Sensex falls 300 pts amid weak global market mood ahead of US inflation data; Nifty below 22,800
Mirroring the weakness in global markets, Indian headline indices opened lower for the fourth consecutive session on Wednesday as investors cautiously await U.S. inflation data due this week for clues on the Federal Reserve's interest rate trajectory. Selling was seen across all sectors.
The BSE Sensex was trading 315 points, or 0.42, lower at 74,857. The Nifty50 was down 103 points, or 0.45%, trading at 22,785 around 9:20 am.
In early trade, HDFC Bank, M&M, ICICI Bank, L&T, Reliance, and Axis Bank were the top Sensex stocks dragging the indices down.
On the sectoral front, Nifty Financial Services fell 0.6%, and Nifty Auto declined 0.8%. Additionally, Nifty FMCG, IT, Healthcare, Pharma, and Oil & Gas also saw declines.
Among individual stocks, IRCTC traded nearly 5% lower after the company reported a consolidated profit after tax (PAT) of Rs 284 crore, up by just 1.8% YoY. The revenue uptick was 19.7% on a YoY basis.
However, Paytm shares locked in 5% upper circuit amid reports that Adani Group chairman, Gautam Adani, is likely considering acquiring a stake in Paytm's parent company One97 Communications.
Experts View
«There are two positive catalysts notable: the Nasdaq Composite hit a record high due to gains in tech stocks like Nvidia and Apple, and both FIIs and DIIs were net buyers in the last session. However, caution is advised as India VIX is at a two-year high of 24.20, ahead of significant events such as exit polls and GDP data,» said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Deven
