Market Report: Sensex Down 27 Points, Nifty at 22,430; Realty, FMCG, Auto Stocks Decline, PSB, IT Stocks Gain

Share Market Updates: Sensex Closes Down 27 Points, Nifty at 22,430; Realty, FMCG, Auto Stocks Decline, PSB, IT Stocks Gain

Sensex Today | Share Market Live Updates: Global stock markets experienced a slight decline on Wednesday due to rising bond yields. Investors were cautious about the possibility of U.S. interest rates increasing this year. Additionally, a strong earthquake in Taiwan raised concerns about potential disruptions to the chip-making industry.

Gift Nifty trading live price at 22,546.00 +12 (0.05%) on 03-Apr-2024 18:58:09 with volume of 37,789 contracts and made high of 22,628.50 and low 22,411.00 today.

A series of positive U.S. economic indicators, coupled with a rise in oil prices to their highest levels in five months, led traders to revise their expectations for three interest rate cuts by the Federal Reserve this year.

Government bonds were sold off, pushing yields on the 10-year U.S. Treasury note to their highest level in five months. Meanwhile, stock markets retreated from their recent record highs.

The MSCI All-World index fell by 0.1%, marking its third consecutive daily decline. European stock markets traded slightly lower, while U.S. futures were down by 0.2-0.3% ahead of speeches by Federal Reserve Chair Jerome Powell and the release of U.S. services and jobs data.

In Asia, Taiwanese shares fell by 0.5% following a 7.2 magnitude earthquake that hit the island, resulting in collapsed buildings, at least four fatalities, and dozens of injuries.

Recent strong U.S. economic data, including unexpected growth in the manufacturing sector and a gradual improvement in the labor market, have raised doubts about the extent of potential interest rate cuts by the Federal Reserve this year and next.

Two Federal Reserve policymakers suggested on Tuesday that it would be “reasonable” to cut U.S. interest rates three times this year. However, the markets are currently pricing in only about a 69 basis point cut.

The 10-year benchmark yield rose by 1 basis point to 4.377% on the day, after reaching a four-month high of 4.405% overnight.

Investors are now awaiting euro zone inflation data, which could be lower than expected following a larger-than-expected easing in German inflation.

Oil prices remained near five-month highs amid concerns about tighter supplies ahead of an OPEC meeting. Brent crude rose by 0.25% to $89.14 a barrel, while U.S. crude gained 0.15% to trade at $85.28.

Gold prices took a break from their record-breaking rally on Wednesday, edging down by 0.3% to $2,274 an ounce after hitting an all-time high of $2,288.09 earlier in the session.

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