Indian stock markets started with a low note on Wednesday, reflecting global market trends due to worries about high inflation rates in the U.S and postponed interest rate cuts by the Federal Reserve.
The S&P BSE Sensex, India's benchmark index, dipped by 530 points or 0.7%, starting at 71,035 in the early trading session. The more extensive NSE Nifty index also fell by 140.10 points or 0.6%, to 21,603. Tech shares led the decline, with prominent companies such as LTIMindTree, Wipro, Tech Mahindra, and Infosys all registering a fall of approximately 2%, following a surge in U.S. Treasury yields.
HDFC Bank, a private sector lender, saw a decrease of 1.8%. However, Adani group companies showed mixed results. Adani Green experienced an increase of over 2%, Adani Ports showed a slight uptick, while Adani Energy Solutions remained relatively stable, following Moody's Investors Service's outlook revision from "Negative" to "Stable" for these firms.
One97Communications, the parent company of Paytm, which is currently facing potential customer loss, saw its shares plummet by 8.4%. Gujarat Gas shares fell by 2.3% due to disappointing Q3 results.
In contrast, Mahindra & Mahindra shares increased by half a percent as investors anticipated its earnings release. Zee Entertainment Enterprises shares fell by 1% after reporting lower Q3 revenues. Lastly, BHEL’s shares dipped marginally after posting a standalone net loss of Rs. 163 crores in Q3 of FY24.
