On Wednesday, Indian equities mirrored the downward trend of global markets, driven by disappointing manufacturing data that heightened fears of a potential recession in the U.S. economy.
Investors are now turning their attention to the crucial U.S. jobs report, set for release on Friday, which could provide hints regarding potential interest rate cuts by the Federal Reserve.
In early trading, the S&P BSE Sensex dropped 490 points, or 0.6%, reaching 82,065, while the NSE Nifty index declined by 150 points, or 0.6%, to 25,129.
Within the Nifty pack, Infosys, ONGC, Wipro, LTIMindtree, and Coal India saw drops of 2-3%. Conversely, Asian Paints and BPCL each increased approximately 2%, buoyed by expectations of benefiting from declining oil prices.
Additionally, crude oil prices continued their downward trajectory in Asian markets, following a roughly 5% decrease in the U.S. trading session amid concerns over economic growth.
In currency markets, the rupee appreciated by 2 paise, trading at 83.96 against the dollar in early trading.
