- Indian benchmarks fell, banking, auto stocks led declines.
- Mid, small-caps declined sharply; IT shares offered support.
- Asian market weakness, rupee depreciation added to caution.
Indian equity benchmarks ended Wednesday’s session under pressure as selling in banking, automobile and realty stocks erased earlier gains. Weakness across Asian markets added to the cautious mood, while mid-cap and small-cap shares witnessed sharper declines.
The BSE Sensex closed just over 73,700, bleeding close to 150 points, while the NSE Nifty50 settled above 22,800, taking a hit of 78 points.
Banking, Auto Stocks Lead Market Decline
Financial and automobile stocks were among the biggest drags on the benchmarks. The Bajaj twins and Axis Bank faced selling pressure, while Mahindra & Mahindra and Maruti Suzuki India also weighed on sentiment.
The Nifty Auto index had declined 1.19% earlier in the session. Realty shares also came under pressure as the market retreated from its intraday highs.
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IT Stocks Offer Some Support
Information technology shares bucked the broader weakness, with the Nifty IT index emerging as the strongest-performing sector.
Infosys, Tata Consultancy Services (TCS) and UltraTech Cement were among the top Nifty50 gainers at 3 pm. However, their advances were insufficient to offset losses across other sectors. The Nifty Chemical index recorded the steepest sectoral decline.
Midcaps, Smallcaps Underperform
Selling extended beyond frontline stocks, with broader indices registering steeper losses. At 3 pm, the Nifty MidCap 100 was down 1.82%, while the Nifty SmallCap 100 had fallen 2.48%.
Market breadth also weakened during the session, with 31 Nifty50 constituents trading lower against 19 gainers at one point, signalling widespread selling pressure.
Asian Market Weakness Adds To Caution
Domestic equities lost momentum alongside several Asian peers. The Shanghai Composite and Hong Kong’s Hang Seng slipped into negative territory after retreating from intraday highs.
Indonesia’s Jakarta index, which had gained more than 5% earlier in the session, reversed its advance and moved into the red. South Korea’s KOSPI also surrendered a substantial portion of its morning gains, reflecting a broader loss of momentum across the region.
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Rupee Trades Lower Against US Dollar
The Indian rupee weakened marginally against the US dollar, with the USD/INR pair rising 0.14% to 94.889. The pair opened at 94.763 and moved between 94.529 and 95.147 during the session.
Over the past year, the currency pair has gained 8.15%, indicating a broader depreciation of the rupee against the dollar.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: abplive.com
