Indian equity benchmarks commenced Wednesday's trading session on a weak note, mirroring negative global cues and persistent selling pressure. The domestic market opened lower, extending losses from the previous session, as investors remained cautious ahead of key economic data and corporate results.
Market Opens Deep in the Red
At the opening bell, the benchmark BSE Sensex plunged 440.38 points, or 0.55%, to settle at 79,441.45. Similarly, the broader NSE Nifty50 dropped 121.90 points, or 0.50%, to start the day at 24,124.90. This sharp decline was broad-based, with heavyweights across sectors like banking, IT, and FMCG contributing to the fall. The market sentiment was dampened by a sell-off in Asian markets and a weak closing on Wall Street overnight.
Reliance Industries Defies the Trend
Amid the widespread sell-off, shares of index heavyweight Reliance Industries Limited (RIL) displayed notable resilience. The conglomerate's stock was trading in the green during early trade, registering a gain of 0.7%. This performance provided some cushion to the Sensex, preventing a steeper fall. Analysts noted that RIL's strength could be attributed to positive sector-specific developments and its perceived defensive qualities in volatile markets.
Sectoral Performance and Key Losers
The market breadth was overwhelmingly negative, indicating widespread selling pressure. Major sectoral indices on the Nifty, including Nifty Bank, Nifty IT, and Nifty FMCG, were trading with significant cuts. Among the top laggards on the Sensex were HDFC Bank, Infosys, ICICI Bank, and Larsen & Toubro. These stocks witnessed substantial selling, dragging the indices lower. The mid-cap and small-cap segments also mirrored the weakness seen in the frontline indices, underperforming the benchmarks in early trade.
Market experts suggest that the correction is driven by a combination of profit-booking after recent record highs and nervousness surrounding global economic indicators. Investors are also awaiting fresh triggers from the ongoing quarterly earnings season for directional cues. The immediate support for the Nifty is now seen around the 24,000 level, while resistance lies near the 24,300 mark. The day's trading will be crucial to determine if this is a temporary pullback or the beginning of a deeper correction.
