Heavy fall in stock market, Sensex below 76000 and Nifty below 23000 points; Rupee strengthened

New Delhi| The domestic stock market once again opened on the red mark on Wednesday. After this a huge decline was seen. Sensex reached below 76 thousand, while Nifty also reached below 23 thousand. Earlier, Sensex opened with a fall of 274.56 points at 76,019.04 points in early trade. Similarly, in early trade, Nifty was seen sliding by 78.45 points and trading at 22,993.35 points. Apart from this, the rupee has gained 26 paise in early trade to reach $86.53 against the US dollar. Foreign institutional investors (FIIs) were selling on Tuesday and sold shares worth a net Rs 4,486.41 crore, according to stock market data.

Sensex and Nifty fell in early trade on Wednesday amid continued withdrawal of foreign capital and fears of a trade war. BSE Sensex fell 274.56 points to 76,019.04 in early trade. NSE Nifty slipped 78.45 points to 22,993.35 points. Both fell further after the initial deals, and Nifty fell by 156.40 points, down 23,000 points to 22,915.40. The Sensex also fell by 645.04 points to 75,668.97 below the 76,000 point level.

BSE Sensex has fallen by 2,290.21 points or 2.91 per cent in the last five sessions, while Nifty has fallen by 667.45 points or 2.81 per cent.

Who benefits and who suffers?
Among the 30 Sensex-listed companies, Mahindra & Mahindra, Zomato, Reliance Industries, Axis Bank, IndusInd Bank, Asian Paints, ITC and Adani Ports had the biggest share declines. Shares of Tata Consultancy Services, Infosys, Tech Mahindra, HCL Tech and Hindustan Unilever were among the gainers.

Condition of Asian and American markets
In Asian markets, China’s Shanghai Composite was in loss while Japan’s Nikkei, Hong Kong’s Hang Seng and South Korea’s Kospi were in gain. American markets closed with a positive trend on Tuesday.

Rupee strengthened by 27 paise in early trade
The rupee strengthened by 27 paise to reach 86.52 per dollar in early trade on Wednesday, supported by softening crude oil prices and measures by the Reserve Bank of India (RBI). In the interbank foreign exchange market, the rupee opened at 86.44 per dollar and then after touching a high of 86.36 per dollar, it fell to 86.52 against the dollar in early deals, showing a rise of 27 paise from the previous closing price. The rupee had strengthened by 66 paise on Tuesday to close at 86.79 against the US dollar. This was the highest gain recorded in a single session since March 3, 2023.