Share Market Today: Sensex Dives 265 Points; Nifty Below 23,450. Banks Only Gainer

Share market today: On the 30-share Sensex platform, Titan, L&T, PowerGrid, Bajaj Finance, NTPC, Reliance emerged losers

Share market today: In the broader markets, the BSE Midcap and Smallcap indices, after hitting record highs, declined 0.8 per cent and 0.7 per cent, respectively.

Source : PTI

Share market today: The two key equity benchmarks, Sensex and Nifty, on Wednesday pared their early gains and slumped into the red zone. The indices after opening extended their record-breaking run, however, erased the gains soon after. At 10.35 am, the BSE Sensex dropped 265 points to 77,036. On the other hand, the NSE Nifty50 was trading at 23,445, down 113 points.

Stock update

On the 30-share Sensex platform, Titan, L&T, PowerGrid, Bajaj Finance, NTPC, Reliance emerged losers. On the flip side, IndusInd Bank, ICICI Bank, HDFC Bank, Kotak Bank, Axis Bank, and SBI were among the gainers.

In the broader markets, the BSE Midcap and Smallcap indices, after hitting record highs, declined 0.8 per cent and 0.7 per cent, respectively.

Sectoral update

Among sectors, except bank, all other indices are trading in the red, with auto, capital goods, metal, oil & gas, realty, power, telecom declined 1-3 per cent.

In the previous session on Tuesday, the BSE Sensex closed at 77,302, up 309 points. On the other hand, the NSE Nifty50 ended at 23,558, up 92 points.

Fitch Ratings on Tuesday raised India's growth forecast for the current fiscal to 7.2 per cent from 7 per cent projected in March, citing a recovery in consumer spending and increased investment.

Global update

In Asian markets, Seoul, Tokyo, and Hong Kong were trading higher while Shanghai quoted lower. US markets ended in the positive territory on Tuesday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 2,569.40 crore on Tuesday, according to exchange data.

Global oil benchmark Brent crude climbed 0.01 per cent to $85.34 a barrel.

Rupee rises 6 paise

Meanwhile, the rupee stayed on the upward track for the second straight session and appreciated 6 paise to 83.37 against the US dollar in early trade on Wednesday boosted by sustained inflow of foreign capital and firm equity markets.

The local unit, however, faced resistance due to a stronger American currency and higher crude oil prices overseas, forex traders said.

At the interbank foreign exchange market, the local unit opened strong at 83.39 and gained further to 83.34 against the greenback in initial deals. It later traded at 83.37 against the American currency, registering a rise of 6 paise from its previous close. On Tuesday, the rupee had settled 12 paise higher at 83.43 against the US dollar.