Nifty settles below 24,250 mark; cements shares advance
In the broader market, the S&P BSE Sensex declined 183.15 points or 0.24% to 77,472.94. The Nifty 50 index lost 126.80 points or 0.52% to 24,207.75.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index rose 0.17% and the BSE 250 SmallCap Index added 0.56%. The market breadth was positive.
Among the sectoral indices, the Nifty Cements Index (up 1.66%), the Nifty Metal index (up 1.27%) and the Nifty Private Bank index (up 1.04%) outperformed the Nifty 50 index.
Meanwhile, the Nifty IT index (down 1.47%), Nifty FMCG index (down 0.95%) and the Nifty Consumer Durables Index (down 0.93%) the underperformed the Nifty 50 index.
Numbers to Track:
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 95.4400 compared with its close of 95.7000 during the previous trading session.
MCX Gold futures for 05 October 2026 settlement lost 0.43% to Rs 1,62,115.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 98.95.
The United States 10-year bond yield added 0.04% to 4.641.
In the commodities market, Brent crude for October 2026 settlement fell $2.24 or 2.57% to $85.03 a barrel.
Global Markets:
European shares traded higher on Wednesday, holding near one-week highs as a sharp slump in crude prices provided macro relief.
Meanwhile, in Asia, stocks ended in a higher as investors remained cautious ahead of Nvidia's earnings and key US inflation data.
Investors remained focused on Nvidia's results, due after the US market close on Wednesday. The earnings are expected to provide fresh clues on the strength of the artificial intelligence investment cycle and the sustainability of elevated technology valuations.
Falling crude oil prices and lower US Treasury yields provided some support to risk assets. Brent crude fell to $86 a barrel mark as Iran and Oman discussed an interim framework aimed at resuming shipping through the Strait of Hormuz. Lower oil prices helped push the US 10-year Treasury yield down to around 4.63%.
Sentiment was also affected by weaker-than-expected US consumer confidence. The Conference Board's Consumer Confidence Index fell to 89.4 in August from a revised 90.2 in July, marking its lowest level in seven months. The decline was driven mainly by a sharp fall in the expectations index, reflecting increased concerns over business conditions and the labour market.
Trade tensions between the US and Canada also intensified. Canada announced targeted counter-tariffs on US goods, matching the corresponding US tariff rates on affected products. The measures, covering about $27.6 billion of US imports, will take effect on 8 September and include tariffs of 15%, 25% and 50%.
Wall Street ended higher on Tuesday. The Nasdaq Composite rose 0.66%, the S&P 500 gained 0.32% and the Dow Jones Industrial Average advanced 0.30%. Technology and semiconductor stocks rebounded ahead of Nvidia's results, with Nvidia rising 2.19% and AMD gaining 4.91%.
Investors are also awaiting the US July Personal Consumption Expenditures price index, due later on Wednesday. The data is closely watched by the Federal Reserve and could influence expectations for the interest-rate outlook.
Meanwhile, Federal Reserve Chair Kevin Warsh is scheduled to speak at the Jackson Hole Economic Policy Symposium on Friday, 28 August. His remarks will be closely watched for signals on the Fed's policy path.
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