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The Indian stock market experienced a decline on Wednesday, mirroring a broader global sell-off triggered by weak manufacturing data in the United States. The 30-share BSE Sensex closed at 82,352, down 202 points, while the NSE Nifty lost 81 points to settle at 25,198. This downturn was primarily attributed to fears of a potential recession in the US economy, fueled by the disappointing manufacturing data.
Among the Sensex constituents, ICICI Bank, State Bank of India, Axis Bank, Mahindra & Mahindra, and Infosys were the most prominent losers. Conversely, Asian Paints, Hindustan Unilever, UltraTech Cement, Sun Pharma, and Reliance Industries were the top gainers. The sectoral performance mirrored the overall market trend, with IT, Metal, Banks, Auto, Capital Goods, and Oil & Gas sectors experiencing downward pressure. In contrast, FMCG, Healthcare, and Realty sectors displayed some positive momentum.
The broader global market sentiment was also negative. Most Asian markets, including Japan's Nikkei, Seoul's Kospi, China's Shanghai Composite, and Hong Kong's Hang Seng, closed with losses. However, Indonesia's Jakarta Composite bucked the trend and closed in positive territory. European markets were trading in the red, while Wall Street ended the previous session with losses on Tuesday. Despite the market downturn, Foreign Institutional Investors (FIIs) were net buyers on Tuesday, purchasing equities worth over 1,029 crore rupees.
Source: Sensex, Nifty plunge amid weak trends in global markets