Latest News The Indian stock market experienced a decline on Wednesday, driven by uncertainties surrounding the upcoming election results and weak performance across several sectors. The benchmark indices, Sensex and Nifty, ended the day in the red, with financial stocks leading the downturn. The Sensex tumbled 668 points, closing at 74,503, while the Nifty shed 184 points to settle at 22,705.
The banking sector was particularly hard-hit, with the Nifty Bank index dropping 641 points to close at 48,501. The broader market also struggled, as evidenced by the Midcap Index's fall of 169 points to 52,126. The advance-decline ratio, an indicator of market breadth, was balanced at 1:1, highlighting a predominantly bearish sentiment.
Financial stocks were the primary drivers of the market's poor performance. Major players like ICICI Bank, HDFC Bank, and Reliance Industries Limited (RIL) were among the top losers. The banking sector's overall weakness was reflected in the fact that most Nifty Bank constituents ended the session in the red.
The financial index's over 1% drop reflected the broader market's fragile state ahead of the election results, with investors adopting a risk-averse approach. Insurance stocks, which had seen gains on Tuesday, reversed course dramatically. Leading insurers saw their share prices fall by up to 5%.
This downturn was attributed to profit-taking and heightened caution in anticipation of election volatility. Rising crude oil prices exerted pressure on o.
