Selling pressure returned to the Indian stock markets on Wednesday, with both indices declining soon after opening with marginal gains. The Nifty 50 index opened at 23,746.65 points with a gain of 38.

The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 23,770 level, a discount of nearly 25 points from the Nifty futures’ previous close.

HDFC Bank Ltd shares were down 1.56 per cent at Rs 1,722 after the Q3 update. December was the third consequent quarter of sequential corporate loan decline as the banks continued to choose profitability over balance sheet growth.

The stock market ended trading on Tuesday in green, managing to recover some of the losses taken in the last trading session. The key equity benchmarks, Sensex and Nifty, closed the session higher. The BSE Sensex settled for the day more than 200 points higher at 78,

The Nifty 50 index would need to breach above the important 200 period MA at 23,900 level and thereafter, to trigger a breakout, says experts.

Adani Ports, Asian Paints, IndusInd Bank and Reliance Industries gained 1.3-1.6 per cent. Tata Motors Ltd, ICICI Bank Ltd, Power Grid, Tata Steel and UltraTech Cement also gained over 1 per cent each.

Sensex and Nifty fell over 1.6%, but select stocks gained despite the selloff. ITI Ltd surged 20%, healthcare stocks rallied on virus-related news, and Titan rose 2.3% on strong Q3 growth. ICICI Bank provided benchmark support.

The Nifty 50 concluded the session with a gain of 0.39% at 23,707, while the Sensex wrapped up the session at 78,199, 0.30% higher than the previous close.

The Sensex and Nifty plumetted due to a market crash during the morning trading session as banking and metal stocks fell