Mumbai: Indian benchmark indices opened lower, in line with global market trends on Wednesday.
At the opening, Sensex dropped by 296.27 points, or 0.39 per cent, to 73,608.94, while Nifty declined by 77.10 points, or 0.35 per cent, to 22,373.95.
At 10:11 am, Sensex was trading 94.05 points lower at 73,809.86, whereas Nifty was trading 22.15 points down at 22,431.15.
Among the Nifty companies, 17 witnessed advances while 33 experienced declines. Notable movements were observed in Shriram Finance, Hindalco, ONGC, Tech Mahindra, and Ultra Cement, emerging as the top gainers.
Conversely, Nestle India, HDFC Life, Britannia, Sun Pharma, and Bajaj Auto were among the top losers.
This downward trajectory follows Tuesday’s market performance, where domestic equity indices concluded a three-day rally, closing lower amidst subdued global cues. The Sensex fell by 110.64 points to 73,903.91, and the Nifty 50 settled lower by 8.70 points or 0.04 per cent at 22,453.30.
Varun Agarwal, founder and managing director, Profit Idea said, “Market analysts noted that the Nifty 50 formed a small negative candle on the daily chart, indicating a potential pause in the upward momentum. However, the short-term trend remains positive, with crucial overhead resistance observed around the 22,500 levels.”
He added, “Additionally, Nifty Open Interest data revealed the highest Open Interest (OI) on the call side at the 22,700 and 22,800 strike prices, while on the put side, it was observed at the 22,300 strike price. On April 2nd, the Nifty 50 index closed lower by 8 points.”
In Asia, stocks witnessed a decline as robust economic data and higher commodity prices fueled speculation of prolonged central bank interest rate hikes.
Futures contracts on US equities edged lower after the S&P 500 and Nasdaq 100 dropped in Tuesday’s trading.
Treasuries stabilized after yields rose, with Australian and New Zealand yields climbing in early Asian trading.
The dollar index remained flat, while the yen hovered near its weakest level of the year.
Oil prices extended gains amid expectations of reduced US crude inventories and ahead of an OPEC meeting.
Various economic data releases were anticipated in Asia, including composite PMIs for Japan and China, Hong Kong retail sales, and New Zealand house prices.
Global economic surprise indices indicated strong performance, with the US and China showing robust manufacturing figures.
Traders awaited remarks from Fed Chair Jerome Powell while considering comments from two Fed officials, Mary Daly and Loretta Mester, who anticipate rate cuts later in 2024.
Gold prices remained steady, while Bitcoin traded around USD 65,500.
(With inputs from ANI)
