The Indian stock market wrapped up on Wednesday, on a weak note, with the benchmark indices—the Sensex and the Nifty 50—slipping into the red. Losses were led by major IT players like Infosys, TCS, and HCL Tech, with broader market sentiments weighed down by global concerns.
The Sensex closed 73 points lower at 74,029.76, a dip of 0.10%, while the Nifty 50 declined by 27 points to 22,470.50, a fall of 0.12%. The pressure was even heavier on mid and small-cap stocks, with the BSE Midcap index dropping 0.57% and the Smallcap index slipping 0.48%.
Adding to investor woes, the total market capitalisation of BSE-listed companies shrunk by over ₹1 lakh crore in a single session, falling below ₹393 lakh crore from its previous ₹394 lakh crore.
The broader mood remains cautious, with concerns over global trade uncertainties and a potential US recession casting a shadow. Analysts suggest foreign capital outflows, weakening economic momentum, and a depreciating rupee are adding to investor jitters.
Vinod Nair of Geojit Financial Services, pointed out that while valuations are stabilising around their five-year average and demand seems to be improving, investors remain hesitant. There’s also the worry of whether the ongoing correction in US markets could spill over to India.
Some of the biggest names in IT bore the brunt of the selling pressure. Among the worst-hit stocks were:
Infosys (-4.26%)
Wipro (-3.31%)
Tech Mahindra (-2.77%)
Nestlé (-2.48%)
TCS (-1.93%)
HCL Tech (-1.74%)
A total of 31 out of 50 Nifty stocks ended in the red.
While the broader market was under pressure, a handful of stocks managed to defy the trend. Leading the gains were:
IndusInd Bank (+4.38%)
Tata Motors (+3.12%)
Kotak Mahindra Bank (+2.45%)
Bajaj Finance (+1.73%)
The Nifty IT index tumbled 2.91%, with every single stock in the sector closing in the red. The fear of an economic slowdown in the US, a major market for Indian IT firms, is clearly rattling investors. Other losing sectors included:
Nifty Realty (-1.65%)
Nifty Media (-1.53%)
Nifty PSU Bank (-1.08%)
On the positive side, Nifty Bank managed a gain of 0.42%, and the Private Bank index climbed 0.73%.
Some stocks saw massive trading volumes despite the choppy session:
Vodafone Idea (53.94 crore shares traded)
IndusInd Bank (10.87 crore shares)
Zomato (8 crore shares)
Jaiprakash Power Ventures (7.95 crore shares)
YES Bank (7.93 crore shares)
GTL Infra (5.71 crore shares)
While some stocks climbed to fresh peaks, many others hit new lows:
63 stocks hit their 52-week highs, including Kotak Mahindra Bank, Sarda Energy & Minerals, and Welspun Corp.
274 stocks fell to 52-week lows, with names like IndusInd Bank, Titan, Dr Reddy’s, LTIMindtree, and YES Bank among the worst-hit.
SEPC (+20%)
CARYSIL (+19.99%)
OCCL (+16.56%)
Union Mutual Fund - Union Gold ETF (+13.23%)
India Tourism Development Corporation (+12.46%)
NACL Industries (+12.32%)
Redtape (+10.39%)
Industrial Investment Trust (-9.99%)
Indegene (-9.52%)
Compucom Software (-9.30%)
Cinevista (-8.82%)
Coastal Corporation (-8.68%)
The advance-decline ratio reflected a market heavily skewed towards losses. On the NSE, only 993 stocks advanced, while a whopping 1,830 stocks declined. This means for every stock that gained, nearly two stocks fell.
(By arrangement with livemint.com)
