second most valuable
Sensex experienced a sharp decline of 352 points on Wednesday, as selling pressure in Reliance and IT stocks weighed on the benchmark index. Nifty also closed below 22,700, dragged down by IT shares and Reliance Industries amid rising crude oil prices and cautious market sentiment ahead of the US Federal Reserve's policy decision.
The BSE Sensex opened lower and plummeted 995 points to its day's low of 72,603.57 in early trading, before partially recovering to settle at 73,246.03, down 0.48% for the day. The NSE Nifty fell 50.90 points, or 0.22%, to close at 22,698.85. Despite broader indices advancing on selective buying, select IT stocks saw significant drops, with Reliance Industries falling 3.46%, Infosys 3.34%, Tech Mahindra 1.83%, Tata Consultancy Services 1.68%, Bharti Airtel 1.42%, and Tata Steel 1.37%.
Meanwhile, Jio Platforms, the digital services company backed by Reliance Industries, made a stellar IPO debut, ending nearly 27% higher against its issue price of Rs 1,119 and becoming India's second most valuable firm by market capitalisation at Rs 13 lakh crore. Reliance Industries, meanwhile, dropped 3.46%, while other major stocks like Infosys, Tech Mahindra, and Tata Consultancy Services also experienced losses.
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