Today in the stock market: The Nifty50 and BSE Sensex, which are the primary equity benchmark indices in India, concluded the trading session in negative territory on Wednesday.
This decline was attributed to selling pressure on IT and oil & gas stocks, as investors adopted a cautious approach ahead of the earnings season amidst mixed signals from global markets.
The NSE Nifty decreased by 46.40 points, or 0.18 percent, closing at 25,476.10. Meanwhile, the BSE Sensex fell by 176.43 points, or 0.21 percent, to finish at 83,536.08, having previously dropped by 330.23 points, or 0.39 percent, to 83,382.28 during the trading day.
Among the companies listed on the Sensex, HCL Tech, Tata Steel, Tech Mahindra, Reliance Industries, Bharat Electronics, and ICICI Bank experienced losses.
Conversely, Bajaj Finance, Hindustan Unilever, UltraTech Cement, and Power Grid demonstrated positive performance.
“The key indices in India remained predominantly range-bound, while themes related to domestic consumption continued to support investor sentiment. In spite of global trade tensions and commodity tariffs, there is a noticeable shift in investor focus towards domestic earnings and structural growth drivers. This includes a potential sequential recovery in urban demand and an increase in infrastructure-led spending,” stated Vinod Nair, Head of Research at Geojit Investments Limited.
The United States has extended its suspension of reciprocal tariffs, initially set for April 2, until August 1.
Shares of Vedanta fell by 3.38 percent to Rs 440.80 on the BSE following a report from Viceroy Research, which described billionaire Anil Agarwal’s mining company as “financially unsustainable” and a considerable risk to creditors.
Viceroy has announced its intention to short Vedanta Resources’ debt stack, the parent company and majority stakeholder of Mumbai-listed Vedanta Ltd, while releasing an extensive 85-page report.
In response, Vedanta stated, “The report is a malicious amalgamation of selective misinformation and unfounded allegations aimed at discrediting the Group.”
In the Asian markets, the Kospi and Nikkei 225 indices closed higher, while the SSE Composite and Hang Seng indices ended lower.
European markets exhibited positive trends. The US markets concluded Tuesday’s trading session with little change.
Brent crude, the global oil benchmark, increased by 0.51 percent to USD 70.51 per barrel.
Foreign Institutional Investors (FIIs) divested equities amounting to Rs 26.12 crore on Tuesday, according to exchange data.
Domestic Institutional Investors (DIIs) acquired stocks valued at Rs 1,366.82 crore.
