The majority of Southeast Asian stock markets closed in red

Most Southeast Asian stock exchanges ended their sessions in the red on Wednesday amid the cooling of expectations of economic recovery in the United States.

Most of the shares suffered losses, except for Manila and Ho Chi Minh, which made gains.

In Singapore, the city-state stock market declined by 38.42 points, 1.22%. The Straits Times composite indicator remained at 3,104.21 units.

In Malaysia, the Kuala Lumpur Stock Exchange slipped by 10.80 points or 0.68%, and the selective KLCI ended at 1,580.52 units.

In Indonesia, the Jakarta stock was down 73.81 whole, 1.27%, and the JCI index finished with 5,760.59 units.

In Thailand, the Bangkok stock market lost 4.56 points, down 0.29%, and the SET index was left with 1,562.24 units.

In the Philippines, the Manila Stock Exchange advanced by 0.97 integers. The PSEi composite index ended at 6,245.71 points.

In Vietnam, the VN Index of the Ho Chi Minh (former Saigon) stock closed at 1,262.49 units after gaining 9.81 integers or 0.78%.

Sensex falls below 50,000, Nifty managed to stay above 15,000

The upswing in the domestic stock market came to an end on Wednesday due to selling in banks, financial services, metal, and auto stocks. The BSE Sensex plunged by 290 points, or 0.58%, to close at 49,902.64 points. Meanwhile, the NSE Nifty slipped by 77.95 points, or 0.52%, to 15,030.15 points. 

The pressure created by selling in banking and auto stocks

Banking and auto stocks were the reasons for the decline in the benchmark index, Nifty. This put pressure on selling in HDFC Bank, ICICI Bank, Tata Motors, and Kotak Bank. The stocks that supported the Nifty included RIL, Infosys, TCS, SBI, and Nestle. The Nifty opened with a negative trend today and remained in a narrow range throughout the day. It went below the last level of the previous session but remained above 15,000 the whole time.

Nifty can be seen moving towards 15,350

According to analysts, if the Nifty remains above 14,950-15,000 points, then the first 15,200 may then move towards 15,350 points. It can get buying support near 14,900 points. 

Stocks such as Sun Pharma and IOC are taking over

The stocks that handled the market amidst the ups and downs were BHEL, HPCL, UBL, Sun Pharma, Lupine, Apollo Hospitals, Bata India, Pidilite Industries, Aurobindo Pharma, Jubilant Food, IOC, and Ashok Leyland. At the same time, the heavy selling of shares of PNB, HDFC, JSW Steel, Bharti Airtel, Kotak Bank, M&M Financial Services, ITC, and L&T put pressure on the market.