Share Market Today: Sensex Drops 150 Points; Nifty Below 22,150. Maruti Skids 2 Per Cent

Share Market Today: On the 30-share Sensex platform, Maruti, Nestle, Tata Motors, Axis Bank, IndusInd Bank, PowwrGrid emerged losers

Share Market Today: In the broader markets, the S&P BSE Midcap and the Smallcap indices advanced 0.88 per cent each.

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The two key equity benchmarks, Sensex and Nifty, on Thursday pared early gains and turned flat. At 11 am, the BSE Sensex fell 155 points to 72,832. On the other hand, the NSE Nifty50 was trading at 22,145, down 56 points.

Stock update

On the 30-share Sensex platform, Maruti, Nestle, Tata Motors, Axis Bank, IndusInd Bank, PowwrGrid emerged losers. On the flipside, TechM, Airtel, Infosys, HCLTech, Wipro, Kotak Bank were among the gainers.

In the broader markets, the S&P BSE Midcap and the Smallcap indices advanced 0.88 per cent each.

Sectoral update

Sectorally, Nifty IT and Realty indices added over 1 per cent each, while Nifty FMCG, and Pharma indices dropped 0.5 per cent each.

In the previous session on Wednesday, the BSE Sensex declined 118 points to settle at 72,987, while NSE Nifty50 declined 17 to 22,201.

"The global market construct continues to be supportive with the US indices setting new records. The decline in US CPI inflation in April to 3.4 per cent sets the stage for a rate cut by the Fed," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global market update

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading with gains. Wall Street ended higher on Wednesday.

Global oil benchmark Brent crude climbed 0.40 per cent to $83.08 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,832.83 crore on Wednesday, according to exchange data.

Rupee opens on flat note 

The rupee opened on a flat note against the US dollar in early trade on Thursday, as the support from positive domestic equities was negated by sustained foreign fund outflows and elevated crude oil prices.

Forex traders said the rupee remains under pressure due to ongoing elections as well as foreign fund outflows and the same shall subside once the results are out.

At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.45 against the American currency and touched 83.46. On Wednesday, the rupee had settled at 83.46 against the US dollar.