New Delhi: India’s domestic stock market indices Sensex and Nifty opened in red on Wednesday, September 25, 2024. The former opened at 84,836 points while the latter at 25,899.45 levels. Among the 30 Sensex firms, Stocks like Sun Pharma, , Kotak Mahindra Bank , Hindustan Unilever, Bharti Airtel, Tata Motors, Adani Ports, Axis Bank, NTPC, TCS, Infosys, etc were under pressure. Mostly healthcare, IT and banking stocks faced marginal selling pressure.
Thematic indices of the National Stock Exchange (NSE) like Nifty Realty broke 1.41%. While, Nifty MicapSmall Healthcare dipped 0.58%. Nifty PSU Bank was down 0.47% in the opening trade.
China Rate Cut Impact:
On Tuesday, Chinese Central Bank, the People’s Bank of China had vowed to cut key policy interest rates to give much needed stimulus to its falling economy. Central bank governor Pan Gongsheng said the central bank would lower the Reserve Requirement Ratio (RRR) by 50 basis points and seven days reverse repurchase rate by 20 bps from 1.50% to 1.30%. These moves are expected to infuse $142 billion worth of liquidity in their economy. As a result, Asian markets of Shanghai, Hong Kong and even Tokyo all closed higher on Tuesday. US stock market gauges also closed in positive territory. Infact, Asian markets’ benchmark stock gauges continued to trade in positive territory on Wednesday as well. While, global oil benchmark Brent Crude was down 0.21% and traded at $74.96 per barrel.
Albeit, India’s stock market has come under pressure after Gongsheng’s statements. India’s 30 constituent benchmark index had settled flat at 84,929.25 points on Tuesday. While, the broader index had ended the day’s trading session at 25,940.40 levels. During the day, both the indices made respective all time high levels. On one hand, the former breached past the coveted 85,000 mark, while, the latter just touched the 26,000 mark. Foreign Institutional Investors (FIIs) had offloaded equities worth Rs 2,784.14 crore on Tuesday.
