Equity indices decline in morning session, Sensex slips over 300 points

Domestic equity benchmark indices - Sensex and Nifty - declined during the morning session on Wednesday in line with weakness in US futures contracts, said analysts.

At 9.21 a.m, sensex was at 52,226.91 points, down 305.16 points or 0.58 per cent, whereas nifty was at 15,529.00 points, down 109.80 points 0.70 per cent.

Besides, Asian markets are trading on a mixed note as investors are reacting to the latest bounce in the US markets, said Mobit Nigam, Head - PMS at Hem Securities.

Among the individual stocks, Hindalco, ONGC, Tata Steel, JSW Steel, and Bajaj Finserv were the top five losers among the Nifty 50 companies, while Bajaj Auto, Dr Reddys, Hindustan Unilever, Maruti Suzuki, and Brittania the top five gainers, National Stock Exchange data showed.

Nervousness in the markets will keep coming up unless it sees signs of inflation stabilizing and reversing globally, said Deepak Jasani, Head of Retail Research of HDFC Securities.

The indices rallied for the second consecutive day the previous session i.e. Tuesday, with benchmark Sensex surging 934 points powered by across-the-board buying support on account of positive global cues.

Notably, domestic indices had declined during the majority of the sessions in June. During the past month, Sensex slipped over 4 per cent.

"Pull back rallies can be sharp and it was sharp yesterday. The important question is: will this continue? There is no economic news, except the softness in crude, to sustain the rally," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

(ANI)

Also Read: CBI arrests another key accused Sanjay Gupta in NSE co-location case