The S&P BSE Sensex began trading at 73,757, about 150 points below opening, and it quickly moved to 73,600. The NSE Nifty 50 began trading 70 points or so below the 22,400 mark.
Following the announcement that it would be investing up to Rs 32,400 crore over the next three years as part of its continuous growth, UltraTech Cement saw a gain of around 2 percent. Conversely, the biggest losers were Bharti Airtel, Nestle, Sun Pharma, and a few banks.
The overall market showed a contradictory pattern. While the SmallCap increased by 0.2%, the BSE MidCap decreased by 0.2%.
Worldwide Cues
The US Dow and Nasdaq fell 1% overnight as concerns about a potential Fed rate decrease were heightened by statistics indicating robust labor demand. The yield on the US 10-year bond increased to 4.40 percent.
Closer to home, Asian markets saw significant losses in trading. Taiwan saw a 0.5% decline, while Malaysia’s Kospi and Japan’s Nikkei both saw declines of more than 1%.
Gold futures established new records among other assets, surpassing the $2,300 per ounce mark.