Indian stock markets experienced a decline on Wednesday, with the BSE Sensex falling by 796 points to close at 66,800.84, while the NSE Nifty lost 231.90 points, ending the day below the 20,000 mark at 19,901.40. HDFC Bank Ltd. shares took a significant hit, dropping by as much as 4.2% after a downgrade by Nomura Holdings Inc. due to the lender’s revised business outlook. The stock closed 3.87% lower at Rs 1,566 on the NSE. Reliance Industries and JSW Steel also recorded losses, while PowerGrid, Coal India, and Bajaj Auto were among the major gainers on the NSE. Apollo Tyres, on the other hand, gained 1.59% on the NSE, closing at ₹379.
In other news, Apollo Tyres Ltd. informed the exchange that production of Bias and OTR tyres at its Gujarat facility had been halted due to concerns among shop floor employees related to the renewal of a long-term settlement agreement. The company is in discussions and negotiations with labor union representatives to address these concerns and find a resolution.
Infosys Ltd. announced an expanded strategic collaboration with NVIDIA to drive productivity gains with generative AI applications and solutions, keeping its stock flat at around Rs 1,492 on the NSE.
In the IPO market, Yatra Online IPO was subscribed 1.20 times as of 3:21 pm, with the QIB portion at 1.33 times, NII at 0.41 times, and retail at 2.01 times. The issue was set to close on the same day.
Sasken Technologies saw a 0.42% increase in its stock on the NSE, trading at ₹1,051.30, following board approval for a strategic investment not exceeding ₹50 crore in the advanced AI/5G/power-driven IP licensing and custom ASIC design and foundry service business.
ABB India Ltd.’s shares rose by 0.22% after the company partnered with SMS group to supply an electric powertrain system, including medium-voltage motors and MV drives, for ArcelorMittal Nippon Steel’s upcoming hot strip mill in Hazira, Gujarat.
Buzzing stocks at 3 pm included Dynamatic Technologies, which surged by 7.24% on the NSE, trading at ₹4,425.
Major gainers on the NSE at 3 pm included Power Grid (2.22%), Coal India (1.14%), ONGC (0.78%), Sun Pharma (0.55%), and NTPC (0.52%). HDFC Bank (-4.15%), JSW Steels (-2.75%), BPCL (-2.30%), Reliance (-2.22%), and SBI Life Insurance (-2.05%) were among the major losers.
