ALSO READIndices end nearly 1% higher, Nifty at 10,583; realty, auto stocks surge Nifty ends below 10,500, Sensex down nearly 300 pts; PSU bank index dips 2% Sensex ends 141 pts higher, Nifty settles at 10,397 levels; IT stocks rise Sensex rises 323 pts, Nifty closes at 10,491; Metal, Pharma stocks rally Indices end slightly lower ahead of GDP data; PSU banks, realty stocks fall
MARKET COMMENT: Jayant Manglik, President, Religare Broking Indian market saw another lackluster trading session amid volatility, taking cues from global markets and dismal PMI data. The Nifty index ended down 0.6% led by selling in Banking, Metal and Capital Goods stocks. The broader market indices outperformed the frontline index. On global front, Asian and Europeans markets faltered and bonds were sold off as risk appetite soured after comments from new Federal Reserve Chair revived fears about faster rate rises in the US. We expect the Indian equities to consolidate in the coming sessions without any major triggers in the near term. Also global developments could lead to market volatility in the near term. However, any further correction at this juncture should be considered as a healthy buying opportunity for investors in quality companies with strong financials and bright outlook. Meanwhile traders should remain cautious and keep their positions hedged, as volatility is likely to remain high in the coming sessions Sectoral Watch Private banks fall, Nifty Bank ends 1% lower Sectoral watch Nifty PSU Banks pare losses, ends in green Sectoral Trend Sensex top gainers and losers Markets at Close The S&P BSE Sensex ended at 34,184, down 162 points while the broader Nifty50 index settled at 10,492, down 61 points.
In economic data released today, India reported a fiscal deficit of Rs 6.77 trillion ($103.72 billion) for April-January or 113.7 per cent of the target originally set for the fiscal year that ends in March.
Meanwhile, growth in India's factory activity slowed to a four-month low in February as new orders eased and weighed on output after manufacturers raised prices at the fastest pace in a year, a business survey showed on Wednesday.
The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, fell to 52.1 in February from January's 52.4 and was below the 52.8 expected in a Reuters poll.
The market participants will now be looking forward to the Gross Domestic Product (GDP) data to be released later in the day today.
In the global markets, Asian shares faltered on Wednesday and bonds were sold off as risk appetite soured after comments from new Federal Reserve Chair revived fears about faster rate rises in the US.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2 per cent, on track for a second straight day of losses. Japan's Nikkei eased 0.2 per cent while South Korea's KOSPI index ticked higher. Australian shares slipped 0.4 per cent.
New Federal Reserve Chair Jerome Powell noted in his semi-annual testimony on Tuesday that the US economy was strong, inflation was ticking higher and that the global backdrop was better than in December.
(with Reuters inputs)