The Indian stock market experienced a decline today, with both the Sensex and Nifty indices closing in the red, reversing gains from the previous session. The S&P BSE Sensex was down by 65.28 points to 83,367.61, while the NSE Nifty50 lost 16.45 points to 25,444.55 as of 9:50 am.
Key Losers and Gainers
Wipro and L&T were among the top drags on the Nifty. Wipro, SBI were top losers in Nifty 50. On the flip side, HUL and Asian Paints were among the leading gainers.
Sectoral Performance
Most sectors traded in the red, with Nifty Media dropping the most at 1.23%, followed by Nifty Pharma down 0.48%, Nifty Metal falling 0.47%, Nifty Healthcare declining 0.47%, Nifty IT slipping 0.38%, Nifty Private Bank down 0.25%, Nifty Auto falling 0.23%, Nifty Financial Services declining 0.11%, and Nifty Realty dropping 0.05%. Nifty FMCG was the only sector that ended higher for the day. Nifty PSU Bank emerged as top sectoral loser for the day, dragged by Central Bank of India, Indian Bank.
Rupee Performance
The rupee weakened by 45 paise, closing at 86.70 against the US dollar, marking its lowest close since March 17. During intraday trading, the rupee fell 47 paise to 86.72 a dollar.
Global and Domestic Factors
Global trade concerns and announcements by US President Donald Trump contributed to the cautious investor sentiment. Concerns surrounding a US-India trade deal and the fallout of Sebi's report on Jane Street also influenced market movements.
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, noted that the regulatory action on Jane Street and its implications would be closely watched by the market. He added that the volume of derivative trading is likely to take a hit, impacting stock exchanges and some brokerages, which has implications for their stock prices.
Market Volatility
Increased market volatility was observed, with India VIX up by 2.03%.
Additional Factors
Overall, the Indian stock market witnessed a subdued trading session, influenced by a combination of global and domestic factors.
