Sensex & Nifty begin day with cautious trading amid global uncertainty

Mumbai: The equity benchmark indices, Sensex and Nifty, commenced the day with a lackluster performance influenced by mixed global cues on Wednesday. Investors remained cautious ahead of the announcement of India's Q4 GDP growth rate and the crucial vote in the United States regarding the approval of the deal to raise the borrowing limit. The BSE opened at 62,839.97 while the NSE opened at 18,594.20. On Tuesday, the NSE closed at 62,969.13 while the BSE closed at 62,969.13.

Position of stocks listed in BSE

As per the live NSE data, 22 stocks are in the green zone while 28 stocks are in the red zone. On BSE, 10 scrips are trading in the positive zone while 20 scrips are trading in the negative zone. Tata Motors, HCL Tech, Sun Pharma, and Titan are gainers while ITC, WIPRO, and SBI are losers.

Performance of markets worldwide

Global markets presented a mixed picture, adding to the uncertainty. China's manufacturing Purchasing Managers' Index (PMI) for May contracted for the second consecutive month, falling to 48.8 compared to April's 49.4. This decline raised concerns about a potential slowdown in the world's second-largest economy.

The movement of Brent Crude, a significant factor impacting the Indian markets, was closely monitored after experiencing a four percent drop overnight, reaching USD 73 per barrel. This decline occurred ahead of the upcoming OPEC+ meeting scheduled for the weekend.

In Tokyo, the stock market opened lower as investors assessed the risks associated with a possible US debt default. The Nikkei index, Japan's benchmark, slipped by 0.94 percent, or 294.11 points, to 31,034.05 in early trade, while the broader Topix index fell by 0.81 percent, or 17.54 points, to 2,141.68.

On Wall Street, stocks closed with a mixed performance on Tuesday. Concerns about US lawmakers opposing a deal to raise the USD 31.4 trillion debt ceiling exerted pressure on the market. However, Nvidia's shares experienced a surge, briefly propelling the chipmaker's valuation to the rare USD 1 trillion mark, which provided some support to the overall market sentiment.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)