Markets Continue To Fall: Sensex Closes Over 200 Points Down, Nifty Tests 24,750

On the Sensex, Bajaj Finance, Airtel, ICICI Bank, Adani Ports, and HCL Tech closed among the gainers. Meanwhile, the laggards were driven by ITC, IndusInd Bank, Nestle, UltraTech Cement, and M&M.

Sectorally, the FMCG index slumped 1.49 per cent, while the Media index drove the gains and climbed 1.04 per cent.

Source : Freepik

The domestic equity markets ended the second consecutive session in red after benchmark indices declined on Wednesday. Both Sensex and Nifty closed the trading session lower after continuing their fall throughout the day.

The BSE Sensex tanked more than 200 points and ended trading above 81,300, while the NSE Nifty50 closed the session a little over 24,750, taking a hit of 74 points. 

On the 30-share Sensex platform, Bajaj Finance, Bharti Airtel, ICICI Bank, Adani Ports, and HCL Tech closed among the gainers. Meanwhile, the laggards were driven by ITC, IndusInd Bank, Nestle, UltraTech Cement, and M&M.

In the broader markets, the Nifty Smallcap 250 dominated in green and ended 0.41 per cent higher. Sectorally, the FMCG index slumped 1.49 per cent, while the Media index drove the gains and climbed 1.04 per cent.

Global Markets, Oil Prices, And Rupee

In Asia, indices across Japan, Shanghai, and Hong Kong ended trading in red. Meanwhile, South Korea's Kospi index closed the day higher. The US markets ended trading higher on Tuesday. Vinod Nair, Head of Research, Geojit Investments Limited, said, "The domestic indices remained rangebound with a negative bias, primarily due to the lack of support from FIIs and prevailing premium valuations. A lingering concern over India-US trade relations following the end of the 90-day pause period continues to pose an external risk."

Foreign Institutional Investors (FIIs) purchased Indian equities worth Rs 348.45 crore on Tuesday, according to exchange data. The global oil benchmark Brent crude climbed 0.69 per cent to touch $64.57 a barrel.

The Indian rupee settled on a flat note on Wednesday at 85.40 (provisional) against the US dollar, as rising oil prices and a downturn in the domestic market weighed heavily on the unit. 

Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, said, "The rupee traded flat as the dollar index remained steady. With major economic data lined up this week -- including the US Fed meeting minutes, Q1 GDP, and Core PCE Price Index -- the rupee's trajectory will largely be guided by foreign fund activity in the secondary markets. In the near-term, the rupee is expected to move within a range of 84.80 to 85.75."