FIRST TRADE: Sensex slips over 200 pts; Nifty below 21,500; L&T down over 5% post-Q3 results

Stock market today: Domestic equity indices Sensex and Nifty on Wednesday (January 31) opened lower tracking weakness in broader Asian equities ahead of the U.S. Federal Reserve's policy decision and commentary due later in the day. Last seen, both indices were down over 0.20 per cent. The S&P BSE Sensex slid 165.12 points to 70,974.78, and the NSE Nifty was down 51.2 points to 21,470.9.

"The Fed decision tonight and the interim Budget tomorrow will weigh on markets soon. Global markets will keenly watch the Fed's comment on the timeline and quantum of rate cuts. The first-rate cut is likely to come in June 2024. The decline in the 10-year yield to 4.02 per cent is positive since it will restrain FPI outflows," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Dr. Vijayakumar added that the domestic market would be focused on the interim Budget, particularly on any proposals regarding the taxation of investments relating to the capital market. The fiscal deficit and its glide path are also important since growth with stability is hugely important from a market perspective. Stock-specific movements are likely in response to sectoral allocations in the Budget.

Meanwhile, Nifty Mid Cap 100 and Small Cap 100 traded in positive territory. High-beta Nifty Bank dipped half a per cent and traded at 45,140.55.

BUZZING STOCKS

L&T shares slipped over 5 per cent after the company's Q3 numbers missed estimates.

VIP Industries shares were down over 5 per cent after the company posted weak Q3 results.

Conversely, PB Fintech shares were up over 9 per cent after the company posted a profit of Rs 38 crore in the third quarter that ended December 31 against a loss of Rs 87 crore a year ago.

Cochin Shipyard shares were up over 4 per cent after the company posted good Q3 results.

Kaynes Technology shares rose nearly 4 per cent a day after the company posted good Q3 numbers.

M&M Financial Services shares were up over 3 per cent after the company's better-than-estimated Q3 results.

Piramal Pharma shares were up over 2 per cent after the company posted its Q3 results.

GLOBAL MARKETS

Asian shares fell broadly on Wednesday, while the Australian dollar slid after surprisingly soft domestic inflation data and short-dated Treasury yields stayed elevated ahead of a rate decision from the Federal Reserve.

Chinese markets wobbled after an official factory survey showed China's manufacturing activity in January contracted for a fourth straight month.

(With inputs from agencies.)

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