On Wednesday, Indian stock markets closed slightly lower, following a significant rally the previous day spurred by reduced tariff concerns and anticipated interest rate cuts by the Reserve Bank of India (RBI) later this week. This will mark the first RBI policy meeting under the leadership of the new Governor, Sanjay Malhotra.
Investor attention remains focused on the ongoing U.S.-China trade tensions, particularly after the United States Postal Service (USPS) announced a temporary halt to accepting international packages from China and Hong Kong.
Following the imposition of tariffs by both the U.S. and China, President Donald Trump suggested he is not in a rush to engage in talks with Chinese President Xi Jinping.
The S&P/BSE Sensex index concluded the trading session with a decline of 312.53 points, or 0.40%, settling at 78,271.28, reversing earlier gains. Conversely, the broader NSE Nifty index decreased by 42.95 points, or 0.18%, to close at 23,696.30, with declining crude oil prices in the international markets helping to mitigate losses.
The mid-cap and small-cap BSE indexes recorded gains of 0.7% and 1.4%, respectively. On the BSE, market breadth was positive, with 2,559 stocks advancing, 1,405 stocks declining, and 139 stocks remaining unchanged.
Tata Consumer Products, Britannia Industries, Nestle India, Titan Company, and Asian Paints saw declines of 2-3%, whereas ONGC, ITC Hotels, and Hindalco each posted gains of approximately 3%.
Symphony faced a sharp drop of 8.6% after reporting a net loss of Rs 10 crore for the third quarter ending December 31, 2024.
