The Indian stock market wrapped up Wednesday’s session on a lower note, weighed down by a sell-off in IT and metal stocks. The downturn was particularly noticeable in shares of Vedanta and Hindustan Zinc, which faced significant declines amid allegations from US short-seller Viceroy Research. Both companies denied the claims, but investor sentiment took a hit regardless.
The Sensex closed at 83,536.08, marking a drop of 176.43 points or 0.21 percent. Opening in the red at 83,625.89, the index showed some volatility throughout the day, even touching an intra-day high of 83,781.36 before settling lower. The Nifty wasn’t spared either, slipping 46.40 points or 0.18 percent to finish at 25,476.10.
Vedanta’s shares fell by 3.29 percent to Rs 441.30, while Hindustan Zinc dropped 2.50 percent to Rs 425.30. The broader market sentiment reflected caution as global uncertainties lingered, though some sectors managed to buck the trend.
Sundar Kewat of Ashika Stock Broking noted that the Nifty opened flat and traded within a narrow range, signalling a sideways movement. “Sector-wise, strength was observed in Consumer Goods, Automobiles, Consumption, and Financial Services, while weakness persisted in Metals, Realty, and IT stocks,” he added.
Among the Sensex components, Bajaj Finance, Power Grid, Hindustan Unilever, and Asian Paints were some of the gainers. On the flip side, Axis Bank, Reliance, Tata Motors, and Infosys ended in negative territory. The Nifty50 saw 29 declines against 21 advances, painting a mixed picture for the day.
Broader indices like Nifty Next50, Nifty Midcap 100, and Nifty100 also closed lower, though Nifty Small Cap 100 managed to eke out gains. Sectoral performance was equally divided—Nifty Bank and Nifty IT ended down, while Nifty Auto and Nifty Finance Services closed higher.
Meanwhile, the rupee struggled to break past the 83.40 mark against the dollar, facing resistance due to bargain buying. Dilip Parmar of HDFC Securities pointed out that the weakness in Asian currencies and the dollar’s resurgent strength kept the rupee under pressure.
The day’s trading session highlighted the market’s sensitivity to both domestic and global factors. While certain sectors showed resilience, the overall mood remained cautious as investors navigated the volatility.
Looking ahead, market participants will keep a close eye on global cues, corporate earnings, and macroeconomic data for further direction. For now, the focus remains on whether the IT and metal sectors can recover or if the downward trend will persist.
