At 9.18 am, the BSE Sensex was trading 144 points or 0.25 per cent lower at 57,291. Nifty50 was trading at 17,027, down 44 points or 0.26 per cent.
V K Vijayakumar, Chief Investment Strategist at
said that globally sentiments turned negative with IMF downgrading global growth to 2.7 per cent in 2023 and the market concerns surrounding financial stability in UK.
“An important trend in the market is that FIIs are hugely net short in the derivatives market while retail and HNIs are long. If the market mood suddenly turns there can be massive short covering in the market leading to a sharp rally. A possible trigger for this is positive data from US inflation data coming tomorrow,” Vijayakumar added.
Among Sensex stocks, HCL Tech rose 1.36 per cent to Rs 951.40. Bajaj Finserv, Axis Bank, Asian Paints and NTPC surged 1.11 per cent, 0.98 per cent 0.87 per cent and 0.71 per cent, respectively. Kotak Mahindra Bank, M&M and Bajaj Finance increased 0.69 per cent, 0.60 per cent and 0.59 per cent, respectively.
Sectorally, the Nifty Pvt Bank climbed 0.60 per cent and Nifty Realty surged 0.50 per cent. While Nifty Media and Nifty Pharma opened lower. Nifty Midcap50 opened flat, while Smallcap50 increased 0.45 per cent.
On Tuesday US Market’s Dow Jones Industrial Average rose 36 points, or 0.12 per cent, to 29,239. While the S&P 500 plunged 24 points, or 0.65 per cent, to 3,688 and the Nasdaq Composite dropped 116 points, or 1.10 per cent, to 10,426.
In Asian markets, Japan’s Nikkei fell 0.06 per cent, South Korea’s Kospi dropped 0.09 per cent and China’s Shanghai Composite plunged 1.23 per cent.
The Indian rupee on Wednesday fell 14 paise to 82.35 against US dollar in early trade.
Meanwhile, the dollar index, which tracks the movement of the greenback against a basket of six major world currencies, surged 0.23 per cent to 113.47 level.