Most of the major sectoral indexes declined with the high-weightage financials and information technology losing 0.6% and 0.4%, respectively.
Auto stocks advanced 0.2% on the back of strong third-quarter earnings from Maruti Suzuki, and ahead of the results from Tata Motors and Bajaj Auto, scheduled to be reported later in the day.
Thirty-seven of the Nifty 50 constituents declined, with Adani Ports and Adani Enterprises among the top losers.
The slide comes after short-seller Hindenburg Research said it holds short positions in the Adani Group companies through U.S.-traded bonds and non-Indian-traded derivative instruments, and flagged risks to the financials of key companies.
“Key listed Adani companies have also taken on substantial debt, including pledging shares of their inflated stock for loans, putting the entire group on precarious financial footing,” Hindenburg said.
Overnight, the S&P Global’s Flash Composite Output index in the U.S. rose to 46.6 in December, official data showed. A reading below 50 indicates a contraction in business activity, signalling the possibility of a near-term recession in the world’s largest economy.
Wall Street equities ended mostly lower with S&P 500 and Nasdaq Composite logging losses.
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Back into the neutral region, with positivity fast slipping away, it would require a push above 18200 to usher in momentum, to keep the 18600 view in play. As is, collapse is still not on the cards, unless below 18000, but the ability to float above 18047-18110 initially will be important to nurture positive bias.
– Anand James – Chief Market Strategist at Geojit Financial Services
Most Adani group stocks decline in trade today
Price as on 25 Jan, 2023 09:32 AM, Click on company names for their live prices.
The 18200 Nifty has become a major resistance level which is keeping the Nifty iAn the narrow band of 17800-18200. Now, it appears that a major trigger is necessary to break this range either on the upside or the downside. Two major events of February 1st – the Union Budget and the Fed decision on interest rate – have the potential to break this narrow range. A good budget and positive commentary from the Fed can break the upper band. On the contrary, any negative budget proposal like raising the rate of Long Term Capital Gains Tax or a worse-than- expected hawkish Fed can break the lower end of the range. Let’s wait for the actual outcome.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Top movers in morning trade
Price as on 25 Jan, 2023 09:26 AM, Click on company names for their live prices.
Rupee opens up 0.14% at 81.6100 per U.S. dollar; previous close 81.7200
Opening Bell: Sensex down 150 pts, Nifty below 18,100; CarTrade Tech gains 5%, MOSL falls 5%
Pre-open session: Sensex slips 150 points; Nifty below 18,100
Asian stocks rise to 7-month highs
Asian equities extended their winning run to scale their highest levels in seven months on Wednesday, with South Korean stocks leading the way, and the Australian dollar hit multi-month highs as surging inflation made higher interest rates more likely.
Oil rebounds as China demand recovery optimism supports prices
Crude oil prices rebounded on Wednesday as demand recovery hopes in top importer China following its exit from COVID-19 pandemic curbs provided support after prices dropped in the previous session on concerns about global economic growth.Brent crude futures gained 59 cents, or 0.7%, to $86.72 per barrel by 0214 GMT after falling 2.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.6%, to $80.59 per barrel, having dropped 1.8% on Tuesday.
Quarterly earnings today
75 companies to detail December quarter earnings. Bajaj Auto, Cipla, Dr Reddy’s Laboratories, Tata Motors, Patanjali Foods, DLF, among the major ones.
Stock Market LIVE: SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 28 points, or 0.15 per cent, lower at 18,176.50, signaling that Dalal Street was headed for a negative start on Wednesday.
Tech View: Nifty stuck between 17,900 and 18,200.
Headline equity index Nifty today formed a bearish candle with a lower shadow, which indicates absence of follow-up buying but at the same time meaningful declines are being bought.
Stock Market LIVE: S&P 500 ends slightly down after mixed earnings, opening glitch
The S&P 500 ended nominally lower on Tuesday at the close of a rocky session marked by a raft of mixed earnings and a technical malfunction at the opening bell.
Rupee falls 28 paise against US dollar
The rupee fell 28 paise to close at 81.70 against the US dollar on Tuesday amid stronger American currency and unabated foreign fund outflow.
Sensex Today: Sensex, Nifty on Tuesday
The BSE Sensex index ended 37 points or 0.06% higher at 60,979, while Nifty50 closed at 18,118.