Share Market Today: In a continuation of its recent downward trend, the 30-share Sensex witnessed another decline on Wednesday. This comes on the heels of a lower closing on Tuesday, indicating the ongoing volatility in the market. The BSE Sensex fell 335.69 points to reach 61,596, while the NSE Nifty tumbled 95.05 points to settle at 18,191.45 as of 3:20 pm. While certain stocks experienced declines, others managed to gain modestly during the day.
Sensex and Nifty Performance
On May 16, the BSE Sensex had experienced a decline of 413.24 points or 0.66%, closing at 61,932.47. Despite starting the day on a positive note, the index ended in the red. The NSE Nifty, too, traded lower by 112.35 points or 0.61% to finish at 18,286.50. The decline in both indices was largely attributed to the poor performance of index majors HDFC twins and Reliance Industries.
Stock Performance
During Wednesday’s trading session, certain stocks witnessed declines, reflecting the overall market sentiment. Shares of Kotak Mahindra, Apollo Hospitals, HCL Tech, and SBI Life Insurance Company experienced declines of over 1%. Conversely, shares of Hero Motocorp and IndusInd Bank managed to gain more than 1% each. These fluctuations indicate the mixed investor sentiment prevailing in the market.
Rupee’s Performance
The rupee’s performance against the US dollar also faced challenges during early trade on Wednesday. According to a PTI report, the rupee fell 10 paise to 82.35 against the US dollar. This decline was attributed to the strength of the American currency in the overseas market and a negative trend in domestic equities. The rupee opened at 82.29 against the dollar at the interbank foreign exchange, subsequently falling to 82.35.
The stock market continued to display volatility as the Sensex and Nifty witnessed further declines. Market participants experienced a sense of unease as major indices faltered due to underperforming stocks. While certain stocks managed to buck the trend and achieve gains, the overall sentiment remained cautious. Additionally, the rupee faced challenges against the US dollar, reflecting the broader market concerns. As investors navigate these uncertain times, staying informed about market movements and trends becomes crucial.