Sensex, Nifty Trade Lower Amid Volatility As I.T. Stocks Drag; Metals Pharma Gain
Indian equity benchmarks changed little as they continued to trade lower amid volatility through midday on Wednesday. While, the shares of metal and pharmaceutical companies gained, I.T. stocks extended declined.
Asian markets fell as traders weighed earnings from Wall Street. MSCI Inc.’s Asia Pacific Index declined 0.4% while the Hang Seng China Enterprises Index slid as much as 1.5% before paring losses. Shares of some Korean drama production studios also slipped after Netflix Inc.’s subscriber numbers trailed Wall Street estimates.
Futures for the S&P 500 and the Nasdaq 100 both declined. Cboe Volatility Index stayed at the lowest since January 2022, remaining below 17. Bank of America’s GFSI Market Risk Index, held near the lowest since February 2022.
As of 12:05 p.m., the S&P BSE Sensex Index was down 42 points or 0.07% at 59,685.27 while the NSE Nifty 50 Index was lower by 4 points or 0.02% at 17,656.60.
IndusInd Bank Ltd., Hindustan Unilever Ltd., Maruti Suzuki India Ltd., Tata Consultancy Services Ltd., and HCL Technologies Ltd. were negatively contributing to the change in the Nifty 50 Index.
Whereas, JSW Steel Ltd., Reliance Industries Ltd., HDFC Bank Ltd., HDFC Ltd., and Larsen and Toubro Ltd. were positively adding to the change.
Adani Group company stocks were mixed in trade, with Ambuja Cements Ltd., Adani Enterprises Ltd., Adani Ports and SEZ Ltd. amd ACC Ltd. rising less than 1% in trade.
The broader market indices opened higher; S&P BSE MidCap Index was up by 0.08%, whereas S&P BSE SmallCap Index was higher by 0.39%.
Eight out of the 20 sectors compiled by BSE declined, while 12 sectors advanced in trade.
The market breadth was skewed in the favour of the buyers. About 1,906 stocks rose 1,425 declined, and 127 remained unchanged on the BSE.
Stock Market Live: Sensex, Nifty Volatile As Metals Lead; I.T. Stocks Decline - BQ Prime
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