Equity benchmark indices opened with cuts on Wednesday ahead of the US Federal Reserve‘s monetary policy decision later today.
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Sensex Today: Equity benchmark indices opened with cuts on Wednesday ahead of the US Federal Reserve’s monetary policy decision later today. The BSE Sensex fell 170 points to 63,704, and the NSE Nifty50 slipped 44 points to 19,035.
L&T, M&m, ITC and Wipro were among the few holding gains on the Sensex, while Bajaj Auto, Dr Reddy’s and Cipla were the top Nifty gainers.
On the flip side, Bharti Airtel led losses, down over 1 per cent. JSW Steel, Axis Bank, HDFC Bank and Asian Paints were the other frontline losers.
The broader markets were mixed. The BSE MidCap index was flat, while the SmallCap pocket was up 0.3 per cent.
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Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “With the ground war in Gaza intensifying, the uncertainty surrounding the West Asian crisis is at its peak. Now we don’t know how and when this war will end and what the consequences will be. Therefore, investors should continue with a cautious strategy.”
“It is important to understand that equity markets globally are being impacted more by the spike in US bond yields rather than the Israel-Hamas conflict. The US 10-year bond yield above 4.9% will continue to be a major headwind for stock markets, particularly for those in emerging markets. Sustained selling by FIIs is likely to continue weighing on markets. The crash in Brent crude to $85 is a big positive for India. Aviation, paints and tyre stocks will respond positively to this news,” Vijaykumar said.
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“Investors may watch the trends in high quality large caps like Maruti, ICICI Bank, HDFC Bank, RIL, ITC and L&T, which have come out with good Q2 results. These companies have good earnings visibility and, therefore, will witness substantial institutional buying when normalcy returns,” he added.
