Sensex falls over 800 points, Nifty below 22,600 mark
What's the story
India's benchmark indices opened lower on Wednesday, with the Sensex and Nifty falling by as much as 1%. The fall is mainly attributed to rising crude prices and other global factors. At around 10:00am, the Sensex had fallen by 825 points to trade at around 72,772. Meanwhile, the Nifty index was down by 203 points at around 22,546.
Market trends
A look at the top gainers and losers
The market witnessed a mixed bag of performances with some 1,100 shares gaining while 1,540 shares fell. A total of 145 shares remained unchanged.
Out of the 16 major sectors, as many as 13 ended in losses. This trend indicates a bearish sentiment prevailing across most sectors on the Indian stock market today.
Market influences
Global factors affecting market
The rise in oil prices by 1.6% to $115.7 a barrel, following an attack on a refinery in Saudi Arabia, has raised concerns over potential energy supply disruptions and inflation.
Meanwhile, the Federal Open Market Committee's (FOMC) decision on interest rates is awaited with bated breath as it could have a major impact on global markets.
Sectoral impact
IT stocks take a hit
Analysts have noted that for bullishness to return to the market, Nifty needs to trade above 22,700.
The IT sector, which derives a major chunk of its revenue from the US market, has also been hit hard.
Shares of Infosys and HCL Tech fell by 4.6% and 3.2%, respectively, leading the sectoral losses today.