Sensex, Nifty Slip Amid Mixed Global Cues and Heavyweight Sell-Off

New Delhi : The benchmark domestic equity indices, the BSE Sensex and NSE Nifty50, were trading in negative territory on Wednesday afternoon, as investor sentiment remained cautious amid mixed global cues and broad-based selling in large-cap stocks.

At around 1:30 PM, the 30-share BSE Sensex declined by 259 points, slipping to 79,858, while the broader NSE Nifty50 fell 63 points to trade at 24,266. Market breadth remained weak with losses seen across most sectors, led by IT, banking, and FMCG stocks.

Index heavyweights including Reliance Industries, HDFC Bank, Infosys, and TCS witnessed profit booking, contributing significantly to the decline in the benchmarks. HDFC Bank was among the top drags on the Sensex, as analysts expressed caution over the bank’s near-term credit growth. Meanwhile, Reliance saw selling pressure after a subdued start to the week, weighing on the broader energy pack.

Among the sectoral indices, Nifty IT and Nifty FMCG were among the top laggards, each shedding over 0.5%. On the other hand, Nifty Auto and Nifty Realty showed some resilience, managing to stay in the green, supported by buying in select midcap stocks.

Globally, investor sentiment remained mixed amid cautious optimism over earnings reports and uncertainty around the US Federal Reserve’s interest rate trajectory. Asian markets traded largely flat, with Japan’s Nikkei edging lower while the Shanghai Composite posted modest gains. European markets opened mildly positive but remained range-bound.

US markets had closed mixed overnight, with the Dow Jones Industrial Average ending flat, while the Nasdaq registered slight gains on the back of strength in technology stocks. However, persistent concerns over inflation and global growth prospects continue to cast a shadow on equity markets worldwide.

The Indian rupee remained stable against the US dollar, trading at around ₹83.45, supported by dollar inflows and relatively strong foreign exchange reserves. Crude oil prices saw slight gains, with Brent Crude hovering around $88.10 per barrel amid tensions in the Middle East and expectations of a tighter supply outlook.