Stock Market News Today: Sensex Sinks 400 Points; Nifty Around 22,650. Bank, FMCG Drag

Stock Market News Today

The two key equity benchmarks, Sensex and Nifty, on Friday are trading lower, tracking tepid Asian cues. At 10.15 am, the BSE Sensex dropped 424 points to 74,614. On the other hand, the NSE Nifty50 was trading at 22642, down 112 points.

Stock Update

On the 30-share Sensex platform, Sun Pharma, JSW Steel, Asian Paints, Titan, HDFC Bank, ITC emerged lower. On the flip side, Tata Motors, Nestle, NTPC, TCS, L&T, IndusInd Bank were among the gainers.

In the broader markets, the BSE Midcap and Smallcap indices jumped 0.03 and 0.13 per cent, respectively.

Sectoral Update

Sectorally, capital good and power rose 0.5 per cent each. On the other hand, bank, FMCG, metal declined 0.5 per cent each.

In the previous session on Wednesday, the S&P BSE Sensex rose 345 points to 75,038, while the NSE Nifty50 closed at 22,754, rising 111 points. Markets were closed on Thursday on the occasion of Eid.

"The hotter-than-expected US inflation has spiked the US bond yields. This is negative for FPI inflows but is unlikely to impact the Indian market which is resilient, and the rally is driven mainly by domestic liquidity," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global Markets Update

Asian markets saw mixed results on Thursday, with Tokyo recording gains while Seoul, Shanghai, and Hong Kong experienced declines. Wall Street concluded the day mostly in positive territory.

Brent crude, the global oil benchmark, saw a rise of 0.58 percent, reaching $90.26 per barrel.

According to exchange data, Foreign Institutional Investors (FIIs) purchased equities worth Rs 2,778.17 crore on Wednesday.

Rupee Falls 7 Paise

Meanwhile, the Indian rupee experienced a depreciation of 7 paise against the US dollar in early trading on Friday, settling at 83.38. This decline was attributed to a negative trend in domestic equities and the heightened prices of crude oil. Forex traders noted that the strength of the US dollar in international markets also contributed to dampening investor confidence.

At the interbank foreign exchange, the rupee commenced trading at 83.36 against the dollar and hit a low of 83.38 in the initial sessions, marking a 7 paise drop from its previous close. On Wednesday, the rupee had closed at 83.31 against the US dollar. Trading in stock, money, commodity, and derivative markets was halted on Thursday due to the observance of Eid-Ul-Fitr.