Nifty Remains Below 23,850, Sensex Drops 150 Points

Sensex Slips 150 Points as Nifty Stays Below 23,850 Mark

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: November 13, 2024

Summary: Weak global cues caused benchmark Indian equity indices to open lower on Wednesday.

On Wednesday, the benchmark Indian equity indices opened lower due to lackluster global cues.

The BSE Sensex fell 167 points, or 0.21 percent, to 78,507.87 at the open, while the Nifty 50 down 62 points, or 0.26 percent, to 23,820.

Of 30, 16 equities in the BSE Sensex were trading lower. Mahindra & Mahindra (down 2.48%), Maruti Suzuki India, Tata Steel, Nestle India, and Sun Pharma topped the losses. In comparison, NTPC (up 1.21%) led the gains, followed by Asian Paints, Tata Motors, Bharti Airtel, and IndusInd Bank.

Out of 50, 31 equities on the Nifty 50 were trading below. Thirty-one of the fifty equities on the Nifty 50 were trading lower. Asian Paint, Tata Motors, Bharti Airtel, IndusInd Bank, and NTPC moved forward (1.28 percent), while Mahindra & Mahindra were among the losers (2.30 percent), followed by HeroMotoCo, Maruti Suzuki India, Shriram Finance, and HDFC Life.

The only sectors that saw gains were the Bank, Financial Services, and IT indices, while the Healthcare, Pharma, and Auto indices were the worst laggards, ranging from 0.75 to 0.85 percent.

Meanwhile, the Nifty Midcap 100 and the Nifty Smallcap 100 were down 0.38 and 0.66 percent, respectively, in the wider markets.

As Asian traders evaluated wholesale inflation data that hit its highest level since July of last year at 3.4%, higher than the 3.8% growth predicted by Reuters's panel of economists and the 2.8% increase in September, Asia-Pacific markets fell on Wednesday, following Wall Street's losses.

The Topix fell 1.01 percent, and Japan's Nikkei 225 was down 1.12 percent.

The Kosdaq Index was down 1.72 percent, and the South Korean stock exchange's Kospi sank 1.28 percent.

The CSI 300 in mainland China fell 0.09 percent, while Hong Kong's Hang Seng index fell 0.76 percent. But the Shanghai Composite had a 0.15 percent lead.

The S&P/ASX 200 in Australia fell 1.09 percent.

As investors booked some gains from a post-election bounce and anxiously awaited this week's US inflation data, Wall Street's three main indices ended Tuesday's trading session lower.

Since the US election on November 5, the indices had risen to all-time highs. However, worries about whether the policies of the incoming US administration would make inflation worse dampened investor euphoria on Tuesday.

As European Central Bank members cautioned that Trump's higher tariffs would impede global development, European markets fell 2%.

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