At 11:29 IST, the barometer index, the S&P BSE Sensex, declined 347.52 points or 0.43% to 80,334.67 . The Nifty 50 index lost 83.65 points or 0.34% to 24,252.35.
In the broader market, the S&P BSE Mid-Cap index declined 0.22% and the S&P BSE Small-Cap index fell 0.33%.
The market breadth was negative. On the BSE, 1,585 shares rose and 2,209 shares fell. A total of 136 shares were unchanged.
Buzzing Index:
The Nifty Financial Services index declined 1.04% to 24,243.30. The index fell 2.56% in three consecutive trading sessions.
REC (down 2.61%), Power Finance Corporation (down 1.50%), ICICI Bank (down 1.40%), Axis Bank (down 1.25%), Multi Commodity Exchange of India (down 1.22%), HDFC Bank (down 1.12%), ICICI Lombard General Insurance Company (down 0.95%), State Bank of India (down 0.91%), Bajaj Finserv (down 0.80%) and HDFC Asset Management Company (down 0.73%) declined.
On the other hand, Muthoot Finance (up 0.64%) and SBI Cards & Payment Services (up 0.08%) edged higher.
Stocks in Spotlight:
Kirloskar Ferrous Industries rose 1.61% after the company said that it has commenced the dispatch of iron ore from the Kirloskar Bharath Mines commenced from 17 December 2024.
Piramal Enterprises slipped 3.20% after the company informed that its board is scheduled to meet on Friday, 20 December 2024, to consider and approve the public issuance of non-convertible debentures (NCDs).
VA Tech Wabag dropped 7.88% after the company's said that its Rs 2,700 crore order for a 300 MLD mega seawater desalination plant from Saudi Arabia has been canceled.
Global Markets:
Most Asian shares advanced on Wednesday, shrugging off modest declines on Wall Street as investors awaited the Federal Reserve's final interest rate decision of the year. While a 25-basis-point rate cut is widely anticipated, the market is keenly focused on the Fed's outlook for next year, given the potential impact of proposed policies that could reignite inflationary pressures.
Japan's trade balance unexpectedly improved in November, supported by stronger-than-expected exports driven by increased demand from the U.S. and China and a weaker yen. The trade deficit narrowed to 117.6 billion yen ($770 million).
US indices retreated on Tuesday as investors exercised caution ahead of the rate decision, with the tech sector experiencing a slight pullback from recent gains. The S&P 500 fell 0.4% to 6050.61 points, the NASDAQ Composite lost 0.3% to 20,108.30 points, and the Dow Jones Industrial Average closed 0.6% lower at 43,449.90 points. NVIDIA Corporation dropped 1.2%, while Alphabet fell 0.5%. Pfizer rose 4.6% after confirming that its 2025 profit expectations remain largely unchanged.
Meanwhile, data showed US retail sales rose by 0.7% in November, exceeding forecasts. This robust figure suggests the economy remains strong and consumer spending remains healthy, despite challenges like inflation and high interest rates. This strength is underpinned by a solid job market and stable household finances.