Indian shares declined for the third straight session on Wednesday, with the benchmark Sensex falling over 200 points amid a broader selloff in equities.
The S&P BSE Sensex dropped 271 points to 71,620 in early trade, while the NSE Nifty 50 index declined 71 points to 21,594. The selloff was broad-based, with most sectoral indices trading lower.
The losses in the market were led by information technology and metal stocks. The Nifty IT index fell 2.02% and the Nifty Metal index declined 1.16%. Software exporters like Infosys, HCL Tech, and Wipro dragged the markets. JSW Steel and Tata Steel also contributed to the decline.
Meanwhile, consumer goods and healthcare stocks bucked the weak trend, cushioning the markets’ fall. ITC, Hindustan Unilever, and Sun Pharma were among the notable gainers.
In the broader market, midcaps and small-caps also witnessed selling pressure. The Nifty Midcap Select index shed 0.48% while the Nifty Smallcap 50 index was down 0.45%.
The domestic currency rupee, however, appreciated 4 paise to 83.28 per dollar amid the fall in crude oil prices. Brent crude was trading at $75.88 per barrel.
Analysts attributed the market’s decline to profit-booking at record-high valuations. Even domestic institutional investors, who have been consistent buyers, were seen booking profits.
On Tuesday, the Sensex had shed 400 points to close at 71,892, while the Nifty settled 81 points lower at 21,660. The pullback in the market came after the recent rally which led benchmarks to touch lifetime highs last week.
