On Wednesday, the Indian stock market ended slightly lower. Even though strong gains in big financial and oil companies were seen, drops in consumer stocks held back the market. Investors were cautious as they awaited the Reserve Bank of India’s monetary policy meeting, expected to talk about a possible rate cut.
The benchmark BSE Sensex fell by 312.53 points, or 0.40%, closing at 78,271.28. Similarly, the Nifty 50 index closed at 23,696.30, down 42.95 points, or 0.18%.
Vinod Nair from Geojit Financial Services explained that the market moved in a small range while staying negative. Investors are considering the positive outlook for the economy due to a good budget against ongoing global issues due to trade wars. Although falling U.S. bond yields and lower oil prices helped, the rupee’s decline could offset these benefits. Rate-sensitive sectors are in focus ahead of the RBI’s potential rate cut.
In the U.S., the stock market showed mixed results. The S&P 500 was down slightly as investors paid attention to company profits rather than trade tariffs. Alphabet, the parent company of Google, saw its shares drop by 7.5% despite reporting higher profits because of concerns about slowing growth in its cloud business.
The Nifty index saw little movement, closing lower, according to Rupak De from LKP Securities. He noted that support is seen at 23,500, while the index may aim for 24,050.
Trading Highlights:
– The most active stocks included Kalyan Jewellers, HDFC Bank, and Bajaj Finance in terms of trading value.
– In terms of volume, Vodafone Idea was the most traded, followed by YES Bank and Easy Trip Planners.
– Some stocks saw strong buying interest, such as Eris Lifesciences and Jubilant Pharmova.
– 67 stocks reached their 52-week highs today.
Market sentiment was mostly positive, with 2,515 stocks advancing compared to 1,467 that declined.
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