Stock Market News Today: Sensex Tanks 800 Points; Nifty Around 22,500. Sun Pharma Slips 4 Per Cent
Stock Market News Today: On the 30-share Sensex platform, Sun Pharma was the biggest loser, down 4 per cent, followed by Maruti, PowerGrid, Titan, JSW Steel, L&T
Stock Market News Today: The two key equity benchmarks, Sensex and Nifty, on Friday plunged sharply in the red amid profit booking and uncertainty over the US Fed rate cut timing on geo-political woes. The S&P BSE Sensex hit a low of 74,189 and finally settled with a loss of 793 points at 74,245. On the other hand, the NSE Nifty 50 dropped to a low of 22,504 and closed at 22,519, down 234 points.
Stock update
On the 30-share Sensex platform, Sun Pharma was the biggest loser, down 4 per cent, followed by Maruti, PowerGrid, Titan, JSW Steel, L&T. On the flip side, Tata Motors, TCS, and Nestle were the only gainers.
Around 1,308 shares gained, 1,981 shares declined, while 72 shares unchanged.
In the broader market, the BSE Midcap and Smallcap indices dipped 0.5 per cent each.
"US inflation soared by 0.4 per cent MoM, surpassing expectations and triggering a spike in US Treasury yields. Investors are questioning the feasibility of the US Fed's anticipated three rate cuts this year, leading to underperformance in EMs. Meanwhile, European markets excelled as the ECB maintained policy rates but hinted at a potential rate cut soon. Indian markets consolidated amidst worries over delayed US rate cuts, escalating Middle East tensions driving oil prices up, and subdued Q4 earnings projections," said Vinod Nair, Head of Research, Geojit Financial Services.
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.
Global Market updates
In Asian markets, Tokyo settled in the positive territory while Seoul, Shanghai and Hong Kong ended lower. European markets were trading in the positive zone. Wall Street ended mostly with gains on Thursday.
Global oil benchmark Brent crude climbed 0.95 per cent to $90.56 a barrel.
Foreign institutional investors (FIIs) bought equities worth Rs 2,778.17 crore on Wednesday, according to exchange data.
Rupee sinks 13 paise
Meanwhile, the rupee depreciated 13 paise to close at 83.44 against the US dollar on Friday, weighed down by a massive sell-off in domestic equities and a strong greenback against major crosses overseas.
Forex traders said elevated crude oil prices also dented investor sentiments.
At the interbank foreign exchange market, the local unit opened at 83.36 and touched an intraday low of 83.44 against the greenback. The local unit finally settled at 83.44, registering a loss of 13 paise from its previous close.
On Wednesday, the rupee closed flat at 83.31 against the US dollar. Forex markets were closed on Thursday on account of Eid-Ul-Fitr.
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