Mumbai: The Sensex and Nifty, both benchmark equity indices, dropped significantly in the early trading session on Wednesday following a historic surge, mirroring the highly negative patterns observed in the international markets. After starting off on a weak note, the 30-share BSE Sensex lost 721.75 points and fell to 81,833.69. The NSE Nifty plummeted by 196.05 points, reaching a level of 25,083.80.
JSW Steel, Infosys, Larsen & Toubro, State Bank of India, Tata Steel, Mahindra & Mahindra, Bharti Airtel, and Axis Bank were the main underperformers among the 30 Sensex companies. Gaining stocks included Asian Paints, Bajaj Finserv, Bajaj Finance, and Hindustan Unilever. In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were experiencing significant declines in trading.
The American markets finished with a notable decrease on Tuesday. The decline in US markets on Tuesday was caused by worries about economic growth. V K Vijayakumar, Chief Investment Strategist at Geoit Financial Services, noted signs of US manufacturing entering contraction, endangering the anticipated soft landing that has been supporting not only the US market but also other markets. Ending its 10-day increase on Tuesday, the BSE benchmark dropped 4.40 points or 0.01 percent to close at 82,555.44. The Nifty barely managed to increase by 1.15 points, ending at 25,279.85, marking its highest closing level to date.
During the 10-day rally, the BSE benchmark surged by 2,135 points, which is equivalent to a 2.61 percent increase. In the past 14 consecutive days, Nifty has jumped by almost 1,141 points, which is equal to a 4.59 percent increase. According to data from the exchange, Foreign Institutional Investors (FIIs) purchased equities totaling Rs 1,029.25 crore on Tuesday. The worldwide oil standard Brent crude fell by 0.61 percent to reach USD 73.30 per barrel.
FIRST Business Portal addressing the potential of business capability of North East Region.
