The Indian equity markets began the day with little movement. The NSE Nifty 50 dipped by 7.10 points to open at 25,034, while the BSE Sensex gained 6.83 points, reaching 81,928.12.
Sectoral indices showed a mixed picture, with FMCG, Pharma, PSU Banks, and Healthcare stocks opening in the green, while other sectors were in the red.
Earlier on Tuesday, domestic equity indices ended positively, with the Nifty 50 surpassing the 25,000 mark. At the start of trading, stocks such as Asian Paints, Bajaj Auto, Tata Consumer, Bharat Petroleum Corporation Ltd., and Sun Pharma saw notable gains.
Conversely, Tata Motors, ONGC, Hero Motocorp, Hindalco, and HDFC Life Insurance experienced declines in the initial trading hour.
Globally, US stocks experienced a two-day rally following a three-week downturn. However, US banks faced a sell-off after JPMorgan cautioned that next year’s earnings forecasts might be overly optimistic. JPMorgan shares dropped by 5.2%, marking their largest daily decline since April, and other major banks like Goldman Sachs and Citigroup also saw their stocks fall.
As per market and banking expert Ajay Bagga, the upcoming US Consumer Price Index (CPI) data, expected on Wednesday morning US time, may show a 0.2% month-on-month increase for both headline and core inflation, with an annual core rate of 3.2%.
But, If the data falls below these expectations, it could boost market hopes for a larger rate cut on September 18th.
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Meanwhile, Asian markets were down on Wednesday, with Japan’s Nikkei 225 falling by 0.55% to 35,962, South Korea’s Kospi decreasing by 0.34% to 2,514.85, the Asia Dow dropping by 0.17% to 3,453.54, and China’s Shanghai Composite falling by 0.67% to 2,725.78.
Must Read: Indian Stock Market Hits New Highs With Sensex Rises By 612 Points, Nifty Crosses 25,000
(With Inputs From ANI)
