September 18, 2024
New Delhi, India
Indian Stock Market
Indian equity markets witnessed a pullback from record highs on Wednesday, as benchmark indices BSE Sensex and NSE Nifty50 ended the day in the red. The decline comes ahead of the U.S. Federal Reserve’s policy decision, which has kept investors cautious.
Key Highlights:
- Sensex and Nifty50 Performance: The BSE Sensex fell by 131.43 points or 0.16%, closing at 82,948.23 after hitting a new intra-day high of 83,326.38. Similarly, the NSE Nifty50 lost 41 points or 0.16% to settle at 25,377.55, having reached a record level of 25,482.20 earlier in the day.
- IT Stocks Lead Declines: IT heavyweights such as TCS, Infosys, HCL Tech, Tech Mahindra, and Wipro dragged the indices down, with losses of up to 3.50%. In contrast, financial stocks like Bajaj Finance, Shriram Finance, and HDFC Bank bucked the trend, closing with gains of up to 4.22%.
- Sector Performance: The Nifty IT index was the top laggard, shedding 3.05%, while financial and banking stocks outperformed. The Nifty Financial Services and Bank Nifty indices ended higher by 1.40% and 1.06%, respectively. Other sectors, including auto, pharma, metal, and oil & gas, recorded declines of 0.5-1%.
- Midcap and Smallcap Losses: The broader market was also weak, with the BSE midcap index down 0.7% and the smallcap index falling 0.5%.
- Investor Sentiment: Investors remained cautious ahead of the U.S. Federal Reserve’s interest rate decision, leading to mixed performances in global markets. Analysts expect heightened volatility as the market reacts to the Fed’s rate announcement and commentary from Fed Chairman Jerome Powell.
Also Read: NSE Sets November 2 as Record Date for 4:1 Bonus Share Issue
As the Indian stock market awaits a crucial Fed rate decision, IT stocks have dragged the indices into the red despite gains in the financial sector. With rising volatility expected, all eyes remain on the U.S. Federal Reserve and its policy direction in the coming days.
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