Sensex Today | Share Market Live Updates: Sensex ends down 27pts, Nifty at 22,430; Realty, FMCG, Auto down, PSB, IT gain

Sensex Today Live : Indian benchmark indices closed in the red for the second day running on Wednesday, following a day marked by rangebound trading led by weak signals from global peers.

Sensex, which had opened lower at 73,757.23, traded between the range of 73,540.27 and 74,151.21 through the day. At close, the Sensex was down 27.09 points, or 0.04%, at 73,876.82.

Meanwhile, the Nifty 50, which had opened lower at 22,385.70, also remained rangebour between 22,346.50 and 22,521.10, through the day. At close, the Nifty 50 was down 18.65 points, or 0.08%, at 22,434.65.

14 of the 30 stocks on the Sensex ended the day in the green, with NTPC, TCS, Tech Mahindra, Bajaj Finance, and Axis Bank, emerging as the top gainers for the day, and Nestle India, Kotak Mahindra Bank, JSW Steel, Titan, and IndusInd Bank being the top drags.

On the Nifty 50, Shriram Finance, NTPC, Divi’s Lab, TCS, and Tech Mahindra, were the top gainers on the Nifty 50, while Nestle India, Bajaj Auto, Dr Reddy, Kotak Mahindra Bank, and Britannia, were the top drags.

The broader market ended the day in the green, with the BSE SmallCap index closing up 1.18%, and the BSE MidCap index closing up 0.61%.

Sectoral indices were mixed, with the PSU Bank index closing up 1.78%, followed by the IT index, which closed up 0.73%.

Among the other heavyweight indices, Oil & Gas, Bank, Financial Services and Consumer Durables ended in the green, up 0.04%, 0.17%, 0.22%, and 0.07%, respectively.

Among the losers, the Realty index was down 2.58%, followed by the FMCG index, which was down 0.43%, and Auto index, which was down 0.27%.

The Pharma and Healthcare indices were down 0.17%, and 0.24%, respectively, while the Metal index ended flat.

Sensex Today Live : Sectoral indices were mixed, with the PSU Bank index up 1.74%, followed by the IT index, which was up 0.73%. Among other heavyweight indices, only Oil & Gas and Consumer Durables were in the green, both up 0.05% and 0.06%, respectively.

Among the losers, the Realty index was down 2.61%, followed by the FMCG index, which was down 0.47%, and Auto index, which was down 0.30%.

The Pharma and Healthcare indices were down 0.16%, and 0.21%, respectively.

Sensex Today Live : The broader market was in the green, with the BSE SmallCap index up 1.23%, and the BSE MidCap index up 0.68%. 

Sensex Today Live : Shriram Finance, NTPC, Divi’s Lab, Axis Bank, and TCS, were the top gainers on the Nifty 50, while Nestle India, Bajaj Auto, Dr Reddy, Kotak Mahindra Bank, and Britannia, were the top drags. 

Sensex Today Live : 13 of the 30 stocks on the Sensex were in the green, with NTPC, Bharti Airtel, TCS, Axis Bank, and Tech Mahindra, emerging as the top gainers, and Nestle India, Kotak Mahindra Bank, Titan, Maruti Suzuki India, and JSW Steel, being the top drags. 

Sensex Today Live : Indian benchmark indices pared their losses and were trading flat on Wednesday.

At 3 pm, Sensex was up 37.28 points, or 0.05%, at 73,941.19, and Nifty was down 1.35 points, or 0.01%, at 22,451.95.

Sensex Today Live : Top staffing companies in India have approximately 30,000 temporary job openings for the April-June quarter of the upcoming fiscal year. This represents a 20% increase compared to the same period in the previous year, as reported by temporary recruitment agencies.

In sectors such as non-banking finance companies (NBFCs), retail, e-commerce, consumer durables, and beverage bottling plants, businesses are favoring the hiring of temporary staff over permanent employees for entry-level positions. These temporary contracts typically last between 6 to 11 months. (Read the full story here.)

