Stock Market Updates: Sensex, Nifty Under Pressure Following Weak Global Cues; IT, Pharma Top Drags

The Indian stock market was trading in the red following weak global cues. This comes after hotter-than-expected US inflation numbers dimmed interest rate cut hopes for March. At 1:27 PM, Sensex shed 231 points at 71,276.68 while Nifty shed 70 points at 21,672.50.

Around 1445 stocks advanced and 1025 declined while 112 stocks remained unchanged.

Among the sectors, selling was seen in the IT and pharma space which shed over 1.5 percent. On the other hand, buying was seen in media, auto, metals, and PSU Banks.

Top Nifty50 Gainers

Top Nifty50 Losers

US inflation rises

Overnight, stubborn US inflation figures caused yields and dollar rates to strengthen. The 10-year US treasury yield increased by 15 basis points (bps) to reach 4.3 percent, and the US dollar index rose to a near three-month high of 104.

Also read: Why Bharat Electronics Share Price Gained Despite Weak Market Conditions?

European markets muted

European markets were muted on Wednesday as investors assessed incoming corporate earnings and inflation prints in both the US and the UK, according to a CNBC report.

The pan-European Stoxx 600 index inched 0.1% higher in early trade.

Asian markets edge lower

Major Asian markets were trading in the red with Nikkei down 0.69 percent while Kospi shed 1.12 percent. Hang Seng however added 0.9 percent at 15,887.98.

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