Stock Market Updates: IDBI Bank Drops 4%, Sensex Drops 90 points, and Nifty Approaches 19,800

Important benchmark market indexes had a sluggish start to trading on Wednesday due to muted signals from overseas rivals after the publication of the US FOMC minutes, which showed that members wanted the policy to stay restrictive for an extended period of time.

The S&P BSE Sensex was seen quoted at about 65,900, having opened 91 points down at 68,840. The NSE Nifty50 was seen to be in the vicinity of 19,800.

Titan, Bharti Airtel, and Wipro were the first individual share holders to trade, with private banks and IT companies following suit on a negative note.

In the meanwhile, there was a 0.2% increase in the BSE MidCap and SmallCap indexes.

Worldwide Cues

On Wednesday, investors reduced their initial excitement on the possibility of a halt to US rate rises, causing Asian markets to retreat from their two and a half-month high. Meanwhile, the dollar gained strength.Tuesday saw the most level of growth since September for MSCI’s broadest index of Asia-Pacific equities outside of Japan, which has increased by more than 3% since a week ago. However, it dropped 0.2% during Wednesday’s early trading. The Nikkei in Japan gained 0.5%.

Tuesday saw a fall in US markets, with the S&P 500 and Nasdaq ending five-session winning streaks as technology companies dropped and retailers plummeted after some negative outlooks.