Stock Market News Today: Sensex, Nifty End Lower Amid Middle East Crisis. Infosys Skids 3.65%
Stock Market News Today: On the 30-share Sensex platform, Infosys fell 3.65 per cent, followed by IndusInd Bank, Wipro, Bajaj Finserv, HCLTech, TechM
Stock Market News Today: The two key equity benchmarks, Sensex and Nifty, on Tuesday closed lower amid volatility for a third session in a row, following a downward momentum due to the ongoing geopolitical crisis in the Middle East. The BSE Sensex shed 456 points at 72,944. On the other hand, the NSE Nifty50 settled 125 points lower at 22,148.
Stock update
On the 30-share Sensex platform, Infosys fell 3.65 per cent, followed by IndusInd Bank, Wipro, Bajaj Finserv, HCLTech, TechM. On the flip side, Titan, HUL, HDFC Bank, Maruti, PowerGrid, Reliance emerged gainers.
In the broader markets, the BSE Smallcap advanced 0.6 per cent, while the BSE Midcap ended flat.
Sectoral update
Sectorwise, Nifty IT and Nifty Financial Services were the biggest losers, while Nifty IT dropped 2.6 per cent and Nifty PSU Bank shed 1.3 per cent. Nifty Pharma and Nifty FMCG closed 0.4 per cent higher.
The markets will remain closed on April 17 (Wednesday) on account of Ram Navami.
In the previous session on Monday, the S&P BSE Sensex plunged 845 points to end at 73,400, while the NSE Nifty50 closed at 22,273, down 247 points.
"The domestic market sustained its consolidation trend for the third consecutive day, amid apprehensions regarding geopolitical tensions and drop in the probability of a rate cut in the short-term. Heightened concerns arose following stronger-than-anticipated US retail sales, amplifying the assumption that the US Federal Reserve might delay rate cuts, leading to a notable uptick in the dollar index and US bond yields. The IT sector saw the most significant decline, primarily due to expectations of earnings being affected by the weak discretionary spending in the US and muted domestic Q4 results," said Vinod Nair, Head of Research, Geojit Financial Services.
Global Markets Update
In Asian trading, major markets, including Seoul, Tokyo, Shanghai, and Hong Kong all witnessed falls. European markets followed suit, opening in negative territory. The negative trend continued on Wall Street, which closed lower on Monday.
The global oil benchmark, Brent crude, saw a slight decrease of 0.26 percent, settling at $89.87 per barrel.
Exchange data revealed that Foreign Institutional Investors (FIIs) sold off equities worth Rs 3,268 crore on Monday.
Rupee Falls 14 Paise
Meanwhile, the Indian rupee saw a depreciation of 14 paise, closing at 83.57 (provisional) against the US dollar on Tuesday. This decline was attributed to a negative trend in domestic equities and the strength of the US dollar against major currencies amidst geopolitical tensions.
Forex traders noted a lack of appetite for riskier assets and recent outflows of foreign capital as additional factors contributing to the local currency's decline.
At the interbank foreign exchange market, the Indian rupee opened at 83.51 and ended at 83.57 (provisional), marking a loss of 14 paise compared to its previous close. On Monday, the rupee had slipped by 6 paise, settling at 83.44 against the US dollar.
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