Markets Slip In Opening Trade After Single Day Biggest Gain

The market saw the single-day biggest gains of nearly 9% on Tuesday riding on global cues

The Nifty at the National Stock Exchange (NSE) opened at 8,688.90 points after closing at 8,792.20 points.

New Delhi:  Indian markets took a dip during the morning trade on Wednesday with Sensex opening at 29,701.92 points and touched a high of 29,916.22. The Nifty at the National Stock Exchange (NSE) opened at 8,688.90 points after closing at 8,792.20 points. The market started on a grim note on the back of weak global cues. At 9.16 AM, the Sensex fell 255 points or 0.85 per cent at 29,811 while Nifty slipped 77 points or 0.88 per cent at 8,714. Banks and financial stocks were the most affected. However, the Sensex closed at 30,067.21 points on Tuesday. It was the single-day biggest gains of nearly 9 per cent, the biggest in percentage terms in over 10 years. The market jumped because of signs that the spread of the covid-19 pandemic has declined in most affected areas in the US and Europe. Gains in global markets eventually propelled the rally in Indian stocks as well. The Sensex ended at 30,067.21, up 2,476.26 points or 8.97 per cent, while the 50-share Nifty index was at 8,792.20, up 708.40 points or 8.76 per cent. It helped investors pump in ₹7.89 trillion of wealth. Meanwhile, US equities surrendered their earlier gains to finish lower as market momentum eased in late session. On Tuesday, the Dow Jones Industrial Average fell 26.13 points, or 0.12 per cent, to close at 22,653.86. The S&P 500 was down 4.27 points, or 0.16 per cent, to 2,659.41. The Nasdaq Composite Index decreased 25.98 points, or 0.33 per cent, to 7,887.26, reported Xinhua news agency reported The major averages rallied earlier in the session with the 30-stock index surging more than 900 points at the highs. On the data front, small-business owners' confidence in the US economy dropped by the most ever in March as the coronavirus outbreak devastates the economy, according to the National Federation of Independent Business (NFIB). (With inputs from IANS)