Wednesday morning session trade in the Indian stock market saw benchmark indices Sensex and Nifty continue their slide triggered by trade war fears amid significant outflow in foreign funds. As Nifty fell below 23,000, Sensex slipped under the 76,000 mark.
Both indices opened lower, with Nifty shedding more than 156 points to around 22,915 and the Sensex losing a substantial 645 points to reach 75,669. During its lowest instance for the day so far, the Sensex was down 905.21 points to 75,388.39.
In the past five trading days, the 30-share BSE Sensex fell 2.91 per cent while the NSE Nifty slid by 2.81 per cent.
On Wednesday morning, Mahindra & Mahindra, Zomato, Reliance Industries, Axis Bank, IndusInd Bank, Asian Paints, ITC, and Adani Ports were the biggest losers in the Sensex.
They undercut the gains led by TCS, Infosys, Tech Mahindra, HCL Tech, and Hindustan Unilever.
The morning after Red Tuesday
On Tuesday, the BSE Sensex dropped 1.32 per cent to a two-week low of 76,293.60. The Nifty also shed 1.32 per cent to close at 23,071.80.
According to exchanges, foreign investors offloaded a whopping Rs 4,486.41 crore worth of equities on the day.
Investors saw a staggering Rs 9,29,651.16 crore being wiped off their wealth in the market on Tuesday alone.
The silver lining, however, was that the Indian currency continued its recovery, appreciating 27 paise to trade at 86.52 against the US dollar on Wednesday.
Relaxation in crude oil prices and intervention by the Reserve Bank of India (RBI) helped the rupee. On Tuesday, the rupee gained 66 paise to close at 86.79 vs the dollar.
