Mumbai
The Indian stock market opened lower for the second day in a row on Wednesday, with selling observed in the PSU bank and pharmaceutical sectors.
The Sensex was down 311.88 points, trading at 80,057.15, while the Nifty fell 94.10 points to 24,372.75. Despite this decline, the overall market trend remained positive, with 1,666 stocks gaining and 586 declining on the National Stock Exchange (NSE).
The Nifty Bank index dropped 430.40 points to 52,890.30, but the Nifty Midcap 100 index rose 209.45 points to 56,460.75. The Nifty Small Cap 100 index also increased, reaching 18,355.35 after a gain of 156.40 points.
Top gainers in the Sensex included Maruti, IndusInd Bank, Tata Motors, TCS, and ITC, while the biggest losers were Sun Pharma, Bajaj Finserv, Titan, HCL Tech, PowerGrid, and Asian Paints. In the Nifty pack, Maruti, BEL, IndusInd Bank, Tata Motors, and Bajaj Auto led the gains, whereas Cipla, Dr. Reddy’s, Sun Pharma, and Bajaj Finserv were among the top losers.
Asian markets were mostly down, with only Tokyo showing positive movement. U.S. stock markets also closed lower the previous day.
Market experts noted that the recent drop in foreign institutional investor (FII) selling, down to Rs 548 crore on Tuesday, could signal a potential recovery. Domestic institutional investors (DIIs) bought equities worth Rs 730 crore the same day, indicating increased retail interest. However, experts warn that the overall uptrend may be challenged by softer earnings expected for FY25.
