NIFTY50 closes below 25,000 mark, selling pressure on midcap and smallcap indices
On Wednesday, frontline benchmark indices Sensex and NIFTY50 ended the day on a negative note, both falling -0.49%. Nifty Oil & Gas and Nifty PSU Bank were among the top sectoral losers today.Significant selling pressure was also seen in the larger market, as evidenced by the declines of -0.17% and -0.81% in the midcap and smallcap indices, respectively.
Tatas Motors and ONGC stocks were among the top losers in the NIFTY50 index. Tata Motors declined as brokerages continued to issue sell calls and ONGC also declined as crude oil prices fell sharply. Yesterday, crude oil prices fell sharply as OPEC cut its forecast for global oil demand and lowered its expectations.
US inflation data, to be released after the close of Indian markets on Wednesday, is expected to push inflation closer to the Federal Reserve’s 2% target. This development could prompt the central bank to consider a rate cut of 25 basis points at its meeting next week.
In the NIFTY50 sector, 16 stocks rose and 34 declined. Bajaj Auto (+4.03%), Asian Paints (+2.23%), Bajaj Finance (+1.65%), Shriram Finance (+0.86%), and Britannia (+0.80%) were the top gainers. Laggards included Tata Motors (-5.73%), ONGC (-2.94%), Wipro (-1.85%), L&T (-1.56%), and Adani Enterprise (-1.55%).
