Share Market Today: Sensex Ends Below 80k, Falls 427 Points; Nifty Around 24,300. M&M Slips 6%

Share market today: On the 30-share Sensex platform, M&M was the main laggard, slipping 6.62 per cent, followed by Tata Steel, TCS, HCLTech, SBI, JSW Steel

Share market today: The two key equity benchmarks, Sensex and Nifty, on Wednesday came under considerable selling pressure tracking heavy losses in metal, auto, and IT stocks and broad-based profit booking. The BSE Sensex index declined 916 points intra-day, before recouping some of the losses to end at 79,925, falling 427 points. On the other hand, the NSE Nifty50 hit an intra-day low of 24,141 before closing at 24,324, down 109 points.

Stock update

On the 30-share Sensex platform, M&M was the main laggard, slipping 6.62 per cent, followed by Tata Steel, TCS, HCLTech, SBI, JSW Steel. On the flip side, Asian Paints, PowerGrid, NTPC, HUL, Sun Pharma, Adani Ports emerged gainers.

In the broader markets, the BSE Midcap and Smallcap indices settled 0.19 per cent and 0.67 per cent lower, respectively.

Sectoral update

Sectorally, Nifty FMCG and Pharma indices closed in the green, rising up to 0.4 per cent. On the other hand, Nifty Auto sank over 2 per cent.

In the previous session on Tuesday, the BSE Sensex closed at 80,352, up 391 points while the NSE Nifty50 index ended at 24,433, up 113 points.

On the other hand, Asian Paints, NTPC, Power Grid, Adani Ports and Bharti Airtel were the winners.

Global update

In Asian markets, Shanghai and Hong Kong settled lower, while Seoul and Tokyo ended higher. European markets were trading higher in the mid-session deals. US markets ended on a mixed note in the overnight trade on Tuesday.

Global oil benchmark Brent crude climbed 0.24 per cent to $84.86 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 314.46 crore on Tuesday, according to exchange data.

Rupee slips 2 paise

The rupee stayed range-bound and settled 2 paise lower at 83.51 (provisional) against the US dollar on Wednesday amid rising crude oil prices overseas and selling in domestic equities. A softening American currency and inflow of foreign funds capped the fall in the local unit, forex traders said.

At the interbank foreign exchange market, the rupee opened flat at 83.49 against the dollar and moved in a close range of 83.48 to 83.53 during the session. The local unit finally settled at 83.51 (provisional) against the American currency, registering a loss of 2 paise from its previous close. The rupee had edged up 1 paisa to close at 83.49 against the dollar on Tuesday.