The Indian stock market opened lower on Wednesday, with the Sensex dropping 114.35 points to reach 65,732.15. The Nifty remained relatively flat, losing 17.35 points to stand at 19,553.50. In the morning session, top gainers included NTPC, Power Grid, Sun Pharma, Bajaj Finserv, and Titan, while Wipro, ICICI Bank, HCLTech, Asian Paints, and TCS were among the losers.
Investors are eagerly awaiting the first-quarter results of Tata Power Company, Zuari Agro Chemicals, Zee Entertainment Enterprises, Vijay Diagnostic Centre, Abbott India, Trent, Bajaj Consumer Care, Sunteck Realty, Bata India, Sula Vineyards, Berger Paints India, Shankara Building Products, Bharat Forge, Schneider Electric Infrastructure, CARE Ratings, PI Industries, Dreamfolks Service, Natco Pharma, eClerx Services, Max Financial Services, Indian Railway Catering Tourism Corporation, and Kalyan Jewellers India. These announcements are expected to have a significant impact on the respective company’s stocks.
On Tuesday, the benchmark indices ended on a negative note, with the Sensex falling 106.98 points to close at 65,846.50 and the Nifty at 19,570.30, down by 27 points. However, the Nifty Bank showed some gains, rising 145.65 points to reach 44,983.15.
Looking at global markets, US stocks closed lower on Tuesday after credit rating agency Moody’s downgraded several lenders, including Bank of New York Mellon, State Street, Truist Financial, and US Bancorp. This move raised concerns about the health of the US economy. The Dow Jones Industrial Average dropped 158.64 points to 35,314.49, the S&P 500 closed 19.06 points lower at 4,499.38, and the Nasdaq Composite shed 110.07 points to reach 13,884.32. After reaching their all-time highs last month, both the Nasdaq Composite and S&P 500 experienced a decline, with the S&P falling by 2 percent and the Nasdaq by 3.2 percent.
In Asian markets, trading was mixed on Wednesday. While South Korea’s KOSPI saw a gain of 23.55 points at 2,597.53, the Hang Seng in Hong Kong lost 86.35 points to 19,097.82, and Japan’s Nikkei 225 fell by 37.21 points to 32,340.08. The GIFT Nifty exchange, however, experienced a jump of 44.50 points, reaching 19,605.
Oil prices dipped due to concerns over slower demand from China, following bearish trade data. Brent crude futures for October fell by 17 cents to $86 per barrel, while US West Texas Intermediate crude slipped to $82.73 per barrel, up by 19 cents.
Regarding the currency market, the Indian rupee opened flat against the dollar on Tuesday, starting at 82.82 per dollar compared to the previous close of 82.84.
Overall, these market movements and upcoming first-quarter results highlight the need for investors to stay informed and adjust their positions accordingly.
