Investors stay on sidelines

Mumbai: Stock markets declined for a second day in a row on Wednesday with benchmark Sensex closing lower by 535 points due to selling in HDFC Bank and IT shares amid weak global trends. The 30-share BSE Sensex fell by 535.88 points or 0.75 per cent to settle at 71,356.60. During the day, it tumbled 588.51 points or 0.81 per cent to 71,303.97. The broader Nifty dropped by 148.45 points or 0.69 per cent to 21,517.35. As many as 32 Nifty shares declined, while 18 advanced.

“The lack of fresh triggers and concerns over valuation influenced investors to stay sidelined. Weak global indicators, like contraction in China & Euro zone manufacturing data, added concerns about global economic recovery in 2024. Importantly, the market was waiting for the Fed minutes later today for rate insights,” said Vinod Nair, head (research) at Geojit Financial Services.

In the broader market, the BSE smallcap gauge climbed 0.30 per cent and midcap index went up by 0.20 per cent. Among the indices, metal fell by 2.44 per cent, IT declined by 2.31 per cent, teck (1.78%), commodities (0.72%) and financial services (0.20%). Utilities, services, realty, power and healthcare were among the winners.