Stock market today: Indian benchmark indices suffered sharp declines for the second straight day on Tuesday, with the Sensex and Nifty50 Declining due to weakness in majors like Reliance Industries, Infosys, and HDFC Bank. Investors were cautious ahead of the US Federal Reserve meeting on December 18.
gave BSE Sensex It fell 810 points (0.99%) to 80,938, while the Nifty50 fell 245 points (0.99%) to 24,423 at around 10:25 AM.
The total market value of BSE-listed firms fell by Rs 2.33 lakh crore to Rs 257.73 lakh crore.
Among the Sensex constituents, the main losers were Reliance Industries, HDFC Bank, Infosys, Bharti Airtel, and ICICI Bank. On the contrary, Tata Motors, Adani Ports, Tech Mahindra, HUL, HCL Tech, and PowerGrid showed positive movements.
The Nifty IT was unchanged ahead of the upcoming US Federal Reserve meeting.
The CME FedWatch tool suggests a 97% chance of a rate cut of 25 basis points on Wednesday.
Market participants are watching for clues about the Fed’s 2025 rate cut plans, which are unclear given recent U.S. data showing persistent inflation and economic strength.
The tool indicates a 17% chance of a January rate cut, with an 81% chance of no change.
Shares of Indus Towers rose 2% after the ITAT’s favorable ruling on depreciation claims on assets from its merger with Bharti Infratel.
The ITAT dismissed the tax authorities’ concerns, reducing the firm’s contingent liability by around Rs 3,500 crore.
Shares of GMR Airports rose 2% after reporting an 8% year-on-year rise in aircraft movements in November.