Stock Market Today: Nifty, Sensex Snap Two-Day Rally As Volatility Spikes Ahead Of Fed Decision
Intraday, both Nifty and Sensex rose as much as 0.3% to hit their new record highs of 25,482.20 and 83,326.38 respectively.
Inside NSE headquarters in Mumbai. (Source: Vijay Sartape/NDTV Profit)
KEY HIGHLIGHTS
Nifty, Sensex Snap Two-Day Rally As Volatility Spikes Ahead Of Fed Decision: Closing Bell
Benchmark equity indices snapped two sessions of gains and ended lower amid caution as markets await the much anticipated interest rate cut in the US after keeping it unchanged in eight consecutive meetings.
This will be the first rate cut since 2020. India VIX, an indicator of volatility closed 6.2% higher at 13.37. Shares of information technology stocks dragged the indices while finance stocks limited the downside.
The Nifty ended 0.16% or 41 points lower at 25377.55 and Sensex ended 0.16% or 131.43 points lower at 82948.23. Intraday, both Nifty and Sensex rose as much as 0.3% to hit their new record highs of 25,482.20 and 83,326.38 respectively.
According to Aditya Gaggar, director of Progressive Shares, "Considering an overnight event (outcome of FOMC on rate cut), big swings can be expected on either side for the Index where 25,580 will be considered as a hurdle while 25,250 will serve as support."
Shares of Infosys Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd., HCL Tech Ltd., and Sun Pharmaceutical Industries Ltd. dragged the Nifty.
While those of HDFC Bank Ltd., ICICI Bank Ltd., Bajaj Finance Ltd., Larsen & Toubro Ltd., and Shriram Finance Ltd. cushioned the fall.
Most sectoral indices ended lower with Nifty IT falling the most.
Market breadth was skewed in favour of sellers with around 2,437 stocks declining on BSE. On Wednesday, 1,527 stocks rose, and 106 stocks remained unchanged.
Broader markets underperformed benchmark indices. The Midcap and Smallcap indices ended 0.71% and 0.52% lower, respectively.
On BSE, 18 sectors declined and two advanced out of 20. The BSE IT emerged as the top loser with 3% decline, while the BSE Financial Services rose the most.
Markets At Close
Nifty, Sensex snap their two-session rally after hitting record highs
Intraday, both Nifty and Sensex rose as much as 0.3% to hit their new record highs of 25,482.20 and 83,326.38 respectively
Nifty ends 0.16% or 41 points lower at 25377.55
Sensex ends 0.16% or 131.43 points lower at 82948.23
Broader indices underperformed; Nifty Midcap 100 ended 0.47% down while Nifty Smallcap 250 closed 0.36% lower.
Except Nifty Financial Services , Nifty PSU Bank, and Nifty Bank, all sectoral indices ended lower
Nifty IT fell the most by over 3% ahead of anticipation of an interest rate cut by US Federal Reserve
Shriram Finance and Bajaj Finance were top Nifty gainers
TCS and HCL Tech fell the most
Nifty IT Ends Over 3% Lower
On Wednesday, market cap of IT companies declined by Rs 1.20 lakh crore. This happened as market watchers were on edge over the quantum of the likely rate cut by the US Federal Reserve and as Tata Consultancy Services Ltd.'s management expects a softer second quarter.
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DBI tool allows real-time asset valuation adjustments, he said.
