Opening bell: Markets fall amid weak global cues; Sensex at 61,779.53, Nifty at 18,298

Opening bell: Markets fall amid weak global cues; Sensex at 61,779.53, Nifty at 18,298

The stocks of Hindalco, ICRA, India Cements, Trident, Hitachi Energy India, The Phoenix Mills and Wonderla Holidays will be in focus as the companies are announcing the results for the last quarter today.

FPJ Web DeskUpdated: Wednesday, May 24, 2023, 09:19 AM IST
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Opening bell: Markets fall amid weak global cues; Sensex at 61,779.53, Nifty at 18,298 | Representative Image

The markets on Wednesday taking cue from the global markets dropped as US debt ceiling talks continue on Tuesday without any result. Sensex dropped to 61,779.53, down by 202.26 points and Nifty was at 18,298 with a fall of 50 points. Power Grid, Sun Pharma, Bharti Airtel, Kotak Bank and Nestle were the top gainers whereas IndusInd Bank, L&T, Hindustan Unilever, NTPC and Maruti were the top losers.

The stocks of Hindalco, ICRA, India Cements, Trident, Hitachi Energy India, The Phoenix Mills and Wonderla Holidays will be in focus as the companies are announcing the results for the last quarter today.

Markets on Tuesday

Strengthened by a surge for metal stocks, Sensex on Tuesday made marginal gains of 18 points to end the day at 61,982. Nifty also went up by 0.18 per cent to close the day at 18,348 points. Adani Enterprises, Eicher Motors, Bajaj Finserv, UPL and Divis Laboratories were among the gainers whereas Apollo Hospitals, Grasim Industries, Tech Mahindra, HCL and Titan Company were amongst the losers.

Global markets

Wall Street shares on Tuesday after talks over the US debt ceiling continued without any resolution and comments from Federal Reserve officials indicated further rate hikes. The Nasdaq Composite fell by 160.53 points to 12,560.25, S & P 500 closed lower at 4,145.58 with a fall of 47.05 points, and the Dow Jones Industrial slipped to 33,286.58 with a loss of 231.05 points.

The Asian markets on Wednesday were lower as talks on averting the US debt between US President Joe Biden and House Speaker Kevin McCarthy continued without resolution.

Singapore's SGX Nifty saw a dip of 69.50 points to 18,292, Japan's Nikkei 225 fell 338.19 points at 30,619.58 and Hong Kong's Hang Seng was at 19,246.42 with a drop of 184.83 points. South Korea's KOSPI was comparatively flat with a fall of 3.45 points at 2,564.10.

Oil prices

Oil prices on Wednesday rose for the third consecutive day as US oil and fuel supplies were tightened and after the warning by Saudi energy minister indicated the possibility of further OPEC+ output cuts. Brent crude futures jumped 86 cents to $77.70 per barrel and US West Texas Intermediate crude was at $73.79 per barrel with a gain of 88 cents.

Rupee

Indian rupee on Wednesday for the second consecutive day opened flat at 82.82 per dollar against Monday's close of 82.80.

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