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Indian equity markets faced a sharp downturn on Wednesday, mirroring weakness in global markets and concerns over a potential U.S. economic slowdown. The BSE Sensex plunged 406.86 points or 0.49 per cent to trade at 82,148.58, while the Nifty 50 dropped 144.40 points or 0.57 per cent to 25,135.45 as of 1 pm.
Shrey Jain, Founder and CEO of SAS Online, commented on the market situation, stating, “Following a decline in global markets, Indian equity indices experienced a downturn today, with the Sensex falling by over 400 points and the Nifty trading below the 25,150 mark.”
The market breadth remained negative, with 2,069 stocks declining against 1,773 advances on the BSE. A total of 3,968 stocks were traded, with 126 remaining unchanged. The market also saw 223 stocks hitting 52-week highs and 27 touching 52-week lows.
IT stocks led the decline, with Wipro emerging as the top loser among Nifty IT stocks, plummeting 3.21 per cent. Other major IT losers included Mphasis (-2.35 per cent), Infosys (-1.90 per cent), LTIMindtree (-1.90 per cent), and Coforge (-1.78 per cent).
On the broader Nifty 50 index, the top losers as of noon were Wipro (-3.40 per cent), Coal India (-3.02 per cent), ONGC (-2.68 per cent), LTIMindtree (-2.15 per cent), and Hindalco (-2.02 per cent). In contrast, Asian Paints (2.42 per cent), Hindustan Unilever (1.23 per cent), Grasim (0.82 per cent), Divi’s Lab (0.54 per cent), and Reliance (0.39 per cent) emerged as the top gainers.
Jain further added, “As we approach the expiry date, we anticipate that the Bank Nifty may encounter resistance at higher levels, with any potential short-covering moves expected only above the 51,550 mark. Immediate support for the banking index is likely to be provided by the Put base at 51,000.”
Regarding the Nifty’s outlook, he stated, “We foresee support emerging in the range of 25,050 to 25,100, as the 25,000 Put base demonstrates considerable open interest. A breach below this support level may shift the focus to a stronger buying zone.”
The market opened lower, with Sensex starting at 81,845.50 and Nifty at 25,089.95. As the trading session progressed, 287 stocks hit the upper circuit while 239 touched the lower circuit.
Investors will be closely monitoring global cues and domestic factors for further market direction as the trading day continues.
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