The BSE Sensex fell 280 points, or 0.35%, to settle at 80,149. The broader NSE Nifty declined 65 points, or 0.27%, to end at 24,413.
Despite the decline in the benchmark indices, the market capitalisation of all listed companies on BSE surged by Rs 3.2 lakh crore to Rs 449.6 lakh crore.
From the Sensex stocks, Bajaj Finserv, Bajaj Finance, HUL, Adani Ports, SBI, and Axis Bank were the top laggards, falling 1-2.5%. On the other hand, Tech Mahindra, NTPC, Tata Motors, Sun Pharma, Power Grid and Asian Paints closed in the green.
Among individual stocks, Kalyan Jewellers closed 6.3% higher after the government slashed the customs duty on gold and silver to 6% from 15%, respectively.ICICI Prudential Life Insurance shares also closed 9% higher after the company posted an 8.7% YoY jump in profit after tax to Rs 225 crore for Q1FY25.On the sectoral front, Nifty Oil & Gas rose 1.7%, and Nifty Consumer Durables surged 1.1%. Nifty Media, IT, Pharma, Realty, and Healthcare also ended higher, while Nifty Bank, Financial Services, and FMCG closed lower.In the broader market, Nifty Smallcap100 rose 1.7%, led by Castrol, Sonata Software, and NLC India. Nifty Midcap100 also closed over 1% higher.
Expert Take
“The Budget event has gone by leaving a mixed bias while reshuffling of capital gains tax is only a short-term negative surprise. The broad market seems to be losing momentum due to lack of further traction. The domestic investors are biased but strong government fiscal and growth policy is attractive for FIIs, which will help to hold the ground,” said Vinod Nair, Head of Research, Geojit Financial Services.
“The recovery noticed from Wednesday’s low will be evident only post the monthly expiry on Thursday. At the same time, the ongoing Q1 results, which to date is muted, will decide the near-term trend,” Nair added.
Aditya Gaggar, Director of Progressive Shares, said, “On the daily chart, the index has formed a Spinning Top candlestick pattern, indicating indecisiveness between the bulls and bears. The level of 24,200 will remain a crucial support while 24,560 is considered as an immediate resistance.”
Global Markets
Stocks sagged worldwide on Wednesday as earnings from Tesla, Alphabet as well as European luxury brands disappointed.
The pan-European STOXX 600 index slipped 0.8%. That was led by a 2% slump in the personal and household goods sector after the world’s biggest luxury group LVMH reported slower sales growth as Chinese shoppers rein in their spending.
MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.4%, while Japan’s Nikkei fell 1%.
Crude Oil
Oil prices traded around their lowest level in six weeks on Wednesday, as the northern hemisphere gets deeper into summer with limited signs of the expected fuel consumption surge the period usually sees.
Brent crude futures for September rose 66 cents, or 0.8%, to $81.67 a barrel. U.S. West Texas Intermediate crude for September increased 65 cents, or 0.8%, to $77.61 per barrel.
Rupee slips to record low
The Indian rupee fell to an all-time low on Wednesday as likely outflows from local equities weighed on the currency, though the pressure was eased by the Reserve Bank of India’s intervention.
The rupee hit a record low of 83.72 against the US dollar in the final minutes of the session, eclipsing the previous record of 83.7150 hit on Tuesday.
It ended the day at 83.7175, also its weakest closing level on record and marginally lower than its close of 83.6875 in the previous session.
(With inputs from agencies)
