Stock Market Today: Sensex, Nifty Trade Flat Amid Volatility. IT, Metals Lead
Stock Market Today: On the 30-share BSE Sensex platform, TechM, UltraCemco, TCS, M&M, PowerGrid, Bajaj Finance were among the early gainers
The two key benchmarks, Sensex and Nifty, on Wednesday are trading flat amid volatility, tracking weak global cues. At 10 am, the BSE Sensex was down 9 per cent at 73,895. On the other hand, the NSE Nifty50 was trading at 22,448, down 5 points.
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On the 30-share Sensex platform, TechM, UltraCemco, TCS, M&M, PowerGrid, Bajaj Finance were among the early gainers. On the down side, Nestle, Bajaj Fisnerv, JSW Steel, IndusInd Bank, Kotak Bank, L&T were among the losers.
In the broader market, the BSE Midcap fell 0.2 per cent, while the SmallCap advanced 0.2 per cent.
Sectorally, oil & gas, IT, and metal indices rose 0.5 per cent each, while PSU Bank and realty index dropped 0.5-1 per cent.
In the previous session on Tuesday, the BSE Sensex declined by 111 points to 73,904, while the NSE Nifty50 ended 8.70 points lower at 22,453.
According to V K Vijayakumar, chief investment strategist, Geojit Financial Services, the rising bond yields in the US are impacting equity markets. "Even though the Fed chief has been sounding dovish recently, the market is now less optimistic about 3 rate cuts in 2024. This will continue to be a drag on equity markets globally. In India FPIs may continue to sell," he said.
Global markets
Asian markets experienced a downturn as Hong Kong's Hang Seng and Japan's Nikkei 225 saw notable declines of 0.78 per cent and 0.68 per cent, respectively. Similarly, China's Shanghai Composite also recorded a loss, down by 0.24 per cent. In the US and Europe, markets closed mostly lower on Tuesday. Overnight, both the Dow and Nasdaq fell by 1 per cent following data indicating robust labor demand, which sparked concerns of a potential delay in a Federal Reserve rate cut. Concurrently, the yield on the US 10-year bond climbed to 4.40 per cent.
Foreign Institutional Investors (FIIs) divested equities worth Rs 1,622.69 crore on Tuesday, according to exchange data.
The global oil benchmark, Brent crude, saw a slight uptick of 0.08 percent, reaching $88.99 a barrel.
Rupee trades in narrow range
Meanwhile, the Indian rupee saw subdued trading against the US dollar during the initial trading session on Wednesday. Despite the boost from favorable macroeconomic indicators, the currency faced pressure due to the surge in crude oil prices.
Forex analysts noted that a pessimistic sentiment prevailed among investors, influenced by a downward trend in domestic stock markets and the overall strength of the US dollar in international trading.
Starting the day at 83.36 against the dollar, the rupee saw a marginal increase of 6 paise compared to its previous close. However, it later dipped to a low of 83.40 against the greenback during early trading. On the preceding day, the rupee had maintained a narrow trading range, closing at 83.42 against the US dollar, marking a minor decline of 3 paise.
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