Stock Market News Today: Sensex Sinks 455 Points; Nifty Below 22K Amid Volatility. Nestle Down 3.3%
Stock Market News Today: On the 30-share Sensex platform, Nestle India was the prime loser, dropped 3.31 per cent, followed by Titan, Axis Bank, NTPC, Tata Motors, ITC
Stock Market News Today: The two key equity benchmarks, Sensex and Nifty, succumbed to selling pressure and ended in the red for a fourth straight session on Thursday. The domestic indices began trading higher, however, turned flat amid volatility.
The 30-share BSE Sensex closed 455 points lower at 72,489.On the other hand, the NSE Nifty50 closed at 21,996, down 152 points.
Stock update
On the 30-share Sensex platform, Nestle India was the prime loser, dropped 3.31 per cent, followed by Titan, Axis Bank, NTPC, Tata Motors, ITC. On the flip side, Airtel, PowerGrid, Infosys, and L&T emerged gainers.
In the broader markets, Nifty Midcap closed 0.49 per cent lower, while Smallcap fell 0.28 per cent.
Sectoral update
Sectorwise, Nifty Healthcare declined 1.75 per cent, followed by Nifty Oil and Gas (1.10 per cent) and Nifty FMCG (1.08 per cent).
In the previous session on Tuesday, the BSE Sensex declined 456 points at 72,944, while the NSE Nifty50 closed 125 points lower at 22,148. Markets remained shut on Wednesday on occasion of Ram Navami.
"The domestic market sustained its consolidation trend for the third consecutive day, amid apprehensions regarding geopolitical tensions and drop in the probability of a rate cut in the short-term. Heightened concerns arose following stronger-than-anticipated US retail sales, amplifying the assumption that the US Federal Reserve might delay rate cuts, leading to a notable uptick in the dollar index and US bond yields," said Vinod Nair, Head of Research, Geojit Financial Services.
Global market updates
In the Asian financial hubs of Seoul, Tokyo, Shanghai, and Hong Kong, markets closed with positive gains, reflecting a buoyant sentiment in the region. European markets, too, largely echoed this optimism, trading with gains for the most part. However, Wall Street saw a dip in its performance, closing lower on Wednesday.
The global oil benchmark, Brent crude, experienced a slight decline, dropping by 0.63 percent to settle at $86.74 per barrel.
According to exchange data, Foreign Institutional Investors (FIIs) were observed offloading equities worth Rs 4,468.09 crore on Tuesday.
Rupee rises 6 paise
Meanwhile, the Indian rupee exhibited resilience, bouncing back from its recent lows against the US dollar. On Thursday, it appreciated by 6 paise to close at 83.55 (provisional) against the greenback. This uptick came as a result of retreats in both the value of the American currency and Brent crude oil prices from their previously elevated levels.
In the interbank foreign exchange market, the rupee commenced trading at 83.51 against the dollar and reached an intraday high of 83.49 before settling at 83.55 (provisional), marking a 6 paise increase from its previous close.
On Tuesday, the rupee had experienced a 17 paise decline, hitting its lowest level of 83.61 against the US dollar for the second time in four weeks.
It's worth noting that forex and money markets remained closed on Wednesday due to 'Ram Navami'.
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