Stock Market: Sensex Declines 256 Points, Nifty Ends Below 19,300. Power, FMCG Down; Realty, Metal Up

Stock update: On the 30-share Sensex platform, Bajaj Finance, Asian Paints, IndusInd Bank, SBI, HUL, Nestle were among the losers. These stocks ended lower in the range of 0.6 per cent to 1.2 per cent

The two key equity benchmarks, Sensex and Nifty, on Thursday closed in the red as the indices succumbed to the selling pressure, mostly exerted by financials and FMCG stocks. The S&P BSE Sensex closed at 64,831, down 256 points. On the other hand, the NSE Nifty ended at 19,254, down 94 points.

On the 30-share Sensex platform, Bajaj Finance, Asian Paints, IndusInd Bank, SBI, HUL, Nestle were among the losers. These stocks ended lower in the range of 0.6 per cent to 1.2 per cent. On the flipside, Maruti, Titan, UltraCemco, Tata Steel, ICICI Bank, TechM emerged gainers.

In the broader market, the BSE Midcap index ended flat, while Smallcap index rose 0.8 per cent.

Sectorally, mixed trend seen on the sectoral front, with oil & gas, power, FMCG, and bank down 0.5-1.3 per cent, while realty, metal, capital goods, information technology gained 0.2-0.7 per cent.

In the previous session on Wednesday, the S&P BSE Sensex closed at 65,087, up 11 points, while the Nifty settled at 19,347, up 5 points.

"A slew of weak economic indicators from the US, including a softened GDP figure, have heightened the likelihood of a pause in the Fed's rate tightening, resulting in a downward trajectory of bond yields," said Vinod Nair, Head of Research at Geojit Financial Services.

In Asia, the Nikkei 225 in Tokyo rose by 0.9 per cent while the Hang Seng in Hong Kong declined 0.6 per cent and the Kospi in Seoul fell 0.2 per cent. The Shanghai Composite Index in China declined 0.6 per cent after Chinese economic growth fell to 0.8 per cent in Apil-June this year. In Europe, benchmark indices were up in early trade. The FTSE 100 in London gained less than 0.1 per cent, the CAC 40 in Paris rose 0.2 per cent and the DAX in Frankfurt advanced 0.6 per cent.

Brent crude rose by 0.52 per cent to $86.31 per barrel.

On Wednesday, Foreign Institutional Investors (FIIs) were net sellers of domestic equities as they offloaded shares worth Rs 494.68 crore.

Meanwhile, the rupee depreciated by 16 paise to settle at 82.79 (provisional) against the US dollar on Thursday, tracking a firm American currency and rising crude oil prices. Forex traders said that negative sentiment in the equity market and outflow of foreign funds also weighed on the domestic unit. Investors were also awaiting the domestic GDP data which is scheduled to be announced later in the day.

At the interbank foreign exchange, the domestic unit opened at 82.65 and moved between the peak of 82.58 and the lowest level of 82.76 during intra-day trade.

The Indian currency finally settled at 82.79 (provisional) against the dollar, registering a fall of 16 paise compared to the previous close. On Wednesday, the rupee closed at 82.63 against the dollar.