Sensex Today Live : If re-elected, the government led by the Bharatiya Janata Party plans to implement insurance reforms within the first 100 days. This will be achieved through amendments to the current insurance legislation, according to two individuals familiar with the party’s plans.

The proposed changes in the insurance sector encompass the introduction of a composite insurance license, easing the entry restrictions for firms, streamlining investment regulations, and empowering the regulatory authority to set the licensing fee structure for companies. (Read the full story here.)

Sensex Today Live : Lupin informed the exchanges that it has appointed Dr Ranjana Pathak as Cheif Quality Officeer, effective from April 3, 2024, as the incumbent quality leader in the company, Johnny Mikell, President – Global Head of Quality is set to leave the company on June 30, 2024.

In an exchange filing, the company said, “We are pleased to inform you about the appointment of Dr. Ranjana Pathak as Chief Quality Officer of the Company effective today, April 3, 2024. Dr. Pathak will oversee all aspects of quality and regulatory compliance for the Company’s global operations. We wish to inform you that Mr. Johnny Mikell, President – Global Head of Quality, will be retiring from the services of the Company effective June 30, 2024”.

Sensex Today Live : Demand environment for QSRs continues to be muted, in line with expectations. QSRs are expected to report an same store sales (SSS) decline between 1% YoY and 14% YoY.

However, after underperforming in the past few quarters, in Q4FY24E, Jubilant FoodWorks (JUBI) will report an SSS decline of 3% YoY, better compared with market averages.

Expect Westlife Development (WLDL) to report an SSS decline of 5% YoY due to negative impact from allegations regarding use of cheese analogues by Maharashtra FDA (allegations were proved false).

Burger King India may report an SSS decline of 1% YoY. Fried chicken is expected to perform better versus Pizza on SSSG.

Expect Devyani KFC and Sapphire KFC to see an SSS decline of 3.5% YoY and 2% YoY respectively, whereas Devyani PH and Sapphire PH may post an SSS decline of 10% YoY and 14% YoY respectively.

Profitability-wise, gross margin of QSRs may be stable QoQ due to stable raw material inflation.

However, EBITDA margin may decline QoQ due to higher promotion, discounts and marketing costs. Expect EBITDA margin of 19.6% for JUBI (a drop of 130bps QoQ) due to waive-off of delivery charges in tier 2/3/4 cities from the last week of February 2024.

Expect WLDL and RBA to post an EBITDA margin of 14.5% (decline of 150bps QoQ) and 15.5% (decline of 38bps QoQ) respectively. DEVYANI and SAPPHIRE may post an EBITDA margin of 17.1% YoY (20bps lower QoQ) and 17.6% YoY (70bps lower QoQ) as poor performance of PH may drag margins.

Expect healthy store additions in Q4 for QSRs, except PH. JUBI/Devyani PH may add 65/20 stores, respectively, whereas no stores are likely to be added for Sapphire PH. Expect WLDL/RBA to add 16/10 stores, respectively. And Devyani KFC/Sapphire KFC may add 18/16 stores, respectively.

Sensex Today Live : Indian benchmark indices pared their losses and were trading up on Wednesday.

At 2 pm, Sensex was up 103.48 points, or 0.14%, at 74,007.39, and Nifty was up 17.90 points, or 0.08%, at 22,471.20.

Sensex Today Live : Expect FSN E-Commerce to report an overall revenue of ₹15.6 bn in Q4FY24E, up 19.8% YoY. GMV (gross merchandise value) of beauty personal care (BPC) and fashion segments may grow 22% YoY and 30% YoY, respectively, and revenue may rise 17.1% YoY and 39.8% YoY, respectively, in Q4FY24E.

We expect growth in the BPC segment to moderate, due to higher competitive intensity from quick commerce companies and competitive intensity in the online BPC space.

