Stock Market Update: Sensex Down Over 250 pts, Nifty Below 18,600; SBI Falls 2%

Equity benchmark indices Sensex and Nifty had a tepid start on Wednesday morning amid mixed global cues, ahead of the Q4 GDP growth rate and the key vote in the US for passing the deal on raising the borrowing limit.

Global Cues

Globally, China’s May manufacturing PMI contracted for a second month to 48.8 versus 49.4 in April, further aggravating concerns of a slowdown.

Brent Crude trend will be eyed after the commodity dipped 4 per cent overnight to $73 a bbl mark ahead of the OPEC+ meeting this weekend.

Tokyo stocks opened lower Wednesday after a mixed close on Wall Street as investors weighed the risk of a US debt default. The benchmark Nikkei index slipped 0.94 percent, or 294.11 points, to 31,034.05, in early trade, while the broader Topix index fell 0.81 percent, or 17.54 points, to 2,141.68.

Stocks on Wall Street closed mixed on Tuesday, pressured by worries about US lawmakers opposed to a deal to raise the $31.4 trillion debt ceiling, but supported by another surge in Nvidia shares that briefly lifted the chipmaker into the rare club of companies valued at $1 trillion.