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Indian markets decline amid weak Chinese data and US interest rate anticipation

EditorAmbhini Aishwarya
Published 01/11/2023, 10:02 pm
Updated 01/11/2023, 10:02 pm
© Reuters.

Indian stock markets experienced a downturn on Wednesday, largely influenced by weak economic data from China and expectations surrounding the US Federal Reserve's interest rate decision. The BSE Sensex fell by 283 points to end at 63,591, while the NSE Nifty dropped 90 points to close at 18,989, marking a significant shift in market dynamics.

The downward trend was also observed in small-cap and mid-cap indices, with notable decreases in the Nifty Metal and Nifty IT sectors. However, certain sectors managed to buck the trend. Media, Pharma, PSU Bank, Realty, Healthcare, and Oil & Gas sectors posted gains amidst the broader market fall.

Among the Sensex stocks experiencing fluctuations were Asian Paints, Nestle, and Maruti which reported losses. On the other hand, Sun Pharma, SBI, and Bharti Airtel posted gains. Sun Pharma notably announced a 6% year-on-year growth in consolidated net profit for the September quarter.

In other news affecting market sentiments, it was revealed that the Indian government is considering the establishment of a Group of Ministers (GoM) to review the regulatory framework of the gaming industry. Concurrently, Apple (NASDAQ:AAPL) issued 'state-sponsored' privacy attack warnings to Indian Opposition lawmakers.

Despite the market downturn, there were positive signs in certain sectors. India's infrastructure sector concluded the September quarter on an upbeat note. Additionally, festive demand drove automobile dispatches to an all-time high in October.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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