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BSE Sensex plunges 600 points, Nifty50 dips below 21,600

Published:

Stock market today

:

BSE Sensex

and Nifty50, the Indian benchmark

equity indices

, tanked in trade on Wednesday morning. While BSE Sensex plunged 600 points,

Nifty50

slipped below 21,600. At 9:21 AM, BSE Sensex was trading at 70,980.93, down 574 points or 0.80%. Nifty50 was at 21,579.45, down 164 points or 0.75%.
Equity markets rebounded on Tuesday, recovering from the losses seen on Monday. The market took comfort in India’s Consumer Price Index (CPI) inflation, which reached a three-month low of 5.1%.
Today, the market reaction will be driven by US inflation data, which in turn impacts the US Federal Reserve’s interest rate trajectory.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, stated that Nifty is expected to remain in a broader range due to the lack of positive global triggers and mixed domestic Q3 earnings, which are unable to provide any support.

The short-term trend of Nifty remains choppy with alternative candle formations like bull and bear. A sustainable move above the immediate resistance levels of 21,800-21,850 could lead to a sharp upside towards another resistance at 22,000-22,100 levels in the near term, according to Nagaraj Shetti of HDFC Securities.
Wall Street’s main indexes tumbled on Tuesday after higher-than-expected consumer inflation data pushed back market expectations of imminent interest rate cuts, causing US Treasury yields to rise.

Asian stocks followed the drop on Wall Street due to hotter-than-expected US inflation data, while the slump in the yen past 150 per dollar triggered a warning from Japan.
The dollar traded near three-month highs against major peers on Wednesday as traders pushed back bets for a first Federal Reserve interest rate cut following surprisingly hot US inflation figures overnight.
Foreign portfolio investors were net buyers at Rs 376 crore on Tuesday. DIIs, meanwhile, bought shares worth Rs 274 crore.
M&M, Muthoot Finance, Sun TV, and several other companies will announce their third-quarter results today.

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