The online fashion business may see lower growth rates than the historical averages (GMV growth of 46.7% YoY in FY23), due to increased focus on profitability. Overall EBITDA margin may be stable at 5.6%, up 10bps QoQ, due to lower advertising revenue and other levers such as fulfillment costs largely peaking out. The BPC segment’s margin is expected to remain stable QoQ at ~12-13%. A higher share of private labels and premiumization too would bolster overall margin.

Sensex Today Live : India’s Alcohol & Beverage segment (Alcobev) has seen good volume growth in the Prestige & Above (P&A) vertical, but we expect some moderation in Q4.

Raw material prices remain stable, especially for glass, packaging material and barley, with improvement in grain prices, but ENA (extra neutral alcohol) prices are volatile.

Expect subdued P&A volume growth of 3% YoY for United Spirits (UNSP) due to high base impact of BII/BIO supplies and intensifying competition (ABD’s Iconiq and other brands in lower prestige segment marring growth of McDowells No. 1).

Expect P&A to see net realisation growth of 5.5% YoY for UNSP due to better product mix (higher tilt towards scotch portfolio). P&A volume growth for Radico Khaitan (RDCK) may moderate to 15% YoY (22.6% YoY volume growth in 9MFY24) due to policy-related challenges in various states. Net realisation per case for P&A may grow 3% YoY on better product mix.

Profitability-wise, gross margin may be stable QoQ for both UNSP and RDCK. UNSP may post an EBITDA margin of 15% (drop of 146bps QoQ) due to higher A&P spends (11.2% of revenue in Q4E), and RDCK may post an EBITDA margin of 12.5% (20bps higher QoQ). Expect higher EBITDA margin for RDCK from Q1FY25E due to lower grain prices, which may lead to lower production cost for ENA (RDCK’ backward integration).

United Breweries’ volume may increase 9% YoY as the company has likely gained market share in certain states in North India (per our primary checks). Profitability-wise, expect gross margin to be stable QoQ due to steady barley and glass prices, whereas EBITDA margin may improve 100bps QoQ to 9%, much below pre-Covid levels (13.4% in FY20), as the company continues to invest in supply chain initiatives and higher end portfolio to drive better volume growth in the premium portfolio.

Sensex Today Live : Indian benchmark indices pared their losses and were trading up on Wednesday.

At 1 pm, Sensex was up 182.01 points, or 0.25%, at 74,085.92, and Nifty was up 49.20 points, or 0.22%, at 22,502.50.

Sensex Today Live : Tatva Chintan CMP: 1,191

The stock has witnessed a decent erosion on the daily chart since the peak zone of 2,650 levels and recently has shown signs of bottoming out near 1,060 zone and thereafter, indication of a pullback has improved the bias to some extent. The RSI has shot up from the highly oversold zone indicating a trend reversal with much upside potential visible. One can accumulate the stock for an upside target of 1,450 and 1,590 levels keeping the strict stop loss of 1,060 levels.

Sensex Today Live : Infosys informed the exchanges today that UAE-based digital-only bank, Zand Bank will be using Infosys’s wholly-owned subsidiary Infosys Finacle’s solutions suite to power its corporate banking services.

The company said the deployment of Infosys Finacle’s advanced cloud-native solutions on Microsoft Azure will help Zand provide a customer-centric, future ready banking experience, underpinned by the latest in AI and predictive analytics.

Sensex Today Live : Across sectors, the FMCG index was down 0.34%, and the Auto index was down 0.29%, while the Realty index was down 1.55%.

Meanwhile, the IT index was up 1.16%, and the Media index was up 1.38%. The Consumer Durables index was up 0.61%, and the Oil & Gas index was up 0.48%.

Sensex Today Live : The broader market were outperforming, with the BSE SmallCap index up 1.11%, and the BSE MidCap index up 0.48%.

Sensex Today Live : TCS, Shriram Finance, Divi’s Lab, Tech Mahindra, Hindalco, were the top gainers, while Nestle India, Bajaj Auto, HDFC Life, Adani Enterprises, and Britannia, were the top losers. 

