New Delhi, 02 September (H.S.): Global stock markets were rattled on Wednesday amid escalating tensions between the United States and Iran and a surge in crude oil prices in international markets. The Indian stock market, too, came under intense pressure in early trade as the spike in crude oil prices weighed on sentiment. However, buyers later stepped in with strong buying support, providing considerable relief to both the Sensex and the Nifty. As a result, both benchmark indices managed to recover partially from their intraday lows. At the end of the day’s trading session, the Sensex closed 0.49 per cent lower, while the Nifty ended the session with a decline of 0.59 per cent. The weakness in the market resulted in a decline of Rs 2.77 lakh crore in the market capitalisation of BSE-listed companies.

The BSE Sensex opened at 76,471.32 points on Wednesday, declining 472.96 points, or 0.61 per cent. Selling pressure intensified soon after the market opened, dragging the index down by 808.56 points, or 1.05 per cent, to an intraday low of 76,135.72 points. Thereafter, buyers became active and started making fresh purchases, leading to a gradual improvement in the Sensex. Supported by buying activity, the index recovered to 76,505.40 points by 10:30 a.m.

However, selling pressure returned to the market thereafter, causing the index to weaken again. After noon, buyers once again stepped up their buying activity. Particularly after 3 p.m., broad-based buying emerged, helping the Sensex recover 434.63 points from its intraday low. The index eventually closed at 76,570.35 points, down 373.93 points, or 0.49 per cent.

Like the Sensex, the NSE Nifty began Wednesday’s trading at 23,858 points, down 197.80 points, or 0.82 per cent. Selling pressure immediately after the market opened pulled the index down by 269 points, or 1.12 per cent, to 23,786.80 points within a short span of time. Buyers then stepped in, and supported by renewed buying, the Nifty climbed to 23,884.95 points at around 10:30 a.m. However, the buying momentum could not be sustained for long.

Selling pressure once again emerged in the market, leading to a further deterioration in the Nifty’s performance. The selling pressure persisted until the end of the first half of the trading session. After noon, buyers became active again and resumed buying. Particularly during the final half-hour of trading, broad-based buying helped the Nifty recover 127.65 points from its intraday low. The index finally closed at 23,914.45 points, down 141.35 points, or 0.59 per cent.

During Wednesday’s trading session, shares of automobile, IT and capital goods companies witnessed heavy selling. Under selling pressure, the Nifty Automobile Index closed 1.79 per cent lower. Similarly, the Nifty IT Index declined 1.25 per cent, while the BSE Capital Goods Index ended the session 1.08 per cent lower. Media, banking, consumer durables, FMCG and healthcare indices also closed in the red.

On the other hand, buyers remained dominant in energy, public sector enterprises, oil and gas, and metal stocks. In the broader market, however, selling pressure persisted, causing the Nifty Midcap Index to close 0.53 per cent lower. Similarly, the Smallcap Index ended the session with a decline of 0.37 per cent.

The weakness in the stock market led to a decline of more than Rs 2.75 lakh crore in the wealth of stock market investors during Wednesday’s trading session. The market capitalisation of BSE-listed companies fell to Rs 486.65 lakh crore (provisional) at the end of the day, compared with Rs 489.42 lakh crore at the close of trading on the previous session, Tuesday. Thus, investors suffered a loss of approximately Rs 2.77 lakh crore during Wednesday’s trading.

A total of 4,576 stocks were actively traded on the BSE during the day. Of these, 1,914 stocks closed with gains, while 2,428 declined and 234 remained unchanged. Similarly, 3,221 stocks were actively traded on the NSE, of which 1,214 closed in positive territory and 2,007 ended in the red. Among the 30 Sensex constituents, 10 stocks closed higher and 20 declined. Of the 50 Nifty constituents, 14 closed in the green, while 36 ended in the red.

Among the major stocks, Coal India, which gained 4.05 per cent, Adani Ports, up 1.53 per cent, Adani Enterprises, up 0.97 per cent, Bajaj Finserv, up 0.91 per cent, and Tata Motors Passenger Vehicles Limited (TMPV), up 0.89 per cent, emerged among the top five gainers of the day. On the other hand, Eicher Motors, down 3.24 per cent, Wipro, down 2.54 per cent, Mahindra & Mahindra, down 2.12 per cent, Bajaj Auto, down 1.87 per cent, and Asian Paints, down 1.86 per cent, featured among the top five losers.

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Hindusthan Samachar / Jun Sarkar