Share Market Today: Indices Begin Trading In Red, Sensex Under 73,300, Nifty Below 22,300

In the broader market, the indices traded majorly in green. The Nifty Next 50 remained the major gainer on the list with an increase of 0.89 per cent

The stock market opened on a dampened note on Wednesday as the indices continued to trade in a downward trajectory. In the early hours, the key equity benchmarks slipped.  As of 9:17 AM, the BSE Sensex breached the 73,200 mark at 73,192.53, plunging more than 300 points, while the NSE Nifty50 traded at 22,208.35, declining close to 100 points. 

As markets progressed, the indices pared some losses but failed to move out of the negative trajectory. As of 9:30 AM, the Sensex stood at 73,249.52, slipping more than 250 points, while the Nifty50 reached 22,233.35, falling nearly 70 points. 

Stock update

Around 10 AM, on the 30-share Sensex platform, NTPC, Tata Steel, State Bank of India, JSW Steel, and PowerGrid emerged as the gainers. On the other hand, L&T, Hindustan Unilever, M&M, HDFC Bank, and Asian Paints were among the laggards. 

On the NSE, Dr Reddy’s Laboratories Ltd emerged as the major loser with the stock falling close to 4 per cent in the early trading hour.

Sectoral update

In the broader market, the indices traded majorly in green. The Nifty Next 50 remained the major gainer on the list with an increase of 0.89 per cent. The Nifty Midcap Select and Nifty 100 indices remained the exceptions in red and slipped 0.10 per cent and 0.04 per cent respectively. 

Sectorwise, the Nifty PSU Bank index emerged as the primary gainer and climbed 1.60 per cent, followed by the Oil & Gas and Metal indices. 

Among those trading in red, the Nifty Private Bank index led with losses of 0.48 per cent, followed by the HealthCare, Pharma, and IT indices.

In the last trading session on Tuesday, the equity benchmarks reversed the trend mid-day and closed the trade in the red. The Sensex settled at 73,511.85, crashing about 400 points, while the Nifty50 ended trading at 22,302.50, decreasing almost 150 points.

Global Updates

Asian markets in Seoul, Tokyo, Shanghai, and Hong Kong also traded lower. The US market closed the session on Tuesday on a mixed note. Global oil benchmark, Brent crude, slipped 0.30 per cent to trade at $82.91 per barrel.

Official exchange data revealed that foreign institutional investors (FIIs) dumped Indian equities worth Rs 3,668.84 crore on Tuesday.