Nifty slips as global cues weigh on the Indian stock market
The Indian stock market has shown weakness since morning trade amid a focus on corporate earnings and key economic data in October. Global volatility and a cautious stance ahead of U.S. inflation data have increased pressure on financial, auto, and technology stocks.
Highlights
- The Nifty 50 index was seen trading 120 points, or 1.66%, lower at 22,997.35, amid global cues and ahead of U.S. inflation data.
- The BSE Sensex closed 330 points lower at 77,289.41, with weakness in financial stocks and inflation concerns weighing on investor sentiment.
- Healthcare and utilities sectors showed some strength, but market volumes remained steady amid the decline, signalling a wait for selective cues.
This article was translated from the original. Read the original version by our correspondent here.
Morning decline and index performance
According to NSE India, the Nifty 50 index is trading 120 points lower at 22,997.35, having fallen 1.66% during the session. Volatility in global markets is rising as investors await U.S. inflation data and seek signals on the future course of monetary policy.Financial stocks led the market decline, while shares of automobile and technology companies also remained under pressure. Analysts have advised caution in the uncertain environment, as upcoming Federal Reserve meetings could affect risk assets.
At the close, the BSE Sensex also followed the same trend, ending 330 points lower at 77,289.41. Concerns over persistent inflation are weighing on investor sentiment, as this could affect the interest-rate outlook.
Sector trends and investor focus
Amid broad weakness, the healthcare and utilities sectors showed some strength, providing limited support to the declining market. However, this support does not appear sufficient to reverse the overall market's negative direction.Despite the decline, trading volumes remained steady, suggesting that investors have not withdrawn completely but are waiting for selective signals. Market participants are now closely watching key economic data and corporate earnings announcements, while profit-taking after the recent rally is keeping overall sentiment cautious.
Our previous report discussed the RBI's higher GDP growth and CPI inflation forecasts for FY27, as well as signals of a 25-basis-point increase in the repo rate to 5.5% and a continued tight policy stance. It noted that a weak monsoon, high commodity prices, and expensive borrowing could increase inflation risks and put pressure on bond yields and investor sentiment. This backdrop remains important in the current session, as the market appears more cautious about the inflation and interest-rate outlook alongside global cues.
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