Market today: Sensex off to muted start, Nifty below 25,150; M&M, Tata Steel led losers

The Indian benchmark indices, Sensex and Nifty, resumed a downward trend on Wednesday, after snapping a four-day losing streak in the previous session, thanks to mixed global cues and prevailing cautiousness amid the US-India trade talks.

At 9:20 AM, the BSE Sensex was trading at 82,447.89, down 123.02 points or 0.15 per cent. The NSE Nifty50 fell 47.35 points, or 0.19 per cent, to trade at 25,148.45.

In overnight trade, Wall Street ended mixed, with the Dow Jones and S&P 500 falling while the Nasdaq continued its upward rally, reaching a new record high led by gains in Nvidia. 

SBI Securities noted that the US 10-year Treasury yield climbed higher to 4.47 per cent following the slightly higher June CPI print at 2.7 per cent YoY against 2.4 per cent in May. 

"The USA concluded a trade deal with Indonesia wherein the tariff rate on Indonesia was slashed to 19 per cent from the previous 32 per cent while US exports to Indonesia will enjoy zero duty," it said. 

Shares of Tech Mahindra, ITC Hotels, Angel One, and Le Travenues Technology Ltd (IXIGO) are in focus today as the companies are set to report their first-quarter results. HDFC Life Insurance will also be in the spotlight today, having reported a 14.4 per cent YoY increase in net profit at Rs 546 crore, while total APE increased 12.5% YoY to Rs 3,225 crore. 

Mahindra & Mahindra (M&M), Tata Steel, Bajaj Finance and Tata Motors led the losers in Wednesday’s trade. 

The weak opening comes after a positive close on Tuesday, when the BSE Sensex rose 317.45 points, or 0.39 per cent, to 82,253.46, while the NSE's Nifty50 gained 113.50 points, or 0.45 per cent, to close at 25,195.80. Meanwhile, the BSE Sensex has performed well in the last six months, rising 7.5 per cent.