Stock Market Updates: Hindalco 10%, Paytm Tanks 8%, Sensex Up 200 Points, Nifty Above 21,650
Market Today: Weakness in IT and metal equities caused domestic markets to become unstable after rising on Tuesday.
The Nifty50 dipped below 21,600, while the S&P BSE Sensex, which began about 191 points higher, is down 15 points at 71,056 levels.
10% fell in Hindalco, 2% fell in JSW Steel, and between 1% and 2% fell in Power Grid, Adani Enterprises, Tata Steel, Grasim Industries, Wipro, Bharti Airtel, and Adani Ports.
There was further weakness in the larger markets, as the BSE MidCap and SmallCap indexes fell 0.38 percent and 1.2%, respectively.
Sector-wise, the Nifty Media declined 1.2%, the Nifty IT fell 0.6%, and the Nifty Metal index plummeted 3%.
Worldwide Cues
Tuesday saw a little increase in Asian markets and a stable dollar ahead of a significant US inflation data that may influence the Federal Reserve’s perspective on interest rates and the timing of rate reduction.
Tuesday saw a better opening for Tokyo markets after advances on Wall Street, following a long weekend.The Topix index gained 0.88 percent, or 22.46 points, to 2,580.34, while the benchmark Nikkei 225 index up 0.99 percent, or 365.64 points, to 37,263.06 in early trading.
