Stock Market Today: Benchmark Indices Open Lower as Nifty Bank Dips, Realty Outperforms

Indian equities started the day on a negative note, with the benchmark Sensex and Nifty indices trading lower. Nifty Bank was the top loser, while Nifty Realty led the gains.
Stock Market Today: Benchmark Indices Open Lower as Nifty Bank Dips, Realty Outperforms

Indian equities opened lower on Wednesday, with the Sensex and Nifty trading marginally down. The Nifty Bank index was the biggest loser, while the Nifty Realty index emerged as the top gainer. The broader Nifty Midcap 100 and Smallcap 100 indices outperformed.

Domestic institutional investors (DIIs) were net buyers, while foreign institutional investors (FIIs) were net sellers in the previous session. The India VIX, a measure of market volatility, crossed the 14-mark, indicating increased uncertainty.

Sectorally, the Nifty Realty, FMCG, and IT indices were the top gainers, while the Nifty Bank, Auto, and Financial Services indices were the laggards. In the Nifty50 space, Maruti, Eicher Motors, and Grasim were the top performers, while M&M, Kotak Bank, and Axis Bank were the major losers.

The US markets closed at record highs on Tuesday, driven by gains in Nvidia. However, the Fed Chairman emphasized that a rate cut is not appropriate until the central bank gains more confidence in the sustainability of inflation towards the 2% target.

The US 10-year yield increased by 9 basis points to 4.29, and the 2-year Treasury yield was up 9 basis points at 4.63 in early Wednesday trading, reflecting the market’s expectations of further policy tightening.

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