Share Market Today: Sensex Slips 203 Points; Nifty Settles Around 23,250. IT Index Drags
Share market today: On the 30-share Sensex platform, TechM, Infosys, Wipro, M&M, Bajaj Finance, TCS closed in the red
Share market today: The two key equity benchmarks, Sensex and Nifty, on Monday snapped their 3-day winning streak and closed in the red amid volatility following a range-bound session for the large part of the day. The BSE Sensex closed 203 points lower at 76,490. On the other hand, the NSE Nifty50 settled 31 points down to 23,259 per cent.
Earlier on the day, the Sensex hit a record high of 77,079, topping the 77,000-mark for the first time. The Nifty50 hit a new peak of 23,412, surpassing the 23,400-mark for the first time ever.
Stock update
On the 30-share Sensex platform, TechM, Infosys, Wipro, M&M, Bajaj Finance, TCS closed in the red. On the flip side, UltraCemco, PowerGrid, Nestle, Axis Bank, NTPC, Tata Steel were among the gainers.
In the broader markets, the BSE Midcap and SmallCap indices advanced 0.56 per cent and 1 per cent, respectively.
Sectoral update
Sectorwise, Nifty IT index slumped 1.8 per cent, followed by Nifty Metal, down 0.38 per cent. On the upside, Nifty Media index jumped nearly 2 per cent.
In the previous session on Friday, the BSE benchmark closed at 76,693, up 1,619 points, while the Nifty50 settled 469 points higher at 23,290.
"Volatility returned to markets, as Sensex slipped from its new high and fell sharply towards the close amid profit-taking in IT, metals and oil & gas stocks. Lacklustre sentiment also prevailed due to weak global cues after recent data from the US indicated that rate cut may not happen soon," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Global update
In Asian markets, Tokyo settled in the green, while Seoul ended lower. Markets in China and Hong Kong were closed for holidays. European markets were trading in the negative territory. US markets ended lower on Friday.
Global oil benchmark Brent crude climbed 0.18 per cent to $79.76 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 4,391.02 crore on Friday, according to exchange data.
Rupee down 10 paise
Meanwhile, the Indian currency fell 10 paise to 83.50 against the US dollar in early trade on Monday, largely due to the rise in the dollar index and US yields. Forex traders said uncertainty among market players was down as Narendra Modi was sworn in as Prime Minister on Sunday for a record-equalling third term. However, the strength of the American currency in the international market weighed on the local unit.
At the interbank foreign exchange market, the local unit opened at 83.48 and lost further ground to trade at 83.50 against the greenback, registering a loss of 10 paise from its previous closing level. On Friday, the rupee appreciated 13 paise to 83.40 against the US dollar.
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