The stock market saw a boom on Tuesday, which could not be sustained on Wednesday. At the same time, due to the outflow of foreign funds in the global markets, it was opened on Wednesday morning with a weakness of 47 points. At the same time, the decline in the market kept increasing and it slipped to 250 points around 11 o'clock and fell to the level of 38,353. By the afternoon, the market started to see a big fall and around 01.45 pm it had fallen to 640 points and also went below 38,000 level.
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Recently there was a slight improvement, but despite this, the major index Sensex was trading at a level of 38,105 with a weakness of 515 points. At the same time, the Nifty was trading at a level of 11,159 with a weakness of 144 points. On Wednesday, the rupee also saw weakness against the dollar and it fell 24 paise against a dollar and opened at Rs 72.95. Earlier, on Tuesday, the continuous decline for seven consecutive days led to a break and the Sensex and Nifty closed on a strong lead. On the Corona crisis, the Reserve Bank of India (RBI) has informed that it is in talks with the Finance Ministry about its possible impact on the economy. Due to which the stock markets got some relief and the Sensex gained 479.68 points to close at 38,623.70. The Nifty has also climbed 170.55 points to 11,303.30.
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Sun Pharma was the biggest gainer among bluechip stocks by 6.64 percent. Shares of Tata Steel, ONGC, UltraTech Cement, NTPC, PowerGrid, Reliance Industries, Kotak Mahindra Bank and HCL Tech also closed higher. On the other hand, ITC and HDFC shares declined. All sectoral indices of BSE closed at the edge. The metal index recorded the maximum gain of 5.67 percent.
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According to market analysts, investors' sentiments have improved after the RBI assured that all necessary steps would be taken for the smooth functioning of the financial market. Other major stock markets of Asia are witnessing mixed trends. At the same time, the stock markets of Shanghai and Seoul closed at the edge. The other markets in Hong Kong and Tokyo have been declining.