Benchmark stock market indexes dipped on Thursday after increasing for many days due to weaker global signals. Although metal stocks rose sharply in early trading, it was not enough to lift the benchmarks out of the red.
At 9:35 a.m., the S&P BSE Sensex was down 158.09 points to 60,190, while the NSE Nifty 50 was down 33.75 points to 17,720.65. Broader markets were neutral, although midcaps were up.
Nifty Metal was the best-performing sector, rising more than 1.5%. Nifty Healthcare and Nifty Media were the next best-performing sectors.Most other sector indices were just in positive territory, while the bank, FMCG, IT, financials, and auto indexes declined.
Apollo Hospitals, Tata Steel, JSW Steel, Hindalco, and Axis Bank were among the Nifty 50 index’s top gainers. SBI Life, Reliance, ITC, ICICI Bank, M&M, and ONGC, on the other hand, were the index’s top drags.
Local stock markets have begun to decline following three consecutive days of gains, boosted by a robust comeback in Adani Group equities.
After US Federal Reserve Chairman Jerome Powell said that the central bank will keep raising policy rates until inflation goes down, worries about long-term high interest rates in the US and around the world seem to have come back. Nonetheless, he said that the policy choice will be based on data.