Sensex Today Live : 13 of the 30 stocks on the Sensex were in the green, with TCS, Tech Mahindra, HCLTech, Bharti Airtel, and HDFC Bank emerging as the top gainers, while Nestle India, Bajaj Finserv, Kotak Mahindra Bank, Maruti Suzuki India, and Larsen & Toubro, were the top drags. 

Sensex Today Live : Indian benchmark indices pared their losses and were trading flat on Wednesday, following weak signals from global peers.

At 12 pm, Sensex was up 41.06 points, or 0.06%, at 73,944.97, and Nifty was up 7.20 points, or 0.03%, at 22,460.50.

Sensex Today Live : Epigral today informed the exchanges that it has commissioned an additional 45,000 tonnes per annum (TPA) production capacity of Chlorinated Polyvinyl Chloride Resin (CPVC resin) at its Dahej facility in Gujarat.

The company said with this expansion, its total CPVC resin capacity has reached 75,000 TPA.

Sensex Today Live : LTIMindtree CMP: 4,900

The stock has witnessed a decent erosion from the peak zone of 6,442 levels with currently showing signs of bottoming out near the long term trend line support of 4,850 levels. The RSI has flattened out after the slide and has indication of a positive trend reversal to anticipate for upward movement from current levels.

With the bias indicating slight improvement, we suggest to accumulate the stock for the upside targets of 5,400 and 5,700 levels in the coming days with stop loss of 4,680.

Sensex Today Live : Star Health and Allied Insurance Company today announced that it has entered into a strategic partnership withPhonePe.

Under the partnership, Star Health’s Comprehensive Health Insurance Policy will be available with a monthly and annual payment option exclusively on the PhonePe app, with coverage up to Rs. 1 Crore.

The company said the move empowers users to opt for quality health insurance coverage with convenient payment options,enabling access to quality healthcare across the country.

Sensex Today Live : Growth, NIM and opex likely to dominate discussions

Unlike the traditionally strong fourth quarter, we believe Q4FY24 will be relatively soft, characterized by: 1) NIM pressure, 2) steady loan growth but softer deposit growth, and 3) cost pressures with the impending impact of wage hikes & pension provision for a few.

That said, lower credit cost and better recovery trends (recovery from written-off) should support earnings. Among our coverage universe, we expect PSU banks to report better earnings growth than private ones, led by lower credit cost. We expect earnings discussions to be dominated by NIM and growth outcomes.

Banks are benefitting from better-than-expected credit growth at >16% currently, as per the latest RBI report, but the funding gap remains wide, with deposit growth lagging credit.

We expect lower CASA ratio for most banks, given higher accretion of term deposits.

Banks continue to see moderation in incremental spread. While funding cost pressures are likely to persist (we have already seen retail TD rates raised by a few frontline banks during February-March 2024), the surprise is the pressure on lending rates as well, in our view.

We expect NIM pressure to sustain, and, in this context, commentary on turning rate tables and the consequent NIM impact will dominate talks.

We expect overall asset quality outcome to remain benign, which is likely to result in below normalized credit cost.

Although the overall trend is strong, there are a few pockets of vulnerability, namely personal loans and MFI; management commentary will be keenly watched. Add to this, a few banks have provided for AIF exposure in Q3FY24 and post RBI relaxations we may see write-backs on this front.

Banks are at an unusual junction wherein frontline names have underperformed. With outperformance by other private and mid-tier PSU banks, the valuation gap between mid-tier and frontline has narrowed.

We retain our neutral stance on banks; hereafter, the risk-reward may be tilted toward frontline peers. No significant asset quality challenges and better growth may ensure sustained rerating for PSU banks on earnings stability – with SBI being our top picks.

Sensex Today Live : Indian benchmark indices pared their losses and were trading flat on Wednesday, following weak signals from global peers.

At 11 am, Sensex was up 11.20 points, or 0.02%, at 73,915.11, and Nifty was down 3.74 points, or 0.02%, at 22,449.55.

