Sensex Settles 380 Points Lower, Nifty Below 22,450; Wipro Drops 4% – News18
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Sensex Today: Indian stock markets are expected to mirror the weakness in global markets as the deadline for Trump’s tariffs on trading partners approached
Shares of gold financing companies fall.
Sensex Today: Benchmark equity indices closed lower on Wednesday after the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) decided to cut the repo rate by 25 basis points, lowering it to 6% from 6.25%. Additionally, the committee shifted its policy stance from accommodative to neutral, signaling a focus on supporting economic growth amid rising global uncertainties.
Despite this, the BSE Sensex dropped 379.93 points, or 0.51%, ending at 73,847.15. The NSE Nifty50 closed at 22,399.15, down 136.70 points, or 0.61%.
In the broader market, both the BSE midcap and smallcap indices saw losses, falling 0.73% and 1.08%, respectively.
Among sectoral indices, Nifty IT, Pharma, PSU Bank, Realty, and Healthcare all recorded significant losses ranging from 1.11% to 2.25%.
Of the 30 stocks in the Sensex, 17 closed in the red, with State Bank of India, Tech Mahindra, Tata Steel, Larsen & Toubro, and Tata Steel among the biggest decliners, losing up to 3.4%.
Ajit Mishra, Senior Vice President for Research at Religare Broking, noted that market sentiment was dampened by the announcement of new US tariffs on China, leading to a gap-down opening followed by a largely range-bound session. He pointed out that the MPC’s decision failed to have a significant impact on the market.
Mishra also mentioned that ongoing volatility is keeping traders cautious, with little chance of near-term relief due to recent tariff developments and the approaching earnings season. “Investors are likely to react to the results of IT major TCS in early trades on Friday, which could set the tone for the market. Until the volatility, as indicated by the elevated India VIX, subsides, we recommend a hedged approach to navigate potential sharp swings,” he added.
Global Cues
US stock futures were under pressure on Tuesday, with Dow Jones Industrial Average futures falling 1.2%, Nasdaq-100 futures dropping 1.8%, and S&P 500 futures declining by 1.5%. Wall Street indices closed lower in the previous session, with the Dow down 0.84% at 37,645.59, the S&P 500 shedding 1.57% to 4,982.77, and the Nasdaq falling 2.15% to 15,267.91.
In the Asia-Pacific region, Japan’s Nikkei 225 declined by 2.72%, South Korea’s Kospi lost 0.71%, and Australia’s S&P/ASX 200 dropped 1.35%.
