Mumbai, June 5: Indian equity benchmarks initially opened on a positive note on Wednesday, attempting to recover from the previous day's substantial losses. However, early gains were short-lived as markets slipped into negative territory.
At 9:55 a.m., the Sensex stood at 71,946, marking a decline of 132 points or 0.18 per cent, while the Nifty witnessed a dip of 20 points or 0.05 per cent, settling at 21,864.
Midcap and smallcap stocks mirrored the downward trend, with the Nifty midcap 100 index down by 319 points or 0.65 per cent, resting at 48,831, and the Nifty smallcap 100 index recording a decline of 122 points or 0.78 per cent, reaching 15,582.
The India VIX, also known as the fear index, which gauges market volatility, observed a decrease of 20.11 per cent, reaching 21.37.
While sectors like FMCG, pharma, IT, auto, and consumption registered gains, PSU bank, metal, realty, and energy sectors faced notable losses.
In the Sensex pack, HUL, Asian Paints, Nestle, Kotak Mahindra Bank, HCL Tech, and ITC emerged as the top gainers, while L&T, Power Grid, NTPC, SBI, and ICICI Bank witnessed declines.
Pradeep Gupta, Co-founder & Vice-chairman of Anand Rathi Group, emphasized the historical trend of market resilience post-election volatility. He advised investors to maintain a long-term perspective, diversify portfolios, and avoid impulsive selling, emphasizing the significance of robust fundamentals amidst market fluctuations.
