The S&P BSE Sensex fell 83.69 points to 60,047.02 at 9:40 am, while the NSE Nifty 50 was trading 33.90 points lower at 17,735.35. The broader markets were also trading mostly in negative territory as volatility rose to some extent.
By Koustav DasBenchmark stock market indices opened lower on Wednesday as weak global sentiments outweighed investor optimism amid ongoing Q4 earnings.
The S&P BSE Sensex fell 83.69 points to 60,047.02 at 9:40 am, while the NSE Nifty 50 was trading 33.90 points lower at 17,735.35. The broader markets were also trading mostly in negative territory as volatility rose to some extent.
The Nifty Auto and Nifty Realty were the only two sectoral indices that managed to see some gains in early trade, while heavyweights like Nifty Bank and Nifty Financial Services fell. Nifty Metal declined the most as concerns rose about weaker global growth and demand.
The top five gainers on the Nifty 50 were Eicher Motors, Adani Enterprises, Power Grid Corporation, L&T, and TCS. On the other hand, the top drags on the 50-share index were JSW Steel, Hindalco, Bajaj Finance, SBI, and Kotak Bank.
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While Q4 earnings had initially dampened the mood on Dalal Street, the momentum had picked up over the weekend. However, global cues seem to have offset the trend, as investors now worry about the increasing possibility of a recession in the US.
It may be noted that Wall Street equities closed sharply lower due to weak economic data and disappointing earnings. Asian markets also remained weak, in the wake of a deepening slowdown in the world’s most powerful economy.
Domestic investors will now be looking to find comfort in Q4 results of several companies due later in the day.
Maruti Suzuki, Bajaj Finance, SBI Life Insurance, HDFC Life Insurance Company, and L&T Technology Services are some of the top companies that will report financial results for the fourth quarter today.
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