Stock Market: Sensex Sheds 178 Points, Nifty At 18,550 As RBI Lowers FY23 GDP Forecast

Stock update: Bajaj Finserv, NTPC, Bajaj Finance, HCL Tech, IndusInd, Kotak Bank, HDFC, Wipro, Tata Steel were losing on the 30-share Sensex platform

Sensex and Nifty, the two key equity benchmarks, opened on a choppy note on Wednesday, tracking weakness in index heavyweights Wipro, TCS and Maruti as the RBI MPC hiked repo rate by 35 bps to 6.25 per cent.

At 11.10 am, the BSE Senses was trading at 62,448, down 178 points, while the broader NSE Nifty slipped 67 points to 18,576, mirroring sluggish investor sentiment in global markets.

On the 30-share Sensex platform, Bajaj Finserv, NTPC, Bajaj Finance, HCL Tech, IndusInd, Kotak Bank, HDFC, Wipro, Tata Steel were losing. On the other hand, L&T, HUL, Asian Paints, ICICI Bank, Bharti Airtel, HUL were among the gainers.

In the broader markets, the BSE MidCap and SmallCap indices fell up to 0.56 per cent.

In the previous session on Tuesday, the 30-share BSE Sensex fell 208 points (0.33 per cent) to settle at 62,626. Likewise, the NSE Nifty declined 58 points (0.31 per cent) to end at 18,643.

The overall sentiment of the 30-share Sensex stood negative as 22 scrips were declining, while only eight were advancing.

Elsewhere in Asia, bourses in Shanghai, Seoul, and Tokyo were trading with losses in mid-session deals, while Hong Kong was in the green. Stock exchanges in the US ended on a negative note in the overnight session.

International oil benchmark Brent crude gained 0.24 per cent to $79.54 per barrel.

Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 635.35 crore on Tuesday, according to stock exchange data.

The World Bank on Tuesday revised upwards its GDP growth forecast for India to 6.9 per cent for 2022-23, saying the economy was showing higher resilience to global shocks. In its India Development Update, the World Bank said the revision was due to the higher resilience of the Indian economy to global shocks and better-than-expected second-quarter numbers.

Fitch Ratings on Tuesday retained India's economic growth forecast at 7 per cent for the current fiscal, saying India could be one of the fastest-growing emerging markets this year.

Meanwhile, the rupee depreciated 25 paise to 82.75 against the US dollar in early trade on Wednesday, tracking muted domestic equities ahead of the Reserve Bank of India's monetary policy decision. Forex traders said dollar demand in the overseas market and foreign fund outflows weighed on investor sentiments.

At the interbank foreign exchange, the domestic unit opened at 82.74 against the dollar, then edged lower to 82.75, registering a loss of 25 paise over its previous close. On Tuesday, the rupee declined by 65 paise to close at an over one-month low of 82.50 against the US dollar.