At 13:30 IST, the barometer index, the S&P BSE Sensex, slipped 143.46 points or 0.18% to 81,408.17. The Nifty 50 index shed 44.65 points or 0.17% to 24,783.80.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.03% and the S&P BSE Small-Cap index added 0.62%.

The market breadth was positive. On the BSE, 2,056 shares rose and 1,763 shares fell. A total of 181 shares were unchanged.

Gainers & Losers:

HDFC Life Insurance Company (up 1.53%), Bharat Electronics (up 1.52%), Bajaj Finance (up 1.12%), Bharti Airtel (up 1.04%) and Adani Ports and Special Economic Zone (up 0.84%) were the major Nifty50 gainers.

Nestle India (down 1.71%), Bajaj Auto (down 1.42%), Apollo Hospitals Enterprise (down 1.42%), ITC (down 1.35%) and Tata Consumer Products (down 1.14%) were the major Nifty50 losers.

Economy:

Foreign direct investment in India fell 24.5% year-on-year to $9.34 billion in the January-March quarter of 2024-25 but grew 13% at $50 billion during the entire previous financial year, according to the government data released on Tuesday. FDI inflows during January-March 2023-24 stood at $12.38 billion. These were $44.42 billion in the full 2023-24 fiscal. During the October-December quarter of 2024-25 also, the inflows were contracted by 5.6% year-on-year to $10.9 billion due to global economic uncertainties.

IMD Forecasts:

The India Meteorological Department (IMD), under the Ministry of Earth Sciences, has issued its updated Long-Range Forecast for the 2025 Southwest Monsoon season (June'September) along with the Monthly Rainfall and Temperature Outlook for June 2025. According to the forecast, the seasonal rainfall across the country as a whole is likely to be 106% of the Long Period Average (LPA), with a model error of '4%, indicating a high probability of above-normal rainfall during the monsoon season.

Regionally, the rainfall is most likely to be above normal over Central India and the South Peninsular region, while Northwest India is expected to experience normal rainfall levels (ranging between 92-108% of LPA). In contrast, Northeast India is likely to receive below-normal rainfall (<94% of LPA).

Stocks in Spotlight:

Oriental Rail Infrastructure hit a lower circuit limit of 2% after the company's consolidated net profit tanked 28.59% to Rs 5.37 crore on 8.25% decline in revenue from operations to Rs 140.20 crore in Q4 FY25 over Q3 FY25. On a year-on-year (YoY) basis, the company's net profit rose 22.88% in Q4 FY25, despite an 18.50% decline in revenue.

ITI rallied 8.27% after the company's consolidated net loss narrowed to Rs 4.38 crore in Q4 FY25, compared with a net loss of Rs 238.82 crore in Q4 FY24. Revenue from operations jumped 73.9% YoY to Rs 1,045.70 crore in Q4 FY25.

Medplus Health Services added 2.24% after the company's consolidated net profit jumped 53.7% to Rs 51.34 crore on a 1.3% increase in revenue from operations to Rs 1509.61 crore in Q4 FY25 over Q4 FY24.

JK Lakshmi Cement shed 0.36%. The company reported a 3.08% decline in standalone net profit to Rs 137.96 crore in Q4 FY25 as against Rs 142.35 crore posted in the same quarter last year. However, revenue from operations increased by 5.52% year-on-year (YoY) to Rs 1,738.82 crore in the fourth quarter.

Global Markets:

European shares opened higher on Wednesday as investors awaited a slew of economic data from Europe, including final French GDP figures, French and German employment data, and an update on Turkish economic confidence.

German import prices fell by 0.4% year-on-year in April, according to data released by the Federal Statistical Office on Wednesday.

In March, import prices had risen by 2.1%, marking a significant contrast to the April data. The drop highlights ongoing challenges in global trade dynamics, which are being closely monitored by market participants.

Most Asian stocks traded higher, tracking overnight gains on Wall Street after investor sentiment was lifted by U.S. President Donald Trump's decision to extend the deadline for imposing a 50% tariff on European Union imports to July 9.

Market participants are now awaiting key earnings results from Nvidia and the release of the minutes from the U.S. Federal Reserve's May policy meeting, both scheduled for Wednesday afternoon U.S. time.

Australia's inflation held steady at 2.4% in April, no change since February, while New Zealand's central bank surprised with a rate cut, trimming the benchmark to 3.25%.

Across the Pacific, Wall Street lit up on Tuesday. A decision by Trump to delay slapping 50% tariffs on the EU helped revive risk appetite, and investor mood got another lift from a sharp jump in US consumer confidence. After five straight months of decline, confidence snapped back hard in May.

The Dow Jones Industrial Average climbed 1.78%, the S&P 500 jumped 2.05%, and the Nasdaq surged 2.47%, powered by tech heavyweights like Tesla. All three indexes ended a four-day losing streak in style.

This market rebound is also riding on hopes of easing trade tensions between the US and China, as the Trump administration works to ink deals with multiple key economies.

All eyes are now on NVIDIA, which is set to report Q1 earnings after the closing bell on Wednesday. Analysts are betting on a strong showing. The chipmaker's stock rallied 3.2% during the session and held steady in after-hours trading.

Meanwhile, the Conference Board reported that US consumer confidence soared in May, with the index jumping to 98 from April's 85.7, a level not seen since May 2020.

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