Sensex Today: The early trade on Wednesday saw a decline in equity benchmark indices as a result of continued outflows of foreign funds and weakness in banking, financial, and metals stocks. Ahead of the US Federal Reserve’s interest rate announcement, traders reported that investors favored staying out of the market.
The biggest laggards amongst the Sensex companies were JSW Steel, Bharti Airtel, Kotak Mahindra Bank, HDFC Bank, Asian Paints, Tata Steel, Power Grid, and Nestle.
The biggest winners were Tata Motors, Mahindra & Mahindra, Wipro, HCL Technologies, and Bajaj Finserv.
Hong Kong, Shanghai, Tokyo, Seoul, and other Asian markets were trading positively.
On Tuesday, the US markets concluded on a positive note.
Benchmark Brent crude for global oil prices fell by 0.05 percent to USD 87.41 per barrel.
According to exchange data, foreign institutional investors (FIIs) offloaded stocks worth Rs 696.02 crore on Tuesday.
It’s critical to realize that the US bond yield spike is having a greater global impact on equity markets than the Israel-Hamas conflict. Stock markets, especially those in emerging economies, will continue to face significant challenges due to the US 10-year bond yield, which is currently above 4.9%. Markets are likely to be affected by FIIs’ prolonged selling, according to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
On Tuesday, the BSE benchmark fell 237.72 points, or 0.37 percent, to end the day at 63,874.93. To 19,079.60, the Nifty fell 61.30 points, or 0.32 percent.
