Stock Market: Sensex Down 95 Points, Nifty Tests 18,700 Amid Volatility. Metals Lead, IT Drags

Stock update: On the 30-share Sensex platform, IndusInd Bank, Airtel, Bajaj Finserv, Infosys, Axis Bank, Bajaj Finance were trading in the red

In the broader markets, the BSE Midcap and Smallcap indices rose up to 0.35 per cent.

The two key equity benchmarks, Sensex and Nifty, on Wednesday were trading flat amid volatility after opening with slim gains following a fall in May CPI in the US on Tuesday. At 9.50 am, the BSE Sensex dipped 95 points to 63,047. On the other hand, the NSE Nifty was trading at 18,710, down 6 point.

On the 30-share Sensex platform, IndusInd Bank, Airtel, Bajaj Finserv, Infosys, Axis Bank, Bajaj Finance were trading in the red. On the flip side, Tata Steel, PowerGrid, Tata Motors, Nestle, ITC, Reliance emerged early gainers. Among specific stocks, KEC International zoomed 5 per cent after the company secured new orders worth Rs 1,373 crore.

#ABPLiveStockMarketWatch | Sensex and Nifty on Wednesday were trading flat amid volatility

At 09:47 AM, #Sensex fell by 78 points to 63,065 & #Nifty by 5 points to 18,711

Here's a look at the stocks in focus:#StockMarket #StockMarketPrices #Trading #Stock pic.twitter.com/JSWis98PkP

— ABP LIVE (@abplive) June 14, 2023

In the broader markets, the BSE Midcap and Smallcap indices rose up to 0.35 per cent.

Sectorwise, Nifty Metal led gains by rising over 1 per cent. Realty pack rose 0.8 per cent while IT index lost 0.6 per cent.

In the previous session on Tuesday, the BSE Sensex settled with a gain of 418 points at 63,143, while the NSE Nifty 50 hit a high of 18,729, and settled 115 points higher at 18,716.

"Investors will pay close attention to Federal Open Market Committee (FOMC) Chairman Jerome Powell’s comments on the policy outlook. In case the Fed keeps rates unchanged, the feel good factor could have a rub off effect on benchmark Nifty that may help the index reach its all-time-high," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

In Asian markets, Seoul and Hong Kong were trading lower, while Tokyo and Shanghai quoted in the green. The US markets ended in positive territory on Tuesday.

Global oil benchmark Brent crude climbed 0.09 per cent to $74.36 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,677.60 crore on Tuesday, according to exchange data.

Meanwhile, the rupee depreciated 4 paise to 82.29 against the US dollar in early trade on Wednesday amid a muted trend in domestic equities. Forex traders said the rupee is trading in a narrow range as investors are awaiting cues from the US FED interest rate decision later in the day.

At the interbank foreign exchange, the domestic unit opened at 82.28, then fell to 82.29, registering a decline of 4 paise over its last close. On Tuesday, the rupee settled at 82.25 against the dollar.