Indian benchmark indices witnessed a sharp decline after opening at record highs on Wednesday. The Sensex opened at 80,481.36, up 29.72 points, or 0.16%, and the Nifty at 24,459.85, up 26.65 points, or 0.11%. However, by 10:45 AM, the Sensex had dropped by 810.0 points (1.01%) to 79,541, while the Nifty was down 187.65 points (-0.77%) at 24,245.55.
The previous day saw Indian benchmark indices close at a new all-time high.
Sectoral indices such as Bank, Auto, Financial Services, Media, Metal, PSU Banks, and Private Banks opened in the red. Similarly, FMCG, IT, Pharma, Realty, Healthcare, Consumer Durables, Oil and Gas, and Midsmall Healthcare sectors also declined.
Maruti Suzuki, Grasim Industries, Eicher Motors, Adani Ports, and ONGC were among the major gainers on the Nifty, while shares of M&M, SBI, Kotak Mahindra Bank, HDFC Bank, and IndusInd Bank saw the biggest declines.
“In India, though Nifty and BSE Sensex scaled all-time highs after days of consolidation, this is a most skeptically viewed rally. That provides it further strength and we expect a break out of the range-bound levels for Indian markets provided earnings reports this season deliver a healthy scorecard and provided there is no negative in the Union Budget,” said Ajay Bagga, market and banking expert.
Foreign institutional investors (FIIs) bought Rs 314.46 crore worth of shares, contrasting with domestic institutional investors (DIIs) purchasing shares valued at Rs 1,416.46 crore on July 9, based on provisional NSE data.
