Stock market today: Stock market indices Sensex and Nifty recorded declines on Wednesday due to selling pressure in banking and financial sectors, influenced by negative global market trends. Poor earnings reports and continued foreign fund outflows affected investor confidence. The BSE Sensex fell by 426.85 points to close at 79,942.18, fluctuating between 80,435.61 and 79,821.99 during trading.
The NSE Nifty decreased by 126 points to reach 24,340.85. Traders noted positive indicators including reduced FII selling and a valuation adjustment in domestic equities.
Major decliners in the Sensex included Infosys, ICICI Bank, Kotak Mahindra Bank, and several others. However, companies like Maruti, IndusInd Bank, and Adani Ports showed gains against the market trend.
FIIs sold shares worth Rs 548.69 crore in capital markets on Tuesday. VK Vijayakumar of Geojit Financial Services stated: “In the near term, the market will be influenced by two factors – one positive and the other negative. The positive is the sharp decline in FII selling to just Rs 548 crore on Tuesday. This is an indication that the FII tactical trade of ‘Sell India, Buy China’ is coming to an end.”
The BSE smallcap index increased by 1.54%, while the midcap index showed a marginal rise of 0.04%. Vinod Nair from Geojit Financial Services noted: “The domestic market remains cautious due to aggressive selling by FIIs. Positively, strong domestic inflows are supporting market resilience though volatility has markedly increased.”
Sectoral performance showed mixed results with consumer durables falling 1.21%, while services gained 1.86%. Asian markets showed varied performance, with Seoul, Shanghai, and Hong Kong declining while Tokyo advanced.
European markets traded lower, and US markets showed mixed results on Tuesday. Brent crude oil prices increased by 0.63% to USD 71.57 per barrel.
