Indian Stock Market Opens Lower on Wednesday; Sensex Down 100 Points | #stockmarket #india #nse #nifty #sensex
#stockmarket #india #nse #nifty #sensex
The Indian stock market opened lower on Wednesday, tracking negative global cues. The Sensex was down 100 points at 62,869, while the Nifty was down 25 points at 18,608.
Investors were cautious ahead of the release of US GDP data for the first quarter of 2023. The data is expected to show that the US economy grew at an annual rate of 2.3% in the first quarter, down from 6.9% in the fourth quarter of 2022.
In India, investors were also cautious ahead of the release of the RBI's monetary policy review on Thursday. The RBI is expected to keep the repo rate unchanged at 4.4%, but it could raise the reverse repo rate by 25 basis points to 3.75%.
Among the Sensex stocks, Reliance Industries was the top loser, down 2.5%. HDFC Bank, Infosys, and ITC were also among the losers.
On the Nifty, Tata Consultancy Services was the top loser, down 2.5%. HDFC Bank, Infosys, and ITC were also among the losers.
The broader markets were also weak, with the BSE Midcap index down 0.5% and the BSE Smallcap index down 0.7%.
The Indian stock market is expected to remain volatile in the near term, tracking global cues. Investors are advised to stay invested in quality stocks with a long-term horizon.
