On 3 days of selling, the Sensex and Nifty are fallen down
Domestic equities benchmarks were lower as investors remained nervous ahead of the Federal Reserve’s rate-setting meeting in the United States.
On Wednesday, Indian equity indexes were lower as investors remained nervous ahead of the US Federal Reserve’s rate-setting meeting, with many fearful that a rate hike will send the world into recession.
The 30-share BSE Sensex was 78 points lower at 52,615.04 in early trade on Wednesday, while the broader NSE Nifty was around 15,725, a few points lower.
Hindmotors, Tata Steel, Reliance Industries, Adani Power, and HCL Technologies all saw significant selling pressure.
Tata Motors, Bajaj Finance, IndusInd Bank, Asian Paints, and Bajaj Auto were among the top gainers in the early session on the Sensex, while Tata Steel, HUL, HDFC, HDFC Bank, and Britannia were among the top losers.
“Domestic equities may see a subdued opening in view of a lacklustre trend in the overnight US markets and sluggish trend in the SGX Nifty. However, expect bears to remain in control if Nifty’s closes below its biggest intraday support at 15611,” said Prashanth Tapse, Vice President for Research at Mehta Equities.
“All eyes will be on the FOMC June policy meeting outcome with focus on the magnitude of the rate increase,” he added.
Global investors were cautious ahead of the Federal Reserve’s pronouncement later in the day, keeping Indian stock markets quiet in early trade, with energy and metals companies opening down.
Shares of Network18 Media and Investments, on the other hand, surged more than 2% when Viacom18, in which Network 18 owns a controlling stake, was awarded digital streaming rights for the Indian cricket league IPL from 2023 to 2027.
Global investors were cautious ahead of the Federal Reserve’s pronouncement later in the day, keeping Indian stock markets quiet in early trade, with energy and metals companies opening down.
Shares of Network18 Media and Investments, on the other hand, surged more than 2% when Viacom18, in which Network 18 owns a controlling stake, was awarded digital streaming rights for the Indian cricket league IPL from 2023 to 2027.
One97 Communications’ stock jumped more than 2% after the company’s average monthly users on its PayTM super app increased by 48% in the two months ending in May.