Indian stock markets turned sharply negative on Wednesday afternoon as benchmark indices erased early gains. The Nifty fell more than 300 points to trade below 24,000, while the Sensex dropped over 1,000 points amid growing market uncertainty and investor caution
Representational image. File pic
Indian market indices Nifty and Sensex, after experiencing marginal gains on Wednesday, fell significantly during the afternoon. The benchmark indices Nifty traded at 24,297.80 during the opening bell, fell by 302 points and currently trades at 23,949 points. The Sensex, on the other hand, also experiences a sharp decline, falling by 1,061 points, currently trading at 77,142 amid market uncertainties.
Nifty Auto and Nifty IT opened in green during the early hours
Among sectoral indices on the NSE, most sectors in the morning session were trading in the green. Nifty Auto rose 0.09 per cent, Nifty IT gained 0.29 per cent, Nifty Media surged 1.31 per cent, Nifty Pharma was up 0.53 per cent, Nifty PSU Bank advanced 0.15 per cent, and Nifty Realty gained 0.57 per cent. However, Nifty FMCG slipped 0.10 per cent, and Nifty Private Bank declined 0.65 per cent.
In the broader markets, Nifty 100 surged 0.06 per cent, Nifty Midcap 100 rose 0.62 per cent, and Nifty Smallcap 100 gained 0.79 per cent before falling significantly.
Silver and gold prices drop further over profit booking
Amid the worsening global situation, gold and silver prices eased on Wednesday as investors booked profits, though a softer US dollar and lingering geopolitical uncertainty capped the decline.
MCX gold April futures lost 0.52 per cent to Rs 1,62,452 per 10 grams around 11.15 am on an intraday basis. Meanwhile, MCX silver May futures declined 1.69 per cent to Rs 2,73,150 per kg, as per IANS.
The profit booking followed the MCX gold April futures contract, rising almost 2 per cent and the silver May futures surging 4 per cent in the previous session.
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