“Mumbai Stock Market: Sensex Declines by 300 Points Amidst Ongoing Equities Sell-off
On Wednesday, the Sensex witnessed a significant drop of 300 points, marking the fourth consecutive session of equity sell-offs in Indian markets. The BSE Sensex was observed trading at 73,201 points, indicating a decline of 309 points.
The benchmark indices have registered declines over the past three sessions, reflecting a persistent downward trend. This trend is attributed to substantial selling by Foreign Institutional Investors (FIIs) coupled with escalating market volatility. FIIs divested equities amounting to Rs 3668 crore on Tuesday alone, contributing to the prevailing market turbulence. Notably, India’s volatility index has surged in recent days, further exacerbating market concerns.
The consumer sector has been particularly impacted, with leading stocks such as Asian Paints and Hindustan Unilever witnessing declines exceeding 2 per cent. Similarly, private sector banks, including HDFC Bank, IndusInd Bank, and ICICI Bank, experienced declines exceeding 1 per cent.
Furthermore, stocks such as HCL Tech, Ultratech Cement, and L&T have also recorded declines surpassing 1 per cent. Large-cap stocks are notably bearing the brunt of FII sell-offs, while broader markets displayed underperformance compared to benchmark indices on Tuesday.
In contrast, PSU stocks have shown resilience, with REC witnessing a gain of 5 per cent, accompanied by NBCC and PFC, which recorded gains of 4 per cent.”
