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Bears ruled Wednesday’s trade when stock markets opened after a 1-day holiday on account of Ganesh Chaturthi. The bloodbath wiped off over Rs 2 lakh crore of investor wealth on BSE, with four stocks falling for every third that rose.
BSE Sensex gave up 67,000 level as it tumbled 796 points.
Nifty50 ended close to 19,900 amid heavy selling ahead of the Fed outcome later today.
Stock-specific action remained heavy; HDFC Bank shares tumbled 4% after it said the completed merger with HDFC would affect some key financial ratios such as its net interest margin and non-performing assets.
Shares of another index heavyweight and textile-to-oil conglomerate Reliance Industries fell 2% on multiple block deals.
Apart from this, RR Kabel shares listed at a 14% premium on NSE today. The stock marginally extended gains to end 15% above IPO price.
In other news, Ola Electric plans to file papers for up to $700 million IPO before the end of October as the e-scooter maker fast-tracks its listing move, according to a Reuters report.
All eyes are on Fed meet now, wherein the US central bank is expected to pause its interest-rate hikes following a slowing in inflation while leaving the door open for another increase as early as November.
Thats all for today. Stay tuned for more daily market updates.
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