The Indian equity benchmarks suffered significant losses on Tuesday, with the SENSEX crashing 893.39 points, or 1.16%, to close at 76,200.68 and the NIFTY50 settling 278.80 points, or 1.16%, lower at 23,824.10. According to Livemint, the losses were primarily driven by declines in index heavyweights including Infosys, HDFC Bank, Tata Consultancy Services, Tata Steel, HCL Technologies, Hindustan Unilever, and Tech Mahindra. The sharp decline marked a significant deterioration from earlier sessions when the SENSEX had fallen 68 points to 77,033 and NIFTY50 declined 15 points to 24,088 as of 9:26 am on Tuesday.
As reported by Livemint, 10 of 15 sector gauges compiled by the National Stock Exchange (NSE) were trading higher, led by the NIFTY Pharma index's 1.9% gain. The NIFTY Healthcare, Realty, and Media indices were also trading with a positive bias. However, the IT shares came under selling pressure, with the NIFTY IT index being the top sectoral loser, down 1.6%, mirroring losses in tech stocks overnight. Metal, Bank, PSU Bank, and Consumer Durables indices were also trading lower. Broader markets witnessed mild buying interest as the NIFTY Midcap 100 index rose 0.17% and the NIFTY Smallcap 100 index gained 0.3%. According to The Economic Times, the GIFT Nifty was trading around 23,874 level, a premium of nearly 21 points from the Nifty futures' previous close, indicating a muted start for Wednesday's session.
According to The Economic Times, Dr Reddy's Labs was the top gainer in the NIFTY50 index, rising 2.56% to ₹1,324. Other notable gainers included Sun Pharma, Cipla, Shriram Finance, ICICI Bank, Tata Consumer Products, Trent, Apollo Hospitals, Asian Paints, and Hindustan Unilever, which rose between 0.6% and 1.4%. On the downside, Infosys, Hindalco, TCS, HCL Tech, Tech Mahindra, Wipro, Tata Steel, Tata Motors PV, and JSW Steel were the top losers in the NIFTY50 index. The overall market breadth remained positive with 1,619 shares advancing while 1,210 were declining on the NSE.
As reported by Livemint, most Asian markets traded mixed on Wednesday amid a rebound in technology shares, while the US stock market ended lower overnight, weighed down by sharp losses in technology stocks. Japan's Nikkei 225 fell 0.52% and Topix declined 0.41%, while South Korea's Kospi rallied 3.65% after posting a 10% decline the day before, with Kosdaq gaining 1.49%. Hong Kong Hang Seng index futures indicated a higher opening. In the US, the Dow Jones Industrial Average fell 47.22 points, or 0.09%, to 51,665.49, the S&P 500 declined 107.32 points, or 1.44%, to 7,365.47, and the Nasdaq Composite closed 579.56 points, or 2.21%, lower at 25,587.04. Notable tech stock declines included Nvidia plunging 4.15%, AMD shares slipping 5.76%, Intel tanking 6.14%, and Micron Technology cracking 13.18%.
