The Indian stock market experienced a rough start today, influenced by global trends. The BSE Sensex opened significantly lower, down 606.77 points or 0.76%, at 79,542.10.
Similarly, the Nifty 50 saw a drop of 182.50 points or 0.75%, opening at 24,232.00.
The Nifty Midcap also started the day in the red, falling by 433 points or 0.76% to 56,439.80. The Nifty Bank index at the NSE opened at 50,762.30, continuing the downward trend.
Sectoral stocks on the NSE showed a broad decline, with sectors such as Banking, Financial Services, FMCG, IT, Metal, Pharma, PSU Banks, Private Banks, Realty, Healthcare, Consumer Durables, and Oil and Gas all opening in negative territory. However, Media and Auto stocks managed to stay in the green during the initial trading hour.
Market analysts attributed the declines to waning global sentiment following disappointing earnings reports from Alphabet and Tesla. Ajay Bagga, a banking and market expert, commented, "Global sentiment is taking a hit.
The rotation from big tech to underperforming sectors had begun in the US as part of the 'Trump Trade'. Then, soft results for Alphabet/Google and Tesla raised further questions about valuations for Big Tech and AI investments, which have been on a massive scale."
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