The S&P BSE Sensex fell 153 points (0.19%) to close at 81,773.66, while the NSE Nifty 50 fell 62 points (0.25%) to end at 25,046.15.
Top movers
Financials fell about 0.5%, ending a six-session rally that had seen a 3% gain. The earlier run-up came after the Reserve Bank of India unveiled measures to boost bank lending and positive bank earnings figures for the September quarter.
Auto shares fell 1.5%, led by a 2.4% drop at Tata Motors after its luxury arm, Jaguar Land Rover, forecast lower volumes in the second quarter.
Meanwhile, the IT index rose 1.5% ahead of Tata Consultancy Services’ quarterly results due out on Thursday, while TCS itself rose 1.8%.
Reliance Industries fell 1.3%, pressured by profit-taking after gaining 1.6% over the previous two sessions. Jewelry retailer Titan rose 4.3% after a stronger-than-expected pre-quarter update. Broader market segments also showed weakness, with small-caps down 0.5% and mid-caps down 0.7%.
Expert views
National indices witnessed a volatile session, tempered by profit booking after a sharp rally and investor caution dominated ahead of the second quarter earnings season as market participants reassessed valuations and growth prospects, said Vinod Nair, head of research at Geojit Investments.
“Increased global uncertainties and the ongoing US government shutdown have pushed gold prices to all-time highs, reflecting heightened risk aversion. Attention now turns to the September FOMC minutes for signals on the Fed’s policy stance. Going forward, the market’s focus is likely to shift to domestic earnings, macroeconomic data and the upcoming holiday season,” he said. Nair.
Global markets
Global stocks advanced on Wednesday as investors focused on the prospect of lower interest rates, brushing aside political turmoil in France and Japan. Meanwhile, a prolonged U.S. government shutdown pushed gold above $4,000 an ounce for the first time.
Expectations of a series of interest rate cuts by the Federal Reserve, combined with demand for safe havens amid economic and political uncertainty, have pushed gold prices up 50% this year. The rally, supported by central banks, fund managers and retail investors, was also helped by a weaker dollar.
European shares rose 0.4%, with strength in banking and energy stocks offsetting a 7% drop in BMW after the German luxury car maker cut its 2025 profit forecast.
US stock futures were modestly higher, up 0.1-0.25%, pointing to further gains in New York trading.
Rough impact
Oil prices rose more than 1% on Wednesday, supported by OPEC+’s announcement of a smaller-than-expected production increase next month, although concerns about a potential supply glut further limited upward movement.
Brent crude futures rose 82 cents, or 1.3%, to $66.27 a barrel by 0945 GMT, while U.S. West Texas Intermediate rose 85 cents, or 1.4%, to $62.58.
Rupee vs dollar
The Indian rupee held within a narrow range on Wednesday to close at 88.7975 against the US dollar, remaining above record lows even as the dollar gained. Traders pointed to the Reserve Bank of India’s likely intervention to support the local currency.
The dollar index, which tracks the greenback against a basket of six major currencies, rose 0.31% to 98.88.
(With input from agencies)
as a reliable and trusted news source#Market #reversal #Sensex #falls #points #Nifty #falls #profittaking #ends #fourday #rally