The recent sharp decline in the markets follows a record-breaking rally, with the BSE benchmark reaching an all-time high of 73,427.59 on Tuesday, and the Nifty hitting its lifetime peak of 22,124.15 on the same day. However, the current market scenario is marked by a significant downturn.
Among the Sensex firms, major laggards include HDFC Bank, NTPC, Asian Paints, Power Grid, Titan, IndusInd Bank, Nestle, and Maruti. HDFC Bank, in particular, experienced a more than 3 per cent decline, extending its significant fall from the previous day, attributed to disappointing earnings in the December quarter. HDFC Bank alone contributed 305 points to the overall market decline.
On the positive side, gainers in the Sensex included Sun Pharma, Tech Mahindra, Tata Motors, Mahindra & Mahindra, Axis Bank, and Larsen & Toubro.
In Asian markets, Tokyo settled lower, while Seoul, Shanghai, and Hong Kong ended in positive territory. European markets were trading with a mixed performance, and the US markets closed lower on Wednesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 10,578.13 crore on Wednesday, according to exchange data.
On Wednesday, the BSE benchmark witnessed a substantial plunge of 1,628.01 points, or 2.23 per cent, settling at 71,500.76. Simultaneously, the Nifty dropped by 460.35 points or 2.09 per cent, settling at 21,571.95.
In the global oil market, Brent crude climbed by 0.50 per cent, reaching USD 78.27 per barrel. The overall market dynamics are influenced by various factors, including corporate earnings, foreign fund outflows, and the global economic environment.
(With PTI inputs)