At 09:29 IST, the barometer index, the S&P BSE Sensex, was down 78.05 points or 0.13% to 61,695.73. The Nifty 50 index lost 31.85 points or 0.17% to 18,253.55.
In the broader market, the S&P BSE Mid-Cap index rose 0.03% while the S&P BSE Small-Cap index gained 0.09%.
The market breadth was positive. On the BSE, 1,444 shares rose and 1,088 shares fell. A total of 95 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,185.84 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 300.93 crore in the Indian equity market on 24 May, provisional data showed.
Stocks in Spotlight:
Infosys shed 0.01%. Infosys announced its collaboration with Adobe to transform the digital workforce through Infosys' online learning platform, Infosys Springboard, under its Tech for Good charter. Both organizations will aim to create over 10,000 new Adobe certified experts globally by 2025.
Wipro fell 0.35%. Wipro announced a partnership between its Engineering Edge business line and Spartan Radar, an automated mobility sensor software provider, to build advanced vehicle solutions. In conjunction with this agreement, Wipro Ventures, Wipro's corporate investment arm, announced that it has invested in Spartan Radar's Series B funding round.
B.L. Kashyap and Sons rose 1.47%. The company has secured new order of shell and core etc. work aggregating to Rs 132 crore approx from Indian School of Business.
Garden Reach Shipbuilders & Engineers declined 3.78%. The company has entered into a contract with Indian Navy for supply of 10 in number 30 mm Naval Surface Gun (NSG) with Electro Optical Fire Control System (EOFCS) and ammunition at a cost of Rs 248.51 crore.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.24% to 7.007 as compared with previous close of 6.990.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.7150, compared with its close of 82.68 during the previous trading session.
MCX Gold futures for 5 June 2023 settlement fell 0.21% to Rs 59,735.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.15% to 104.04.
The United States 10-year bond yield jumped 0.94% to 3.754.
In the commodities market, Brent crude for July 2023 settlement shed 4 cents or 0.05% to $78.32 a barrel.
Global markets:
Asian markets were mostly trading lower as the Bank of Korea held its benchmark interest rate steady at 3.5%, in line with expectations. South Korea, which was one of the first Asian banks to pause its rate hikes, has held rates for three straight meetings since January.
US stocks fell on Wednesday as investor concerns over the debt ceiling mounted and ratings agency Fitch put the United States' AAA rating on negative watch. U.S.
Fitch Ratings put the U.S.′ AAA long-term foreign-currency issuer default rating on a negative watch. The rating agency said the ongoing debt ceiling negotiations have raised the risks that the government could miss payments on some of its obligations. Fitch noted that it still expects Washington officials to arrive at a resolution before the deadline.
Federal Reserve officials were also divided on the need to raise interest rates, minutes from the central bank show. The minutes indicated that a decision to increase rates at the next meeting would ultimately hinge on upcoming data releases.