The domestic equity benchmarks continued to trade below the flat line, with limited losses in morning trade. The Nifty continued to trade below the 17,650 level. Metal shares extended gains for ninth consecutive session.
The barometer index, the S&P BSE Sensex, was down 115.3 points or 0.19% to 59,611.71. The Nifty 50 index lost 28.90 points or 0.16% to 17,631.25.
In the broader market, the S&P BSE Mid-Cap index added 0.08% while the S&P BSE Small-Cap index gained 0.39%.
KRBL (up 7.88%), Prism Johnson (up 4.78%), Rattanindia Enterprises (up 4.92%), Uflex (up 4.72%) and Sonata Software (up 4.30%) were the top gainers in the broader market segment.
The market breadth was strong. On the BSE, 1,870 shares rose and 1,238 shares fell. A total of 132 shares were unchanged.
Investors turned cautious as uncertainty over the path of U.S. monetary policy largely outweighed optimism over an economic recovery in China. Focus is now on the Fed's Beige Book report, due later on Wednesday, for the central bank's take on the state of the U.S. economy.
Market concerns about rising interest rates returned in recent sessions as hawkish comments from Fed officials and indications of some economic resilience in the US stoked apprehension about when the Fed Fed will pause its rate hike cycle.
Buzzing Index:
The Nifty Metal index rose 1.17% to 5,816.15. The index has advanced 6.18% in nine sessions.
Jindal Steel & Power (up 3.87%), National Aluminium Company (up 2.3%), Tata Steel (up 1.91%), Steel Authority of India (up 1.82%) and Hindustan Copper (up 1.73%) were the top gainers.
Among the other gainers were JSW Steel (up 1.59%), NMDC (up 1.51%), Vedanta (up 1.29%), Hindalco Industries (up 0.82%) and Hindustan Zinc (up 0.43%).
On the other hand, Jindal Stainless (down 0.92%), Adani Enterprises (down 0.27%) and Welspun Corp (down 0.23%) turned lower.
Stocks in Spotlight:
Tata Communications (down 1.85%), ICICI Securities (up 0.66%), Mastek (up 0.09%), Alok Industries (up 0.96%) are some of the companies that will announce their quarterly earnings today.
Pidilite Industries lost 0.32%. The company has entered into an agreement with Basic Adhesives LLC, USA for purchase of certain assets comprising of technology, design, trademark, copyright, domain name and trade dress etc at an agreed consideration to be paid by company in tranches over a period of time.
Piramal Pharma jumped 7.97%. The company informed that US FDA has issued an Establishment Inspection Report (EIR) for the manufacturing facility located at Sellersville, USA and the inspection has now been successfully closed by the US FDA.
Zydus Lifesciences was up 0.11%. The company has received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Estradiol Transdermal System USP. Estradiol transdermal system is indicated for prevention of postmenopausal osteoporosis.
Numbers to track:
The yield on India's 10-year benchmark federal paper was currently flat at 7.223.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.0775, compared with its close of 82.0475 during the previous trading session.
MCX Gold futures for 5 June 2023 settlement fell 0.08% to Rs 60,438.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.03% to 101.77.
The United States 10-year bond yield advanced 0.37% to 3.585.
In the commodities market, Brent crude for June 2023 settlement lost 13 cents or 0.15% to $101.77 a barrel.
Global Markets:
Asian stocks are trading mixed on Wednesday as Wall Street's earnings season continued and U.S. Federal Reserve officials delivered mixed signals on future rate hikes.
Overnight in the US, all three major indexes closed near the flatline as investors digested earnings reports, including from Goldman Sachs and Bank of America.
Atlanta Federal Reserve President Raphael Bostic reportedly said that he sees one more rate hike of 25 basis points, before pausing to see its impact on the economy. This would take the U.S. Federal Funds rate to 5% to 5.25%. Bostic's words come as St. Louis Federal Reserve President James Bullard reportedly told that he favors a higher terminal rate of between 5.50% and 5.75%.
Meanwhile, U.S. Treasury Secretary Janet Yellen will deliver in a speech the economic priorities for the U.S. on China, as per reports. Yellen will deliver a speech at Johns Hopkins University's School of Advanced International Studies on Thursday.
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