On Wednesday the markets had a cautious start, as Sensex slipped by over 100 points, while the Nifty dropped below the key 25,850 level. Traders chose to stay careful in the midst of uncertain global cues.
The overall mood on Dalal Street was subdued, with selling pressure seen in several heavyweight stocks. IT and metal stocks emerged as the biggest losers, dragging the market lower. Shares of Infosys, TCS and Wipro declined amid concerns over slowing global tech spending, while Tata Steel and JSW Steel slipped due to weak commodity cues.
In contrast, public sector bank stocks provided some relief to the market. The Nifty PSU Bank index rose nearly 1%, supported by gains in State Bank of India, Bank of Baroda, Punjab National Bank and Canara Bank. Buying interest in these stocks was driven by value buying and expectations of stable earnings.
Other sectors such as FMCG and auto traded mixed, reflecting the market’s cautious tone. Broader indices also stayed under pressure, with mid-cap and small-cap stocks seeing mild losses.
Market experts said investors are adopting a wait-and-watch approach, closely tracking global developments and interest rate signals. While broader markets lacked direction, selective buying in PSU banks showed that investors are still willing to invest in pockets where valuations appear attractive.
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