Stock Market Updates: Sensex Dips Down, Nifty Slides.
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Summary: The Indian benchmark equity indices opened low on Wednesday morning.
Benchmark market indices the BSE Sensex and Nifty50 saw minor advances after a lethargic start on Wednesday, reacting to mixed global trends.
By 10 AM, the Nifty50 was up 48 points, or 0.21%, to 22,993.30, while the BSE Sensex had increased 169 points, or 0.22%, to 76,136.43.
Tuesday saw a lower closing price for Indian markets, with the auto, bank, and FMCG industries leading the low. Except for Monday, the indices have closed lower in nine of the past ten sessions.
The BSE Smallcap index surged more than 2%, and the BSE Midcap index increased more than 1%.
The largest losers on the Nifty 50 were M&M, Cipla, TCS, Sun Pharma, and Dr. Reddy's, all of which saw declines of two to four percent. On the other hand, Hero MotoCorp, Tata Steel, NTPC, BEL, and Grasim were the biggest winners, increasing by 1%.
The FOMC meeting minutes, which are scheduled to be released later tonight, are currently the center of attention. These minutes have the potential to affect market expectations for the U.S. interest rate outlook, which is a major factor in determining investor sentiment globally.
After a long period of selling Indian equities, foreign institutional investors (FIIs) made net purchases of Rs 4,786.56 crore in the previous session; domestic institutional investors (DIIs) also bought shares on Tuesday for a total of Rs 3,072.19 crore.
The Dow Jones and Nasdaq both witnessed advances, while the S&P 500 closed at an all-time high on Wall Street. The Asia Pacific markets, however, showed varied results, with South Korea and Mainland China reporting advances and Hong Kong, Japan, and Australia reporting falls.
