Equity markets were off to a weak start in Wednesday’s trade, led by losses in banking and financial names
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Sensex Today: Equity markets were off to a weak start in Wednesday’s trade, led by losses in banking and financial names. Frontline indices the S&P BSE Sensex declined 350 points to 65,032 levels, whereas Nifty50 lost over 100 points to slip below 19,350-mark.
Broader markets, too, witnessed selling pressure as Nifty Midcap 100 and Nifty Smallcap 100 indices declined up to 0.5 per cent.
Sectorally, Nifty Financial Services index was the worst hit (down 1 per cent), followed by Nifty Bank (down 0.9 per cent), and Nifty Metal indices (down 0.8 per cent).
On the flipside, Nifty FMCG, Nifty Media, and Nifty IT indices outperformed the benchmark indices, surging up to 0.7 per cent.
Among individual stocks, shares of ITC gained 1 per cent in a weak market after the conglomerate’s consolidated net profit rose 16.29 per cent YoY in the June-ended quarter.
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Besides, shares of Infosys rose 1 per cent after the IT services company signed a multi-year deal with Liberty Global.
Global Cues
Asian stocks hit a 11-week low on Wednesday as renewed concerns about U.S. interest rates slugged Wall Street, while investors still smarted from dismal Chinese economic data and the absence of meaningful stimulus. MSCI’s gauge of Asia Pacific stocks outside Japan was down 1.1% at 0138GMT, touching its lowest point since June 1.
Tokyo shares drifted lower in early trade Wednesday on worries over the Chinese economy, with falls of US shares also affecting sentiment.The benchmark Nikkei 225 index fell 0.95 percent, or 306.16 points, to 31,932.73 shortly after the opening bell, while the broader Topix index dropped 0.98 percent, or 22.47 points, to 2,268.73.
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Wall Street’s main stock indexes closed sharply lower on Tuesday after stronger-than-expected retail sales data stoked worries interest rates could stay higher for longer, while U.S. big banks dropped on a report that Fitch could downgrade some lenders.
