Due to persistent withdrawals of foreign funds and weakness in banking, financial, and metals companies, equity benchmark indexes saw a decrease in early trade on Wednesday. Before the US Federal Reserve announced its interest rate decision, dealers stated that investors would have preferred to stay out of the market.
JSW Steel, Bharti Airtel, Kotak Mahindra Bank, HDFC Bank, Asian Paints, Tata Steel, Power Grid, and Nestle were the biggest laggards amongst the Sensex companies.
The main winners were Mahindra & Mahindra, Tata Motors, Wipro, HCL Technologies, and Bajaj Finserv.
Hong Kong, Shanghai, Tokyo, Seoul, and other Asian markets were trading well.
On Tuesday, the US markets concluded on a strong note.
Benchmark Brent crude for global oil prices fell by 0.05 percent to USD 87.41 per barrel.
According to exchange statistics, foreign institutional investors (FIIs) offloaded stocks worth Rs 696.02 crore on Tuesday.
“It’s critical to recognise that the US bond rate increase is having a greater worldwide influence on equities markets than the Israel-Hamas war. Stock markets, especially those in emerging economies, will continue to face significant challenges due to the US 10-year bond rate, which is now around 4.9%. It’s likely that FIIs’ persistent selling will continue to pressure markets.
The BSE benchmark dropped 237.72 points, or 0.37 percent, on Tuesday, closing at 63,874.93. The Nifty dropped 61.30 points, or 0.32 percent, to 19,079.60.