Sensex drops over 300 points, Nifty below 24,400; pharma, bank stocks lead declines
Sensex and Nifty50, opened in the red on Wednesday, dragged down by banking and financial stocks amid persistent foreign selling and weak corporate earnings.
The BSE Sensex was trading 331 points, or 0.41%, lower at 80,042. The Nifty50 was down 111 points, or 0.46%, trading at 24,355 around 9:17 am.
The Nifty 50 has fallen over 5.5% in October so far, heading for its worst monthly performance since March 2020, when lockdown-related restrictions shook investor confidence and triggered a global equity market meltdown.
Among Sensex stocks, Sun Pharma, Bajaj Finserv, Titan, HCL Tech, Axis Bank, and ICICI Bank opened lower, while Maruti Suzuki, IndusInd Bank, Tata Motors, TCS, and L&T saw early gains.
Marico shares surged over 9% after the company exceeded second-quarter profit estimates, supported by recent price hikes.
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