Indian Stock Market Plunges Over 1% Amid Global Concerns

Indian stock market benchmarks, including the Nifty 50 and the Sensex, experienced a significant decline of over 1% amid global concerns on Wednesday. The day’s sell-off followed an uptick in US inflation, raising fears of delayed rate cuts by the Federal Reserve.

The Nifty 50 index opened lower, led by losses in Power Grid, Coal India, and Adani Ports, closing the day down by 1.51% at 21,997.70. Similarly, the Sensex index lost 1.23%, closing at 72,761.89.

Midcap and smallcap indices were hit the hardest, with the BSE Midcap index down nearly 5% and the BSE Smallcap index plunging over 5% in intraday trade.

Major sectors in the market saw significant losses, with Realty, Media, PSU Bank, Telecom, Power, Oil & Gas, and Metals witnessing declines of 4-6%.

In the Nifty 50, top gainers included ITC, UltraTech Cement, HCL Technologies, Kotak Mahindra Bank, and ICICI Bank, while major losers were Power Grid, Coal India, and Adani Ports.