Nifty Closes Below 16,000, Sensex Ends 372 Points Lower, IndusInd Drops 3 Percent

Anticipated to investor caution ahead of the crucial US retail inflation data due later tonight, the domestic markets gave up their early gains on Wednesday, closing close to the day's low. The Nifty was down 91.60 points or 0.57 percent at 15,966.70 at closure, and the Sensex was down 372.46 points or 0.69 percent at 53,514.15.

Top Gainers & Losers

Among the top Nifty losers were IndusInd Bank, HDFC, Bharti Airtel, HDFC Bank, and Reliance Industries, while winners were Divis Labs, JSW Steel, HUL, Cipla, and Asian Paints.

FMCG, metal, and pharmaceutical indices all closed with gains of close to 1%, while oil & gas and power indexes lost 1% apiece.

BSE's midcap index increased by 0.32%, while the smallcap index finished unchanged.

CARE Ratings saw a rise of 8% among other equities after the company announced that it will examine a share buyback scheme on July 20.

Strong domestic macroeconomic data and a decline in oil prices helped Indian indexes begin in positive territory, but the gains were constrained by Europe's negative market trend, according to Vinod Nair, head of research at Geojit Financial Services. The Indian CPI figures decreased slightly to 7.01 percent as predicted. Global markets were in a bearish mood before the announcement of US inflation data, which is predicted to reach new highs of 8.8% due to an increase in the price of food and gasoline.

Global Cues

Following two days of significant losses, major Asian stocks opened Wednesday morning marginally higher. However, gains were constrained by lingering concerns about a potential recession and China's most recent Covid-19 outbreak. Outside of Japan, the MSCI index of shares in Asia-Pacific increased by 0.66 percent.

In anticipation of a significant US inflation report and with mounting concern over the increase in Covid-19 cases in Japan and elsewhere, Tokyo markets opened higher on Wednesday. Early trading saw the benchmark Nikkei 225 index up 0.53%, or 138.69 points, at 26,475.35 while the more inclusive Topix index climbed 0.43 percent, or 8.09 points, to 1,891.39.

In advance of inflation statistics, buyers stayed away from the stock market, causing Wall Street to close the day in the red on Tuesday. The S&P 500 lost 35.63 points, or 0.92 percent, to 3,818.8, the Nasdaq Composite dropped 107.87 points, or 0.95 percent, to 11,264.73, and the Dow Jones Industrial Average sank 192.51 points, or 0.62 percent, to 30,981.33.

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