Stock market today: Indian benchmark indices experienced a sharp decline for the second straight day on Tuesday, with Sensex and Nifty50 falling due to weakness in major constituents like Reliance Industries, Infosys, and HDFC Bank. Investors maintained caution before the US Federal Reserve’s December 18 meeting.
The BSE Sensex dropped 810 points (0.99%) to 80,938, whilst the Nifty50 declined 245 points (0.99%) to 24,423 at approximately 10:25 AM
The total market value of BSE-listed firms decreased by Rs 2.33 lakh crore to Rs 257.73 lakh crore.
Amongst Sensex components, the primary decliners were Reliance Industries, HDFC Bank, Infosys, Bharti Airtel, and ICICI Bank. Conversely, Tata Motors, Adani Ports, Tech Mahindra, HUL, HCL Tech, and Power Grid showed positive movement.
Nifty IT remained unchanged ahead of the US Federal Reserve’s upcoming meeting.
The CME FedWatch tool suggests a 97% likelihood of a 25 basis points rate reduction on Wednesday.
Market participants are monitoring indicators about the Fed’s 2025 rate-cut plans, which remain unclear given recent US data showing persistent inflation and economic strength.
The tool indicates a 17% possibility of a January rate cut, with an 81% chance of no change.
Indus Towers shares increased 2% following a favourable ITAT ruling regarding depreciation claims on assets from its merger with Bharti Infratel.
The ITAT rejected tax authorities’ concerns, reducing the firm’s contingent liability by about Rs 3,500 crore.
GMR Airports shares rose 2% after reporting an 8% yearly increase in November aircraft movements.
