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Equity markets started Wednesday’s trading session on a weak note, tracking losses in global peers, as prospects of an early rate cut in the US diminished.
The S&P BSE Sensex opened nearly 150 points lower at 73,757, and soon drifted to 73,600 levels. The NSE Nifty 50 started trade below the 22,400 level, down 70-odd points.
UltraTech Cement gained nearly 2 per cent after the company announced its plans to invest up to Rs 32,400 crore in the next three years as part of its ongoing expansion. On the other hand, Bharti Airtel, Nestle, Sun Pharma and select banks were the top losers.
The broader market exhibited mixed trend. The BSE MidCap was down 0.2 per cent, while the SmallCap added 0.2 per cent.
Global Cues
Overnight, in the US, Dow and Nasdaq slipped 1 per cent after data showing strong labour demand raised fears of a delayed rate cut by the Fed. The US 10-year bond yield rose to 4.40 per cent.
Nearer home, markets in Asia traded with notable losses. Japan’s Nikkei and Malaysia’s Kospi dipped over 1 per cent each, while Taiwan was down 0.5 per cent.
Among other assets, Gold futures logged new record highs, as the commodity topped the $2,300 per ounce.
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