Sensex down by 300, Nifty falls by 70 points in early trading on Wednesday

Affected by negative sentiment in global markets and a fall among its heavyweights like HDFC, ICICI and Infosys, the BSE Sensex was down by around 300 points in early trading on Wednesday. NSE Nifty also dropped by 70.45 points or 0.45 per cent during the same time period.

On Wednesday, the 30 share index of Bombay Stock Exchange(BSE)- Sensex fell in value from 51,934.88 to 51,625.34 in early day trading, a drop of 309.54 points or 0.60 per cent. Nifty, the index of the National Stock Exchange(NSE) calculated using 50 shares, witnessed a similar trend by falling about 70.45 points to 15,504.40.

NTPC, PowerGrid, Sun Pharma, Maruti and Reliance Industries are among the top gainers of the day while Tech M, ITC, HDFC, HCL Tech, Kotak Bank, Infosys and ICICI Bank dragged down the indices. Tech Mahindra of the Sensex was the top loser, down by around 3 per cent

It may be recalled that both Sensex and Nifty had ended on an almost flat line on Tuesday, after witnessing increased volatility. While Sensex closed at 51,934.88 points, Nifty reached 15,574.85 by the end of the session. Foreign Institutional Investors(FIIs) were net sellers, selling shares worth Rs 449.86 crore on the Indian stock exchanges.

According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, a fall in the number of Covid-19 infections coupled with rising recovery rates indicate that India is finally succeeding in controlling the pandemic. “With no short-term risks to the market, consolidation is likely in the near term with a stock-specific action in response to the news,” he added.

In the global markets, Brent Crude was trading at $70.42/barrel, an increase of 0.24 per cent.

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