Sensex Today Live : HDFC Mutual Fund schemes have pared their stakes in Mishra Dhatu Nigam by 2.02%.

In an exchange filing, the company informed that various schemes of HDFC Mutual Fund, which held 9.13% shares of the company, have decreased their stake in the company to 7.12%.

Sensex Today Live : Brahmaputra Infrastructure informed the exchanges today that it has received letters of acceptance for projects worth a total of ₹69.96 crore from the Water Resource Department, Assam.

In an exchange filing, the company said, “We would like to inform you that Company M/s Brahmaputra Infrastructure Limited have received a LOA from the office of Chief Engineer, Water Resource Department, 5th Floor AWC, Basistha, Guwahati- 29 for the execution of River Protection work of an total amount Rs. 69.96 Crores”.

Sensex Today Live : Dalmia Bharat Ltd finds itself in a challenging position due to the recent significant drop in cement prices, particularly in the eastern and southern regions. While a decrease in prices is observed across all markets, the surplus capacity in these two regions has led to a more pronounced drop compared to the national average.

Considering Dalmia’s substantial presence in these regions, the subdued price trends have sparked worries about its revenue realization and profitability prospects, leading to a downgrade in earnings.

Motilal Oswal Financial Services has revised downwards the company’s Ebitda estimates for FY24, FY25, and FY26 by 4%, 8%, and 8% respectively, attributing this adjustment to the weak pricing environment. (Read the full story here.)

Sensex Today Live : For the quarter ending in March FY24, Hindustan Zinc reported a 1% year-on-year (YoY) decrease in mined metal production, dropping to 299 kt. However, there was an 11% increase sequentially, attributed to a combination of enhanced mined metal grades and increased ore production across various mines. Refined metal production saw a rise, with 273 kt marking a 6% quarter-on-quarter (QoQ) increase due to improved plant availability. The YoY increase for refined metal production was 1%.

Sensex Today Live : Indian benchmark indices were down on Wednesday, led by weak cues from global peers.

At 10 am, Sensex was down 245.54 points, or 0.33%, at 73,658.37, and Nifty was down 68.40 points, or 0.3%, at 22,384.90.

Sensex Today Live : BULLION

Gold prices hit fresh life-time high and inched closer to the $2300 per troy ounce. Silver prices also gained after profit taking in the dollar index and upbeat U.S. factory orders data. Early Fed rate cut hopes are also fueling gold and silver in the international markets.

We expect gold and silver prices to remain volatile today ahead of the Fed Chairman’s speech. Gold has support at $2262-2244 while resistance is at $2298-2312. Silver has support at $25.90-25.72 while resistance is at $26.42-26.60. In INR, gold has support at Rs68,880-68,640, while resistance is at ₹69,380, 69,620. Sliver has support at Rs76,440-75,880, while resistance is at Rs77,840, 79,580.

CRUDE OIL

Crude oil prices also gained on the back of upbeat U.S. factory orders data and Chinese demand hopes. Crude oil stockpiles declined more than expected, falling by more than 2 million barrels, following the highest weekly advance since mid-February 2023 the previous week.

We expect crude oil prices to remain volatile in today’s session. Crude oil is having support at $83.80–83.10 and resistance is at $85.10-85.80 today’s session. In INR crude oil has support at Rs6,980-6,890 while resistance at ₹7,155-7,215.

Sensex Today Live : As we transition into the fourth month of the year, the Indian Meteorological Department (IMD) has predicted heatwave conditions in various states including Karnataka, Maharashtra, Delhi, and others. The impending summer season is expected to drive up the demand for cooling appliances such as air conditioners and coolers, especially in areas forecasted by the IMD to face severe heatwaves. Mehta Equities, a brokerage firm, has identified four stocks for investment this summer season. (Read the full report here.)

Sensex Today Live : Barring IT, Media, Metal and Oil & Gas, all sectoral indices were in the red, with the Realty index down the most at 1.06%.

