Last Updated: November 01, 2023, 15:42 IST
Sensex Today (Representative picture/Reuters)
Equity benchmark indices opened with cuts on Wednesday forward of the US Federal Reserve’s financial coverage resolution later at present.
Sensex Today: Equity benchmark indices traded with a damaging bias on Wednesday dragged by persistent promoting strain in metallic and choose IT shares.
The S&P BSE Sensex touched a low of 63,550, and eventually ended 284 factors decrease at 63,591. The NSE Nifty 50, as soon as once more, slipped beneath the 19,000-mark, because it settled with a loss of 90 factors.
Asian Paints and Tata Steel have been the foremost laggards on the Sensex, down over 2 per cent every. Maruti, JSW Steel, HCL Technologies, TCS, NTPC, Nestle, Axis Bank, Larsen & Toubro and Infosys have been the opposite outstanding losers, down over a per cent every.
On the constructive entrance, Sun Pharma gained 2.7 per cent put up its Q2 outcomes. ITC, Bajaj Finserv, Reliance and SBI completed with modest good points.
In the broader market, the BSE MidCap index declined in tandem with the benchmark and was down 0.4 per cent. The SmallCap index, nonetheless, was down merely 0.1 per cent.
Among sectors, the BSE Metal index shed 1.5 per cent. IT and Power indices have been the opposite main losers, whereas the Realty index jumped 1.5 per cent.
Dr. V Okay Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated: “With the ground war in Gaza intensifying, the uncertainty surrounding the West Asian crisis is at its peak. Now we don’t know how and when this war will end and what the consequences will be. Therefore, investors should continue with a cautious strategy.”
“It is important to understand that equity markets globally are being impacted more by the spike in US bond yields rather than the Israel-Hamas conflict. The US 10-year bond yield above 4.9% will continue to be a major headwind for stock markets, particularly for those in emerging markets. Sustained selling by FIIs is likely to continue weighing on markets. The crash in Brent crude to $85 is a big positive for India. Aviation, paints and tyre stocks will respond positively to this news,” Vijaykumar stated.
“Investors may watch the trends in high quality large caps like Maruti, ICICI Bank, HDFC Bank, RIL, ITC and L&T, which have come out with good Q2 results. These companies have good earnings visibility and, therefore, will witness substantial institutional buying when normalcy returns,” he added.
