Selling pressure in stock markets for the third consecutive day; Sensex and Nifty slipped further

New Delhi| Selling pressure continued in Indian markets for the third consecutive day this week on Wednesday as bears continued to pull down indices. The Nifty 50 index opened at 24,378.15, down 93.95 points or 0.38 per cent, while the BSE Sensex index opened at 79,921.13, down 0.37 per cent, falling 299 points.

However, experts said the long-term outlook for Indian stocks is positive, but the current selling in the markets is due to global events that cannot be controlled.

Banking and market expert Ajay Bagga said, “India has the biggest opportunity to grow on a large scale in the world in the next two decades”. This creates great opportunities for investors in the Indian stock markets in the coming years. Therefore, keep investing regularly and focus on your financial goals. We cannot control global events, although we know what the extreme reactions will be in the market after this. Recovery is also going to be very fast, so being out of the market can be a big risk”

In sectoral indices, Nifty Auto, Nifty Pharma and Nifty Realty faced selling pressure and declined marginally, while other sectoral indices opened with gains. Nifty IT showed the highest gain during the opening session with a jump of 0.8 per cent.

Bajaj Finance and Bajaj Finserv emerged as the top beneficiaries in the Nifty 50 list, while Mahindra & Mahindra and Shriram Finance were the most downshots in the Nifty 50 on the National Stock Exchange.

Hindustan Unilever, Pidilite Industries, Bajaj Finserv, TVS Motors, Bajaj Holdings and SBI Life Insurance are some of the major companies that are about to announce their financial results for Q2FY25.

In other Asian markets, Japan’s Nikkei 225 appeared to trade down 0.29 percent. At the same time, Hong Kong’s Hang Seng rose by more than 1.45 percent. Taiwan’s Taiwan Weighted weakened 0.55 percent and South Korea’s Kospi index

Rupee at 84.07 per dollar with a slight gain of one paisa
The rupee remained almost stable at 84.07 against the US dollar in early trade on Wednesday, gaining one penny. The strengthening of the US currency and the continued withdrawal of foreign capital have put pressure on the local currency.

Forex traders said that the declining trend in domestic stock markets and the rise in crude oil prices also affected the Indian currency. In the interbank foreign exchange market, the rupee opened at 84.07 per dollar with a gain of one paisa and remained stable in early trade. The rupee had closed at 84.08 against the US dollar on Tuesday.