Stock market today: Indian stock markets declined sharply on Wednesday as rising crude oil prices and bond yields dampened investor sentiment ahead of the US Federal Reserve's policy decision later in the day.
The Sensex plunged 995 points, or 1.35%, to an intraday low of 72,603.57, while the Nifty fell 252 points, or 1.1%, to 22,497.70.
This crash came despite Mukesh Ambani-backed Jio Platforms making a robust debut on the bourses, becoming India’s second-most valuable listed company. Jio Platforms listed at a 21% premium over its IPO price, with a market capitalisation exceeding ₹12.5 lakh crore. This pushed the total market capitalisation of BSE-listed companies close to ₹470 lakh crore, even as benchmark indices dropped around 1%.
IT stocks led the losses, with Infosys, HCL Tech, Tech Mahindra and TCS falling 2-4%. Several other heavyweight stocks declined 1-2% each, while L&T bucked the trend, surging 4% after its Q2 results.
Broader markets outperformed, with the Nifty Midcap 100 and Nifty Smallcap 250 falling up to 0.5%. The Nifty IT index plunged over 3%, while Nifty FMCG and Nifty Oil & Gas lost more than 1% each.