Stock Market Today: The main reason for the decline in the Indian stock market on Wednesday was the continued withdrawal of foreign funds and the weak trend in global markets. Selling in Information Technology (IT) and Auto sector stocks affected the market.

Sensex and Nifty fell.

The 30-share benchmark index Sensex of the Bombay Stock Exchange (BSE) fell 319 points or 0.39 percent to close at 81,501.36 points. During trading, at one point it fell 461.86 points to reach 81,358.26 points.

The benchmark index Nifty of the National Stock Exchange (NSE) also fell by 86.05 points or 0.34 percent to close at 24,971.30 points. This is the second consecutive day when the Sensex has seen a decline.

Shares of major companies fell.

Among the top Sensex gainers, Mahindra & Mahindra, Infosys, Kotak Mahindra Bank, JSW Steel, Adani Ports, Tata Motors, ITC and Titan were the biggest losers. On the other hand, HDFC Bank, Bharti Airtel, Reliance Industries, Asian Paints, at and State Bank of India were among the gainers.

Fear of decline in corporate income

Vinod Nair, Head of Research, at Geojit Financial Services, said, "The market has seen negative sentiment and limited range trading due to fears of lower corporate earnings in FY 2024-25. This may impact the sustainability of premium valuations."

Foreign investors sell-off

According to stock market data, foreign institutional investors (FIIs) made a net sale of shares worth Rs 1,748.71 crore on Tuesday. This selling further strengthened the negative trend of the market.

The situation in the Asian and European markets

Other Asian markets also witnessed a decline. South Korea's Kospi, Japan's Nikkei, and Hong Kong's Hang Seng all closed in the negative zone. However, China's Shanghai Composite managed to show some strength.

European markets were also in a negative trend in afternoon trade, and US markets also closed with a decline on Tuesday.

global oil prices

The price of global oil benchmark Brent crude rose by 0.08 percent to reach $74.32 per barrel.

Overall, an atmosphere of uncertainty prevails in the Indian stock market, and investors are being advised to remain cautious.