The FMCG index was down 0.74%, while the Healthcare, Consumer Durables, and Bank index were down 0.56%, 0.55%, and 0.46%, respectively.

Sensex Today Live : The broader market was mixed, with the BSE MidCap index down 0.14% and the BSE SmallCap index up 0.30%.

Sensex Today Live : ONGC, UltraTech Cement, Hindalco, Tech Mahindra, and Divi’s Lab, were the top gainers on the Nifty 50, while Apollo Hospital Enterprises, Bharti Airtel, Tata Consumer Products, Britannia, and Nestle India, were the top drags. 

Sensex Today Live : Only six out of the 30 stocks on the Sensex were in the green. UltraTech Cement, Tech Mahindra, Axis Bank, HCLTech, Tata Steel, and Bajaj Finance, were the only gainers, while Bharti Airtel, Bajaj Finserv, Nestle India, SBI and IndusInd Bank, were the top drags. 

Sensex Today Live : Indian benchmark indices opened in the red on Wednesday, led by weak cues from global peers.

At opening bell, Sensex was down 269.36 points, or 0.36%, at 73,634.55, and Nifty was down 85.70 points, or 0.38%, at 22,367.60.

Sensex Today Live : Angel One informed the exchanges that it has completed the fund raise of ₹1,500 crore.

In an exchange filing, the company said, “We wish to inform you that the Securities Issuance Committee at its meeting held today i.e. Tuesday, April 02, 2024 has, inter alia, passed the

following resolutions:

a. Approved the closure of the Issue today (i.e. Tuesday, April 02, 2024) pursuant to the receipt of application forms and the funds in the escrow account from the eligible qualified institutional buyers in accordance with the terms of the Issue;

b. Determined and approved, the allocation of 58,70,818 Equity Shares at an Issue price of ₹2,555.01 per Equity Share (including a premium of ₹ 2545.01 per Equity Share) upon the closure of the Issue, determined according to the formula prescribed under Regulation 176 of Chapter VI of the SEBI ICDR Regulations, for the Equity Shares to be allotted to the eligible qualified institutional buyers in the Issue.”

Sensex Today Live : Indian benchmark indices were red at pre-open on Wednesday, taking cues from global markets that were trading down.

Sensex was down 146.68 points, or 0.20%, at 73,757.23, and Nifty was down 67.60 points, or 0.3%, at 22,385.70 during pre-open.

Sensex Today Live : Chalet Hotels today informed the exchanges that it has completed the fund raise of ₹1,000 crore through the QIP route. In an exchange filing, the company said, “We wish to inform you that the QIP Committee at its meeting held today, i.e., April 3, 2024 has approved allotment of 1,26,26,263 Equity Shares to eligible Qualified Institutional Buyers at the issue price of Rs.792 per Equity Share, i.e., at a premium of Rs.782 per Equity Share to the face value of Equity Share, aggregating to Rs.10,000 million, pursuant to the said Qualified Institutions Placement of Equity Shares”.

The company said that following the allotment of equity shares in the issue, the paid-up equity share capital of the company has increased from Rs. 205.47 crore, consisting of 20,55 crore equity ehares, to Rs. 218.10 crore consisting of 21.81 crore equity shares.

Sensex Today Live : On Monday, Prime Minister Narendra Modi highlighted the considerable improvement in the health of Indian banks and the broader banking sector over the past decade, a period during which the National Democratic Alliance (NDA) has held power.

He noted that domestic financial institutions have witnessed a decline in bad loans over the years and are now more robust than they were in the past, a result of various initiatives implemented by the government and the Reserve Bank of India (RBI).

Mint examines the progression of the Indian banks’ health over the years. (Read the full story here.)

Sensex Today Live : The Indian stock market indices, Sensex and Nifty 50, are anticipated to commence trading on a lower note on Wednesday, influenced by unfavorable global market trends. The Gift Nifty trends also suggest a negative opening for the Indian benchmark index, trading around the 22,455 level, nearly 122 points below the previous close of Nifty futures.

