The Indian stock market ended trading with a decline after three consecutive days of gains. Major index BSE Sensex fell 756.84 points to close at 78,516.49. Nifty 50 also slipped below the level of 24,400 and closed at 24,378.10 with a fall of 198.50 points.
Business News: After three consecutive days of rise, the Indian stock market witnessed a decline on Wednesday, April 22. BSE Sensex fell 756.84 points to close at 78,516.49. At the same time, NSE Nifty 50 also fell by 198.50 points to 24,378.10, which is below the important level of 24,400. This decline was mainly seen due to heavy selling in the IT sector, which weakened the sentiment of the entire market.
Heavy selling in IT stocks
The most pressure in the market was on the IT sector. A huge fall of about 4.5% was recorded in the IT index during trading. A sharp fall was seen in big stocks like HCL Technologies, Infosys, Tata Consultancy Services and Tech Mahindra. Investors were disappointed with the quarterly results of IT companies, due to which there was heavy selling in these shares and this had a direct impact on the market.
List of top loser stocks
IT companies were among the biggest losers of the day on NSE.
- More than 10% decline in HCL Tech
- Weakness of more than 3% in Infosys
- TCS and Tech Mahindra also slipped by 2-3%
- Mahindra & Mahindra also recorded a decline
The weakness in these stocks played an important role in pulling the index down.
Mixed performance of other sectors
While on one hand IT and private banking stocks remained under pressure, on the other hand some sectors tried to support the market. FMCG, metal, media and realty sectors registered gains of 0.4% to 1%. Apart from this, slight strength was also seen in midcap and smallcap shares. The midcap index was up 0.2% and the smallcap index was up more than 1%, indicating selective buying in the market.
The Indian currency also remained under pressure. The rupee weakened for the third consecutive trading session and closed 39 paise lower at 93.83 against the US dollar. The rupee opened at 93.69 at the interbank forex market and touched a low of 93.87 during the day. This decline occurred due to both global and domestic reasons.
Global uncertainty was a major reason for pressure on the market and the rupee. Ongoing tensions between the US and Iran pushed up crude oil prices, putting pressure on import-dependent countries like India.
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