Indian shares fell modestly on Wednesday, with weak global cues and the government’s decision to raise tax on capital gains and on trading derivatives dampening sentiment.
Global cues were weak as Google parent Alphabet and electric vehicle maker Tesla reported disappointing financial results and a survey showed Eurozone business activity slowed further in July.
Investor focus also shifted to key U.S. GDP and inflation data due this week that could influence the Federal Reserve’s rate trajectory.
The benchmark S&P/BSE Sensex fell 280 points, or 0.35 percent, to 80,149, extending losses to a fourth straight session.
The broader NSE Nifty index dropped 65 points, or 0.27 percent, to 24,413.
The Sensex and Nifty hit intraday lows of 79,750 and 24,307, respectively before ending off their day’s lows.
Financial and FMCG stocks led losses, with Bajaj Finance, Axis Bank, Britannia Industries, Tata Consumer Products and Bajaj FinServ all falling around 2 percent.
On the positive side, Tata Motors, NTPC, BPCL, Tech Mahindra and HDFC Life jumped 2-4 percent.
Market Analysis
Sensex, Nifty End Off Day’s Lows; Financials And FMCG Stocks Lead Losses
2024-07-24 10:32:17
