The Indian stock market has opened with a sharp decline for the third consecutive day this week.
FMCG, Banking & Energy Stocks Drag the Market Down: Due to a sharp decline in FMCG, banking and energy stocks, there is a huge decline in the major index Sensex-Nifty of both the exchanges. Today, for the third consecutive day, chaos is being seen in midcap and smallcap stocks.
IT stocks gain: Only IT stocks are also seeing a rise.
Stock market today: Due to sharp selling by investors, the BSE Sensex is trading at 75813 with a decline of 481 points and the National Stock Exchange’s Nifty is trading at 22925 points with a decline of 141 points. Sensex is trading below 76000 and Nifty below 23000 points.
Global Stock Market Trends Impacting Sensex-Nifty
Asian Markets Show Mixed Performance
Asian markets saw mixed trading on Wednesday. Japan’s Nikkei 225 rose 0.71 per cent, while the Topix rose 0.22 per cent. South Korea’s Kospi fell 0.21 per cent and Kosdaq fell 0.36 per cent. Hong Kong’s Hang Seng index futures indicated a strong opening.
GIFT Nifty Indicates a Slightly Positive Opening
GIFT Nifty was trading around 23,180 levels. This is a premium of about 27 points over the previous close of Nifty futures, indicating a positive opening for the Indian stock market.
MSCI Rejig
Global index provider MSCI has added Hyundai Motor India Ltd to the MSCI Global Standard Index in its February review, replacing Adani Green Energy. MSCI also added 19 Indian small-cap stocks, while removing the same number of stocks from its indices.
Crude Oil & Gold Prices – Impact on Market Sentiment
Brent crude oil fell 0.39 per cent to $76.70 per barrel, while US West Texas Intermediate (WTI) crude futures fell 0.42 per cent to $73.01.
Gold prices
Gold prices eased today after hitting an all-time high in the previous session. Spot gold fell 0.1 per cent to $2,895.23 an ounce after hitting a peak of $2,942.70 on Tuesday. US gold futures fell 0.3 per cent to $2,923.40.
Stocks That Are Rising & Falling Today
Top Losers – M&M, Zomato, Reliance Lead the Decline: In today’s session, Mahindra & Mahindra is trading down by 3.96 percent, Zomato 3.37 percent, Reliance 3.01 percent, IndusInd Bank 2.26 percent, ITC 2.02 percent, Axis Bank 1.97 percent, Power Grid 1.84 percent, Adani Ports 1.76 percent, Asian Paints 1.54 percent.
Top Gainers – IT Stocks Like TCS & Infosys Show Strength: Among the bullish stocks, TCS is trading up by 1.01 percent, Tech Mahindra 0.92 percent, Infosys 0.49 percent, Sun Pharma 0.10 percent.
Midcap & Smallcap Stocks Take a Hit
Nifty Midcap Index Down 1200 Points: In today’s trade, once again Nifty’s midcap index is trading down by 1200 points or 2.37 percent. Nifty Midcap Index has broken the level of 50000 in selling and has come down to the level of 49582.
Smallcap Index Falls Over 3% – What’s Next? The same is the case with the small cap index. Nifty’s small cap index is trading at 15558 points with a decline of 500 points or 3.20 percent.
Also Read – Indian Stock Market Falls as Sensex and Nifty Open in Red – Here’s Why
