Sensex, Nifty ends lower ahead of Fed meeting outcome
Sensex and Nifty ends lower ahead of the Fed meeting outcome today
Indian stock market indexes opened flat on Wednesday amid mixed global cues. Traders were concerned about the outlook of the Federal Reserve policy outcome and elevated inflation rate. Nifty today opened at 17323.65 levels, down by 1.3 points only while Sensex made a flat to the positive opening at 58122 levels up by just 4.91 points.
Stock market news today
Markets continued to trade on a weak note throughout the day, in the first half markets fell on account of selling in frontline bluechip counters. The market sentiments got weak as the Asian Development Bank (ADB) for the second time in three months scales down India’s growth estimate for FY22 due to supply chain issues of industries. It has pegged India’s growth estimates at 9.7% for the current fiscal in its latest supplement as against 10% projected in its September supplement.
Meanwhile, traders took note of Foreign Secretary Harsh Vardhan Shringla’s statement that the Indian economy is rapidly recovering from the pandemic-induced downturn and is returning to its trajectory of rapid growth. He also said India’s trade figures are promising and that the total foreign direct investment the country received in the FY22 stood at $81.72 billion, the highest ever.
In the post-lunch session, Indian stock market indexes managed to erase some losses but remained in red terrain. Traders showed some concern after the Centre for Monitoring Indian Economy (CMIE) stated that the urban unemployment rate spiked to the double-digit rate pushing the country’s overall jobless rate to a nine-week high of 8.53%
Stock market at the close
At the close, Nifty fell by 103.50 points or 0.60 percent and closed at 17221.40 levels while Sensex was down by 329.06 points or 0.57 percent and finished at 57788.03 levels. The Bank Nifty index closed lower today, it was down by 104.40 points or 0.28 percent on spot levels and ended at 36789.55 levels.
The broader markets also closed lower today, tracking their larger peers. The Nifty midcap index was down by 178.70 points or 0.58 percent and closed at 30888.55 levels. The Nifty smallcap index declined by 44.15 points or 0.39 percent and finished at 11219.20 levels.
Nifty top gainers and losers
The top gainers in the Nifty 50 index were Sun Pharma, Kotak Bank, M&M, Maruti, and Tata Consumer. Whereas the top losers were Bajaj Finance, Bajaj Finserve, Adani Ports, ITC, and ONGC.
The top gainers in the Nifty midcap index were PI Industries, CG Consumer, and Emami and the losers were Pfizer, Polycab, and Godrej Properties.
The top gainers in the Nifty smallcap index were Bajaj Electric, Fine Organics, and UTI AMC and the losers were IEX, JK Lakshmi Cement, and Caplin Labs.
The most active stocks in the Nifty index in terms of value were Bajaj Finance, Reliance, and Kotak Bank. The most active stocks in terms of volume were ITC, Tata Motors, and NTPC
On a sectoral front, barring Auto all other sectors closed in the red today. The sectors that dragged the market were Realty, Media, Metals, PSU Bank, and Financial Services. The Auto sectors closed in the green in the last hour after Union Cabinet cleared the production-linked incentive scheme (PLI) for semiconductors.
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Happy Investing!!
Editorial desk
