In the wake of the U.S. Federal Reserve's anticipated 25-basis-point rate cut and its adjustment of future projections indicating only two rate cuts for the next year—down from the previously forecasted four due to persistently high inflation—Indian stocks opened on a subdued note on Thursday.
In early trading, the S&P/BSE Sensex fell by 923 points, marking a decline of 1.2 percent, to settle at 79,258, influenced by a strengthening dollar and rising bond yields following the Fed's hawkish policy stance. Similarly, the broader NSE Nifty index saw a reduction of 250 points, or 1 percent, landing at 23,947.
A widespread sell-off was evident across various sectors, with notable decreases observed in stocks such as Shriram Finance, Mahindra & Mahindra, Tata Steel, Asian Paints, and Hindalco, each decreasing by approximately 2 percent.
Conversely, IPCA Labs experienced a 1 percent increase following its promoter, Usha M Chandurkar, divesting a 1.6 percent stake in the company. Meanwhile, IOL Chemicals and Pharmaceuticals surged by 5.3 percent on the announcement of a stock split.
Vakrangee witnessed a nearly 7 percent spike after securing an agreement with Canara Bank to provide banking services through its Vakrangee Kendra networks.
Gulshan Polyols rose by 4 percent upon obtaining a production-linked incentive of Rs 2 per litre for bio-ethanol. At the same time, Indowind Energy advanced by 1.7 percent following the declaration of a rights issue.
