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HomeBusinessSensex Down 100 pts, Nifty Near 17,850; Adani Wilmar Up 3%

Sensex Down 100 pts, Nifty Near 17,850; Adani Wilmar Up 3%

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FILE PHOTO: A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, June 29, 2015. REUTERS/Danish Siddiqui

FILE PHOTO: A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, June 29, 2015. REUTERS/Danish Siddiqui

Sensex Today: Domestic markets opened lower in Wednesday’s trade amid tepid foreign flows and rising oil prices.

Sensex Today: Domestic markets opened lower in Wednesday’s trade amid tepid foreign flows and rising oil prices. Key indices Nifty50 declined over 30 points to trade below 17,900 levels, whereas the S&P BSE Sensex lowered over 100 points to trade below 60,000 levels.

Broader markets, meanwhile, were mixed as Nifty SmallCap 100 index outperformed Nifty MidCap 100 index.

Sectorally, Nifty IT, Nifty Media, and Nifty Metal indices were off to a decent start as they surged up to 0.5 per cent. Nifty FMCG, and Nifty Realty indices, however, declined the most, up to 0.2 per cent.

Among individual stocks, shares of Adani Wilmar gained over 2 per cent after the company saw strong volume growth in Q3 business update.

Besides, shares of Uttam Sugar Mills surged over 5 per cent after the company increased its distillery capacity for ethanol at the Barkartpur plant.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The biggest drag on the market in the near-term is the sustained selling by FIIs for thirteen continuous sessions, which has taken the cumulative cash market selling to Rs 16587 crores. Higher valuations in India and attractive valuations in markets like China are nudging the FIIs to sell in India and move money to cheaper markets. Even though this is a short-term challenge, this can also turn out to be an opportunity for long-term investors. Last year, too, FIIs sold heavily in early months and DIIs/ retail, who absorbed all FII selling, made big profits when the market recovered. Bank stocks are down due to FII selling, but the segment is doing well and Q3 results will be good. The market will respond to the results.”

Global Cues

US stocks ended solidly higher on Tuesday, led by a 1% gain in the Nasdaq, on relief that Federal Reserve Chair Jerome Powell refrained in a speech from commenting on rate policy.

Asian equities edged higher on Wednesday, while the dollar steadied as investors braced for US inflation data that will influence the Federal Reserve’s interest rate policy. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.28% higher, while Japan’s Nikkei gained 1%. Australia’s S&P/ASX 200 index rose 0.80%.

Oil prices fell on Wednesday, erasing the previous session’s gains, after industry data showed an unexpected build in crude and fuel inventories in the United States, the world’s biggest oil user, which reignited worries about fuel demand. US West Texas Intermediate (WTI) crude futures fell 59 cents, or 0.8%, to $74.53 a barrel at 0134 GMT, while Brent crude futures were down 62 cents, or 0.8%, at $79.48 a barrel.

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