After a roaring seven-day rally, the Indian stock market hit a speed bump on Wednesday, as investors pressed the brakes amid global uncertainties. The Sensex tumbled over 700 points, while the Nifty settled below 23,500, dragged down by losses in banking, IT, and pharma stocks.
“The market experienced profit booking after the recent gains, on the back of next week’s US tariff announcements. The sectors with higher exposure to the US market, like pharma & IT, have witnessed some selling pressure. Oil prices inched higher driven by US sanctions on Iran and anticipation of a drop in US crude inventories. With the onset of FIIs inflow, revival in domestic fundamentals and favourable valuation, the market is expected to trade with more stability,” said Vinod Nair, Head of Research, Geojit Investments Limited.
Sensex and Nifty ends in red
The benchmark indices closed sharply lower, marking a steep reversal from their winning streak. The Sensex ended the day down 789 points or 1.01% at 77,228.28, while the Nifty 50 fell 182 points or 0.77% to close at 23,486.85.
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While most sectors faced the heat, a few stocks managed to stay afloat:
The top gainers in today’ trading session include Trent up by 3%, IndusInd Bank, M&M, Eicher Motors and BEL. On the other hand the laggards are NTPC, Tech Mahindra, Axis Bank, Cipla, Bajaj Finance
A mix of global and domestic concerns triggered the sell-off today which include US Tariff Jitters where investors remain on edge over potential trade policies from the US., especially concerns about tariffs that could impact Indian exports.
Furthermore Heavyweight sectors like banking, finance, and IT witnessed sharp declines, pulling the broader markets down.
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