On Tuesday, the domestic equity indices ended their three-day upward trend, closing lower due to weak global cues. The Sensex dropped by 110.64 points, closing at 73,903.91, while the Nifty 50 decreased by 8.70 points or 0.04%, settling at 22,453.30.

The Nifty 50 chart formed a small negative candle with minor upper and lower shadows. “Technically, this pattern indicates the formation of a doji-type pattern. This is the second consecutive doji pattern in the last two sessions. Despite the Nifty’s short-term trend remaining positive and it being positioned at the crucial overhead resistance around 22,500 levels, there is no confirmation of any reversal pattern unfolding at the highs,” commented Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. (Read the full story here.)

Sensex Today Live : On Wednesday, the Indian equity market is projected to start on a lower note, influenced by negative indicators from global markets and escalating crude oil prices. Asian markets are trading in the red, and US stocks experienced a significant drop overnight as investors contemplate the possibility of the US Federal Reserve postponing interest rate cuts.

The surge in US treasury yields and crude oil prices could potentially impact investor sentiment negatively. On Tuesday, the Indian stock market indices ended their three-day winning streak due to profit booking in certain private banks and auto shares, influenced by weak global cues.

Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, commented, “We are witnessing a resurgence of optimism in the broader market, particularly in mid & small cap stocks following a significant correction in recent months. There is a substantial amount of capital on standby, ready to be invested in medium enterprises, driven by easing valuations and the anticipation of robust economic growth in the future.” (Read the full story here.)

Sensex Today Live : Indian stock markets were likely to open on a negative note, tracking falls in global peers as markets digested the risk of a longer wait for rate cuts by the US Federal Reserve.

The Gift Nifty futures, at 22,455, at 7:56 am, were below Tuesday’s Nifty 50 close of 22,453.30, indicating a slow start for Indian benchmarks.

Asian shares tracked Wall Street lower on Wednesday as U.S. yields held near four-month highs, while a powerful earthquake in the region raised concerns about possible disruptions to the vital chip-making industry.

Markets are also pondering the risk of slower rate cuts ahead of U.S. data and an appearance by the world’s most powerful central banker later in the day. Oil extended its ascent, while gold prices hit another a record high.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.7%. Japan’s Nikkei dropped 1%, after a 20% blockbuster rally in the first quarter.

Taiwan’s shares skidded 0.8% after a powerful earthquake with a magnitude of 7.2 rocked Taipei, the capital, sparking a tsunami warning for the islands of southern Japan and the Philippines.

China’s blue chips eased 0.3% while Hong Kong’s Hang Seng index fell 0.6%, even as a private survey showed that the expansion in the services industry picked up pace in March.

On Wall Street, a recent run of solid U.S. economic data – including an unexpected expansion in the manufacturing sector and the slow easing in the labour market – has stoked doubts about the amount of the Fed easing likely this year and next. The three major Wall Street indexes fell about 0.7%-1%.

Long-term Treasury yields climbed to multi-month highs overnight before paring some of the movements. The benchmark 10-year yield was last at 4.3471% on Wednesday, after hitting a four-month high of 4.405% overnight.

Investors now await euro zone inflation data, which could surprise on the downside after German inflation eased more than expected. In the U.S., a private payrolls report and a services sector survey are the key data risks, along with a speech from Fed Chair Jerome Powell on the economic outlook.

Oil gained for a fourth straight day as escalating geopolitical tensions fuelled worries about tighter supplies ahead of an OPEC meeting where the group is unlikely to change output policy. Brent eased 0.2% to $87.18 a barrel, while U.S. crude lost 0.3% to $83.21 per barrel.

Gold prices extended their record rally on Wednesday. Spot gold hit an all-time high of $2,288.09 per ounce earlier in the session before running into some profit taking and was last flat at $2,277.99.