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Sensex Today: Benchmark Indian equity indices opened lower on Wednesday, amid weak global cues.
Sensex Today
Sensex Today: Benchmark equity indices, BSE Sensex and NSE Nifty50, continued its losing streak and ended lower by over 1 per cent each on Wednesday.
The BSE Sensex closed at 77,690.95, down 984.23 points or 1.25 percent from its previous close, trading within a range of 78,690.02-77,533.30.
Similarly, the NSE Nifty50 settled at 23,559.05, down 324.40 points or 1.36 per cent from its previous close, moving within a range of 23,873.60-23,509.60.
44 out of the Nifty50 constituent stocks ended in the red, dragged down by Hero MotoCorp, Hindalco, Tata Steel, Mahindra & Mahindra, and Eicher Motors, with losses extending up to 4.21 per cent.
Conversely, Britannia, Tata Motors, Grasim, Asian Paints and NTPC were among 6 constituent stocks of Nifty50 that ended in the green, with gains reaching up to 0.40 percent.
The broader markets settled in the red, with Nifty Smallcap100 and Nifty Midcap100 falling 2.96 per cent and 2.64 per cent, respectively.
Nifty is nearly 10% down from its 52-week high
Santosh Meena, Head of Research, Swastika Investmart Ltd., said: “Nifty has experienced its first significant correction in terms of both time and price since March 2023. This sell-off was sparked by China’s new stimulus package, which has diverted FII flows from India to China. Additionally, weaker-than-expected Q2 earnings from Indian companies, particularly in the consumption sector, have further intensified FII selling, leading to record outflows from Indian equities over the past month and a half.”
“Adding to these pressures are rising U.S. bond yields and a strengthening Dollar index, both of which pose challenges for emerging markets like India. Nifty is now trading near its 200-DMA and is heavily oversold, suggesting a potential temporary bottom around the 23,500 level. However, the 24,500 level will likely serve as a key resistance. Given these conditions, a relief rally in Nifty and Bank Nifty appears possible, though Midcap and Smallcap indices may still face further downside risk,” he added.
Global Cues
Meanwhile, markets in the Asia-Pacific region were lower on Wednesday, tracking losses on Wall Street as Asian traders assessed wholesale inflation data that reached its highest level since July last year at 3.4 per cent, higher than the 3 per cent growth expected by economists polled by Reuters, and the 2.8 per cent rise in September.
Japan’s Nikkei 225 was trading down 1.12 per cent, while the Topix declined 1.01 per cent.
South Korea’s Kospi fell 1.28 per cent, while the Kosdaq Index was down 1.72 per cent.
Australia’s S&P/ASX 200 was down 1.09 per cent.
Hong Kong’s Hang Seng index was down 0.76 per cent, while mainland China’s CSI 300 was down 0.09 per cent. However, the Shanghai Composite was ahead by 0.15 per cent.
That apart, Wall Street’s three major indices closed lower on Tuesday as investors booked some profits from a post-election rally and waited anxiously for US inflation data due this week.
The indices had rallied to record highs since the November 5 US election. But investor enthusiasm dampened on Tuesday with concerns around whether the next US administration’s policies would exacerbate inflation.
European shares lost 2 per cent as European Central Bank policymakers warned that increased tariffs from Trump would hamper global growth.
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