Indian stocks sharply declined on Wednesday, as investors anxiously anticipated key inflation figures from the U.S. and Europe, Q4 U.S. GDP data, and China's PMI figures set to release this week. The variations will provide substantial guidance for market trends.
Internationally, there was a mixed response as investors waited for essential economic data and commentary from various Federal Reserve officials. Their speeches are expected to give insight into the possible timing and rate of interest cuts.
The standard S&P BSE Sensex dropped by 790.34 points, or 1.08 percent, landing at 72,304.88 points. Simultaneously, the broader NSE Nifty index plunged 247.20 points (1.11 percent), concluding at 21,951.15 points.
BSE mid-cap and small-cap indexes equally noted a decrease, ending down at 1.82 percent and 1.94 percent respectively. PSU stocks spearheaded the losses, with Power Grid Corp experiencing a significant 4.2 percent decline due to profit-taking, followed by recent robust gains.
Several key companies like IndusInd Bank, Eicher Motors, Apollo Hospitals Enterprise, and Bajaj Auto sank by 3-4 percent. On the other hand, telecom major Bharat Airtel and IT stocks such as TCS and Infosys saw minimal increases. FMCG major Hindustan Unilever experienced a modest rise of 0.8 percent.
