Sensex Slips 398 Pts, Nifty Ends Below 24,950 Amid Tata Motors Slump
The Impact of Market Trends on Sensex and Nifty
The domestic equity market took a significant hit on Wednesday, with the Nifty50 closing below 24,950. The early-afternoon high of 25,113 was short-lived as sectors like oil & gas, PSU banks, and metals faced selling pressure. Investors are closely watching upcoming inflation data from the US and India. While US inflation is anticipated to increase, Indian inflation is expected to remain steady. Additionally, the Bank of Japan's suggestion of a potential rate hike if inflation stays elevated added to the market's cautious tone.
Key Market Statistics
- S&P BSE Sensex slipped 398.13 points or 0.49% to 81,523.16
- Nifty 50 index declined 122.65 points or 0.49% to 24,918.45
- Tata Motors (down 5.74%), Larsen & Toubro (down 1.51%) and Reliance Industries (down 0.68%) were major drags.
Market Indicators
The yield on India's 10-year benchmark federal grew 1.45% to 6.950 as compared with previous close 6.965. In the foreign exchange market, the rupee was flat against the dollar, hovering at 83.9800.
Global Market Overview
The Dow Jones index futures were down 166 points, indicating a weak opening in US stocks today. European stocks advanced while Asian shares ended lower on Wednesday, as investors focus on the latest U.S. inflation data set to be released later in the day.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.