Indian equities concluded Wednesday's volatile trading session on a positive note, as investors processed weak GDP projections and looked forward to insights from the forthcoming Q3 earnings season.
International indicators were mixed, while the dollar strengthened, driven by robust U.S. service sector activity and job openings data that led traders to reconsider the timing of potential interest rate cuts by the Federal Reserve this year.
Concerns about inflation and interest rate outlooks were exacerbated by a depreciating rupee and increasing oil prices. The rupee depreciated by 9 paise, reaching a record low of 85.83 against the U.S. dollar in early trade, influenced by an overnight surge in the dollar index and U.S. bond yields.
The benchmark S&P BSE Sensex concluded the session with a decline of 50.62 points at 78,148.49, having previously dropped to a low of 77,486.79. Similarly, the broader NSE Nifty index hit an intraday low of 23,496.15 before finishing with an 18.95 point decline to settle at 23,688.95.
The BSE mid-cap and small-cap indices underperformed, each losing around 1.1 percent. Market breadth was weak, with 1,392 shares advancing and 2,578 shares declining on the BSE, while 96 shares remained unchanged.
Trent extended its downward trend, losing 2.8 percent for the fourth consecutive day. Apollo Hospitals Enterprise shares fell over 4 percent, with Bajaj Auto, Shriram Finance, and UltraTech Cement each declining around 2 percent. Paytm experienced a steep drop of 8 percent after UBS reported the company did not gain any UPI share in December. United Breweries declined by 4.1 percent following a halt in beer supply to Telangana due to pricing disputes.
Conversely, ONGC surged more than 3 percent as oil prices increased overnight, amid signals of tightening supplies from Russia and OPEC, coupled with industry data showing a significant crude inventory draw. TCS saw gains of 1.7 percent ahead of its upcoming earnings announcement on Thursday. ITC, Asian Paints, and Dr. Reddy's Laboratories each recorded gains of approximately 2 percent.
The material has been provided by InstaForex Company - www.instaforex.com
International indicators were mixed, while the dollar strengthened, driven by robust U.S. service sector activity and job openings data that led traders to reconsider the timing of potential interest rate cuts by the Federal Reserve this year.
Concerns about inflation and interest rate outlooks were exacerbated by a depreciating rupee and increasing oil prices. The rupee depreciated by 9 paise, reaching a record low of 85.83 against the U.S. dollar in early trade, influenced by an overnight surge in the dollar index and U.S. bond yields.
The benchmark S&P BSE Sensex concluded the session with a decline of 50.62 points at 78,148.49, having previously dropped to a low of 77,486.79. Similarly, the broader NSE Nifty index hit an intraday low of 23,496.15 before finishing with an 18.95 point decline to settle at 23,688.95.
The BSE mid-cap and small-cap indices underperformed, each losing around 1.1 percent. Market breadth was weak, with 1,392 shares advancing and 2,578 shares declining on the BSE, while 96 shares remained unchanged.
Trent extended its downward trend, losing 2.8 percent for the fourth consecutive day. Apollo Hospitals Enterprise shares fell over 4 percent, with Bajaj Auto, Shriram Finance, and UltraTech Cement each declining around 2 percent. Paytm experienced a steep drop of 8 percent after UBS reported the company did not gain any UPI share in December. United Breweries declined by 4.1 percent following a halt in beer supply to Telangana due to pricing disputes.
Conversely, ONGC surged more than 3 percent as oil prices increased overnight, amid signals of tightening supplies from Russia and OPEC, coupled with industry data showing a significant crude inventory draw. TCS saw gains of 1.7 percent ahead of its upcoming earnings announcement on Thursday. ITC, Asian Paints, and Dr. Reddy's Laboratories each recorded gains of approximately 2 percent.
The material has been provided by InstaForex Company - www.instaforex.com