Sensex Begins Session in the Red, Down 487 Points in Early Trade
Markets Start on a Weak Note as Sensex Slides 487 Points at Open: After a strong rally on Tuesday, the Indian stock market opened lower on Wednesday and traded in the red. The BSE Sensex fell 487.07 points, or 0.58%, to open at 83,252.06. At the same time, the NSE Nifty 50 started the day down 52.50 points at 25,675.05. IT stocks saw heavy selling pressure in early trade.
The market had surged on Tuesday after US President Donald Trump announced a trade deal with India. On Tuesday, the Sensex had opened with a sharp gain of 3,656.74 points, or 4.48%, at 85,323.20, while the Nifty had jumped 1,219.65 points, or 4.86%, to 26,308.05.
On Wednesday, 18 of the 30 Sensex stocks opened higher, while 12 stocks started in the red. In the Nifty 50, 26 stocks opened with gains and 24 stocks declined. Power Grid was the top gainer among Sensex stocks, rising 1.22%. In contrast, Tech Mahindra was the biggest loser, falling 6.13%.
Other Sensex stocks that opened higher included NTPC, Tata Steel, Mahindra & Mahindra, ITC, Titan, Maruti Suzuki, Axis Bank, Reliance Industries, L&T, Sun Pharma, HDFC Bank, ICICI Bank, and Bharti Airtel. IT stocks such as HCL Tech, Infosys, and TCS fell sharply, each losing over 5 percent in early trade. Bajaj Finance, Bajaj Finserv, Kotak Mahindra Bank, and State Bank of India also opened lower.
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