Stock Market: Sensex Declines 200 Points, Nifty Below 19,350 On Weak Cues. Bank, Metals Top Drags

Stock update: On the 30-share Sensex platform, JioFin stocks hit 5 per cent lower circuit. IndusInd Bank, L&T, UltraCemco, Axis Bank, Wipro, HCL, ITC were among early losers

In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 indices dropped up to 0.4 per cent.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Friday began in the red tracking a weak note amid tepid global trends. At 9.44 am, the BSE Sensex was down 204 points to 65,048. On the other hand, the NSE Nifty50 was trading at 19,323, down 64 points.

On the 30-share Sensex platform, JioFin stocks hit 5 per cent lower circuit on the BSE for the fifth consecutive day post listing. So far, shares of Jio Financial have shed 29 per cent after it debuted bourses. IndusInd Bank, L&T, UltraCemco, Axis Bank, Wipro, HCL, ITC were among early losers. On the flip side, Bajaj Finance, Tata Motors, Reliance, Asian Paints, and Maruti emerged gainers.

#ABPLiveStockMarketWatch | Sensex and Nifty began trade in the red tracking weak note, on Friday
At 10:00 AM, #Sensex fell by 174 points to 65,078 & #Nifty by 65 points to 19,322

Here's a look at the stocks in focus:#StockMarket #StockMarketPrices #Trading #Stock pic.twitter.com/LUJ4dvx4TB

— ABP LIVE (@abplive) August 25, 2023

In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 indices dropped up to 0.4 per cent.

Sectorwise, the indices were trading in the negative zone. Nifty PSU Bank and Nifty Metal indices were the worst hit as they fell up to 0.8 per cent.

In the previous session on Thursday, the BSE Sensex settled 181 points lower at 65,252, while the NSE Nifty declined 57 points to close at 19,386

"The message from Fed chief Jerome Powell tonight will be keenly watched for any clues on the future trajectory of interest rates in the US," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading in the negative territory. The US markets ended lower on Thursday.

Global oil benchmark Brent crude climbed 0.20 per cent to $83.53 a barrel.

Foreign Institutional Investors (FIIs) were buyers on Thursday as they bought equities worth Rs 1,524.87 crore, according to exchange data.

Meanwhile, the rupee snapped its three-day rally and depreciated by 12 paise to 82.68 against the US dollar in early trade on Friday amid a firm American currency and subdued equity markets. An upward movement in crude prices also weighed on the domestic currency even as the inflow of foreign funds capped the fall, forex traders said.

At the interbank foreign exchange, the domestic unit opened weak at 82.60 and then tumbled to the lowest level of 82.69 against the greenback. It later traded at 82.68, registering a fall of 12 paise over its previous close. On Thursday, the rupee appreciated by 16 paise to settle at 82.56 against the US dollar, making it the third straight day of gain.