Though the Indian stock market today opened with a gap-up opening, gradually profit booking on higher levels plunged Dalal Street into red territory by noon. In fact, all three key benchmark indices and broad market witnessed sharp sell off during Wednesday deals.
Today, BSE Sensex opened upside at 64,619 and went on to hit an intraday high of 64,787 mark. Losing to the tune of nearly 1500 points in the last two sessions however, the 30-stock index witnessed sharp selling at higher levels and hit intraday low of 63,912 levels.
Same thing happened with Nifty 50 today which opened higher but soon came under sell-off heat. Logging over 450 points loss in last two sessions, Nifty today breached its crucial 19,200 support and hit intraday low of 19,074 mark. Adding to it, in this truncated week, Bank Nifty also slipped below 43,000 levels and lost near 900 points.
Broad market too witnessed heavy sell off as the small-cap index lost near 1.45 per cent during Wednesday deals. The small-cap stock has lost around 2,330 points this week whereas the mid-cap index has corrected near 1,240 points this time.
As 10-year US treasury yield had retraced from 16-year higher levels and had come below 5 percent levels, Indian stock market today witnessed some buying interest, according to stock market experts. Having said that, US Treasury yield has surged again and it has come close to 5% levels once again as the US bond market is again showing buying interest as the 10- year. Some other triggers that have dragged the Indian stock market into red territory today includes the ongoing Israel-Hamas war, strong US dollar, FIIs' selling, Q2 results 2023 coming below estimated ordeal which is further backed by the rising inflation concerns.