Domestic equity markets extended their decline for a fourth consecutive trading session on Wednesday, with benchmark indices opening lower amid continued selling pressure. Weak global market cues, cautious foreign investor sentiment, and ongoing economic uncertainties continued to weigh on market performance.
The BSE Sensex opened 119.90 points, or 0.16 percent, lower at 74,439.34, while the Nifty 50 declined 17.10 points, or 0.07 percent, to open at 23,362.45.
The domestic market remained under pressure after the Sensex recorded a cumulative decline of more than 2,700 points over the previous two trading sessions. On Monday, the Sensex fell 1,312.91 points to close at 76,015.28. The index declined by another 1,456.04 points on Tuesday to settle at 74,559.24.
In early trade on Wednesday, the Sensex traded near the 74,439 level, while the Nifty 50 hovered around 23,362. Investors remained cautious following sustained market weakness over the last four trading sessions, which has resulted in significant erosion in investor wealth.
Despite the broader weakness in benchmark indices, 40 of the 50 constituent stocks in the Nifty 50 opened in positive territory. However, declines in several heavyweight stocks kept the index under pressure. Within the BSE Sensex pack, only six of the 30 constituent stocks traded higher in early trade, while the majority remained in negative territory.
Among gainers, select banking and metal sector stocks witnessed modest buying interest in early trade. Shares of Kotak Mahindra Bank, Tata Steel, ITC, State Bank of India, Asian Paints, and Bajaj Finserv opened higher, with Kotak Mahindra Bank emerging as the top gainer among them.
On the downside, several large-cap stocks from the infrastructure, technology, and energy sectors remained under pressure. Major laggards included Power Grid Corporation of India, Adani Ports and Special Economic Zone, Infosys, Mahindra & Mahindra, Bajaj Finance, Larsen & Toubro, Axis Bank, NTPC, Reliance Industries, and Bharti Airtel.
The information technology sector also remained weak, with Infosys and Tech Mahindra trading lower in early trade. Market participants said the ongoing decline reflects a combination of global economic signals and elevated market valuations.
