NSE nifty was down by 0.39 per cent or 85.10 to 21,578.70 points, while the BSE sensex was at 71,548 down by 0.47 per cent or 337.11 points.

A total of 3,203 stocks were actively traded, 1,570 advanced, while 1,510 declined and 123 stocks remained unchanged where 216 stocks hit a 52 week high and 14 stocks hit a 52 week low at 9.30 am on Wednesday. 

Avdhut Bagkar Technical and Derivatives Analyst, StoxBox, said, “On the global front, Stocks moved mostly lower during trading on Tuesday, extending the pullback seen in the final trading session of 2023. The weakness in the US’ broader markets came as some traders continued to cash in on recent strength, particularly among technology stocks. Taking cues from Wall Street, the Nasdaq Composite and the S&P500 indexes tumble on the first trading day of the year. 

Investors in Asia await India’s factory activity data from S&P Global for December, while oil prices will also be closely watched following Iran’s deployment of a destroyer to the Red Sea that has ratcheted up tensions in the region. Further, RBI is likely to announce a new 10-year benchmark bond early next week or on January 8. On the commodity front, Oil prices were volatile today after Iran dispatched a warship to the Red Sea, as the situation remains tense in the critical waterway for global shipments that has seen vessels attacked by Yemen’s Houthi rebels. 

Meanwhile, Gold prices gained today, boosted by expectations of an easing of monetary policy by the US Federal Reserve in 2024 as investors look forward to a slew of economic data this week that could shed more light on the timing of rate cuts. 

In the major development, the Supreme Court will pronounce judgement on a batch of petitions seeking court-monitored investigation into the allegations made by the US-based Hindenburg Research against the Adani group of companies regarding violations of the stock market. Benchmark indices Sensex and Nifty are eyeing a negative start to Wednesday’s trade in line with global market losses this morning.”

He further added, “The benchmark index opened with selling pressure to mark the day’s low of 21555 in the opening hour, however, it managed to generate modest buying interest and recovered 100 points to close marginally above 21660. With this it marked the first lower low in the recent pullback rally making it a distribution day. The index is anticipated to invite further selling pressure on closing below the support of 21590”

Major gainers on the NSE at 9:30 am include, Adani Enterprises (4.49%); Adani Ports (2.83%); Bajaj Finserv (0.97%); ITC (0.90%); Eicher Motors (0.64%)

Major losers include, JSW Steel (-2.33%); Tata Steel (-1.97%); Hindalco (-1.94%); Wipro (-1.75%); Infosys (-1.59%)

BSE midcap was down by 0.19 per cent and BSE smallcap was up by 0.15 per cent.