vikram Kasat of Prabhudas Lilladher noted that the indices recorded their fifth consecutive session of losses, driven by sustained selling from foreign institutional investors (FIIs). He added that a mix of factors is weighing on overall market sentiment, undermining investor confidence.
Kasat stated, “This latest downturn was intensified by sustained foreign investor outflows, disappointing corporate earnings, and rising inflation.”
Mandar Bhojane, Research Analyst at Choice Broking asserted, “On the technical front, a Bearish Engulfing pattern formed on the daily chart, highlighting the increased influence of bearish sentiment. The immediate support level is situated at 23,650; if this level is breached, the index may slip further to 23,400. On the upside, resistance remains robust, with selling pressure expected around the 24,200 mark.”
Also Read: India Poised For Ambitious Infrastructure Revolution: KPMG Report
ED launched a sweeping operation against Santiago Martin, known as “Lottery King,” conducting raids properties…
The Commonwealth of Dominica has announced to grant its most prestigious accolade, the Dominica Award…
Rouse Avenue Court granted bail to AAP leader and Okhla MLA Amanatullah Khan in a…
The Enforcement Directorate conducted a series of raids across multiple states in India today, targeting…
Rajasthan police arrested 60 for rioting post-Deoli-Uniara bypolls, while Naresh Meena was taken into custody.
ISRO Chairman S Somanath stressed the high costs of Moon missions and the need for…