Stock market today: Domestic benchmark indices on Wednesday (April 3) opened lower amid weakness in global stocks after fresh US data raised worries about the Federal Reserve delaying interest rate cuts.

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Last seen, both indices were down 0.37 per cent. The S&P BSE Sensex was down 272.69 points at 73,631.22, and the NSE Nifty traded 83.1 points lower at 22,370.2 levels.

"The rising bond yields in the US (the 10-year is at 4.36 per cent) is impacting equity markets. The rate cut from the Fed expected in July is fading now since the labour market continues to be tight and the rising crude (Brent at $ 89) is feared to add to inflation further constraining the ability of the Fed to cut. Even though the Fed chief has been sounding dovish recently, the market is now less optimistic about three rate cuts in 2024. This will continue to be a drag on equity markets globally," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. 

Meanwhile, Nifty Mid Cap 100 and Small Cap 100 mirrored headline index losses and traded in red. Nifty Bank was down 0.27 per cent at 47,414.9.

Dr. Vijayakumar added in India FPIs may continue to sell. The question is how will the Indian market respond? It is possible that the dips will get bought since this has been a successful strategy in India and domestic money has been calling the shots here. Since Nifty is up 3 per cent from the March lows, the market is resilient and the undertone is strong. Valuation comfort is in large caps.

BUZZING STOCKS

JSW Energy shares were up over 1 per cent after its QIP window opened on Tuesday.

Indiabulls Real Estate shares were up over 2 per cent after its board will consider fundraising in a meeting on April 5.

Shriram Finance shares were up over 3 per cent after Morgan Stanley raised the target price on the stock. 

NALCO shares were up nearly 5 per cent after the company recorded record production and sales of aluminium-bauxite in FY24.

Hindustan Zinc shares were up nearly 4 per cent after the company recorded highest-ever refined metal quarterly production.

Conversely, Gopal Snacks shares were down over 2 per cent after the company released weak Q3 results.

GLOBAL MARKETS 

Asian shares tracked Wall Street lower on Wednesday as U.S. yields held near four-month highs, while a powerful earthquake in the region raised concerns about possible disruptions to the vital chip-making industry.

Markets are also pondering the risk of slower rate cuts ahead of U.S. data and an appearance by the world's most powerful central banker later in the day. Oil extended its ascent, while gold prices hit another record high.

(With inputs from agencies.)

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