Indian stock markets ended on a subdued note today, with both Sensex and Nifty closing in the red. The BSE Sensex slipped 122.52 points, or 0.16%, to settle at 76,171.08, while the Nifty50 declined 26.55 points, or 0.12%, to close at 23,059.50.
Sectoral performance remained mixed, with Nifty Bank managing to end in the green at 49,479.45, up 0.15%. However, broader markets faced selling pressure, as the Nifty Midcap 100 dropped 0.26%, Nifty Smallcap 50 declined 0.20%, and the Nifty Midcap 50 slipped 0.25%.
“The Indian market saw a slight recovery from the sharp intraday declines; however, overall sentiment remained weak due to elevated broader market valuations and muted Q3 earnings growth. Concerns over excessive valuations are expected to sustain the ongoing consolidation phase. Investor confidence was further undermined by the Fed’s statement that it is “not in a hurry to lower interest rates” and intends to “pause rate cuts to assess further progress in inflation,” said Vinod Nair, Head of Research, Geojit Financial Services.
“Additionally, uncertainty regarding the impact of metal tariffs added to market caution. The upcoming release of US CPI inflation data will provide further market direction, with prevailing expectations indicating minimal change in inflation, a scenario that could exert additional pressure on investor confidence,” he added.
Top gainers and loser
From the Sensex pack, the top gainers in the today’s trading shares were Bajaj Finserv, Tata Steel, L&T, Kotak Bank and UltraTech Cement. The laggards were M&M, ITC, Reliance, IndusInd Bank, and PowerGrid.
The top gainer from the Nifty 50 include Bajaj Finserv, SBI Life, Shriram Finance, HDFC Life, and Tata Steel. M&M, Eicher Motors, BEL, PowerGrid, and IndusInd Bank were among the major losers.
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Gold prices in India saw a modest rise on Wednesday, with 24 carat gold trading at Rs 8,756.3 per gram. Meanwhile, 22-carat gold was priced at Rs 8,028.3 per gram.
For larger quantities, the price of 22 kt gold rate today for 10 grams reached Rs 79,400, while 24k gold for the same weight dropped by Rs 710 to Rs 86,670.
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