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Indian benchmark equity indices, the BSE Sensex and Nifty50, opened slightly higher on Wednesday, following mixed global cues.
Sensex Today.
Indian benchmark equity indices, BSE Sensex and Nifty50, were experiencing significant losses on Wednesday, following muted global cues.
By 12 PM, the BSE Sensex had fallen 532.21 points, or 0.68%, to 77,666.90, while the Nifty50 stood at 23,549.60, down 158.30 points, or 0.67%.
On the 30-stock BSE Sensex, only five stocks were in the green, with Reliance Industries leading the pack, up 1.66%. Other gainers included Maruti Suzuki India, TCS, Asian Paints, and Mahindra & Mahindra. On the downside, Adani Ports & SEZ led the declines, down 2.75%, followed by Zomato, Titan, SBI, and Tech Mahindra.
For the Nifty50, 39 stocks were trading lower, with Trent leading the losses, down 3.38%. Other stocks under pressure included Shriram Finance, Adani Ports & SEZ, Titan, and SBI. Meanwhile, ONGC posted the highest gain, up 2.13%, followed by Dr. Reddy’s, Reliance Industries, BPCL, and Maruti Suzuki India.
Sector-wise, all indices were in the red, with the Consumer Durables index being the worst performer, down 3.50%. Other sectors such as Realty, PSU Bank, Bank, Financial Services, Metal, and IT also saw declines of more than 1%.
The broader markets mirrored the trend, with the Nifty Midcap100 down by 1.77% and the Nifty Smallcap100 losing 1.79%.
Global Cues
Markets across the Asia-Pacific region mostly declined, influenced by losses on Wall Street, although South Korea and Australia saw gains.
Japan’s Nikkei 225 dropped 0.8%, while the Topix lost 0.82%. South Korea’s Kospi gained 0.29%, and the Kosdaq Index dipped slightly by 0.1%. Australia’s S&P/ASX 200 traded up by 0.39%.
Hong Kong’s Hang Seng Index fell 0.28%, the CSI 300 declined by 0.83%, and the Shanghai Composite dropped 0.47%.
On Tuesday, global stocks weakened as US Treasury yields edged higher. Economic data indicated the American economy’s resilience, suggesting the Federal Reserve might reduce interest rates fewer times this year than initially expected.
In the US, all three major indices finished lower, with technology, consumer discretionary, and communication services stocks among the biggest losers. However, energy and healthcare stocks saw gains.
Data showed US services sector activity surged in December, exceeding expectations. Additionally, the price index for inputs rose to a nearly two-year high, according to the Institute for Supply Management. Labor Department figures also indicated an unexpected increase in US job openings for November, though a slowdown in hiring pointed to a cooling labor market.
Markets are currently pricing in just one rate cut from the Fed in 2025, down from two anticipated cuts in December, according to the CME FedWatch tool.
On Wall Street, the Dow Jones Industrial Average fell 0.42% to 42,528.36, the S&P 500 dropped 1.11% to 5,909.03, and the Nasdaq Composite tumbled 1.89% to 19,489.68.
European stocks held their gains after a rally on Monday, following reports that President-elect Donald Trump’s team is considering more limited tariffs than previously expected.
The European STOXX 600 index rose 0.32%, marking its second consecutive gain, after climbing 1.75% on Monday. MSCI’s global stock gauge fell 0.75% to 846.52.
Benchmark 10-year Treasury yields reached an eight-month high, bolstered by strong US economic data. The yield on 10-year notes rose 7.5 basis points to 4.691%, peaking at 4.699%, the highest level since April 26.
