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Stock Market Today: Equity markets opened on a tepid note amid grim global cues ahead of the US Federal Reserve’s interest rate decision. The BSE Sensex was down 11 points to 55,257 and the NSE Nifty50 was around the previous close at 16,472.
L&T, Maruti, M&M, Power Grid, Asian Paints, TCS, and Ultratech Cement were the top Sensex winners, while Bharti Airtel, Dr Reddy’s, Titan, Kotak Bank, and HUL led losses.
The broader markets also suffered losses. The BSE MidCap and SmallCap indices were up to 0.3 per cent lower.
Within sectors, Nifty consumer durables slipped the most, down over 1 per cent. All other pockets also turned negative soon after opening. Nifty IT was flat.
Among stocks, Shoppers Stop surged over 10 per cent after the company was back in the black in Q1Fy23, reporting a consolidated net profit of Rs 22.83 crore vs a net loss of Rs 104.89 crore a year ago.
Sanofi India fell 3 per cent. Its Q1 sales declined 11.38 per cent to Rs 699.30 crore, and net profit fell 32.5 per cent to Rs 120.40 crore from a year-ago.
Dr. VK Vijayakumar, chief investment strategist at Geojit Financial Services, said: “The Fed announcement on interest rates expected late tonight is unlikely to impact equity markets in a big way since the most likely outcome of 75 bp rate hike has been discounted by the markets. The market, which continues to be volatile, is swinging between fears of an imminent US recession on one side and hopes of the US avoiding a sharp economic slowdown on the other. Only time will tell which of the two scenarios will play out. Early Q1 results indicate good performance by companies with leading banks, capital goods, paints, and mid-cap IT delivering impressive numbers. Large-cap IT is facing the brunt of FII selling now on US recession fears impacting the prospects of IT majors. Clarity on where the US economy is moving will decide the valuation of IT stocks. Financials have responded to good Q1 results and reduced FII selling. But there is more room for the segment to move up since credit growth continues to be robust.”
Global Cues
US stocks ended sharply lower Tuesday as a profit warning by Walmart dragged down retail shares and exceptionally weak consumer confidence data also fueled fears about spending.
Tokyo stocks opened lower Wednesday with investors taking cues from a cut to profit estimates by US retail giant Walmart, which helped drag down US markets. The benchmark Nikkei 225 index slipped 0.44 per cent, or 120.43 points, to 27,534.78 in early trade, while the broader Topix index fell 0.31 per cent, or 5.98 points, to 1,937.19.
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