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Benchmark indices BSE Sensex and Nifty 50 opened cautiously on Wednesday, edging higher amid weak global cues.
Stock Market Updates
Benchmark indices BSE Sensex and Nifty 50 were trading nearly flat on Wednesday, after retreating from their earlier highs.
By 1 PM, the BSE Sensex had gained 42.45 points, or 0.05%, to reach 81,552.50, while the Nifty 50 was up by 25.50 points, or 0.1%, at 24,635.55.
Among the 30 stocks in the BSE Sensex, more than half were trading higher, with UltraTech Cement leading the gains, up 2.04%. Other notable gainers included Nestle India, Adani Ports & SEZ, Maruti Suzuki India, and Infosys. On the downside, HCLTech was the top loser, down 0.57%, followed by ICICI Bank, JSW Steel, Mahindra & Mahindra, and HDFC Bank.
On the Nifty 50, 29 of the 50 stocks were trading in the green, with UltraTech Cement again leading the pack, rising 2.54%. Other gainers included Grasim Industries, Coal India, Tata Consumer Products, and Hero MotoCorp. Losses were led by Dr. Reddy’s, which fell 1.03%, followed by HCLTech, Hindustan Unilever, Wipro, and ICICI Bank.
Sector-wise, the Nifty Bank and Financial Services indices were the biggest drags, down 0.28% and 0.27% respectively, while the IT index declined 0.08%.
Among the sectors in the green, the Media index was the top performer, up 0.61%, followed by gains in OMCs, Auto, and Realty stocks.
In broader markets, the Nifty Smallcap index rose by 100 points, or 0.51%, hitting a new all-time high of 19,683.2. The index was up 0.42%, while the Nifty Midcap 100 gained 0.16%.
Global Cues
Markets in the Asia-Pacific region displayed mixed performance on Wednesday. Hong Kong’s Hang Seng index climbed 0.57%, while the CSI 300 was up 0.18%. The Shanghai Composite gained 0.13%.
South Korea’s Kospi surged 0.78%, and the small-cap Kosdaq advanced by 2%. However, Japan’s Nikkei 225 saw a decline of 0.25%, with the Topix index remaining nearly flat. Australia’s S&P/ASX 200 dropped 0.49%.
Global equities retreated on Tuesday, with the US dollar strengthening. Gold prices rose to a two-week high, supported by escalating geopolitical tensions and expectations of a third rate cut by the US Federal Reserve next week.
Traders are awaiting key US inflation data due on Wednesday, alongside a meeting of the European Central Bank scheduled for Thursday.
On Tuesday, US stock indices saw declines: the Dow Jones Industrial Average fell 154.10 points, or 0.35%, to 44,247.83; the S&P 500 dropped 17.94 points, or 0.30%, to 6,034.91; and the Nasdaq Composite declined by 49.45 points, or 0.25%, to 19,687.24.
The pan-European STOXX 600 index lost 0.5% on Tuesday, breaking an eight-session winning streak, as luxury stocks led the declines following disappointing trade data from China.
