Stock Market: Sensex Falls 120 Points; Nifty Below 19,700 Amid Volatility. IT, FMCG Stocks Drag

Stock update: On the 30-share Sensex platform, TechM, Asian Paints, Bajaj Finance, M&M, ITC, HCL emerged losers

In the broader markets, the BSE Midcap and Smallcap were hovering above the flat line, rising 0.08 per cent and 0.46 per cent, respectively. ( Image Source :Getty )

The two key equity benchmarks, Sensex and Nifty, on Thursday were trading in the red tracking mixed Asia cues amid volatility. The two indices gave up morning gains and turned flat. At 10 am, the BSE Sensex went down 119 points to 66,000. On the other hand, the NSE Nifty50 was trading at 19,682, down 35 points.

On the 30-share Sensex platform, TechM, Asian Paints, Bajaj Finance, M&M, ITC, HCL emerged losers. On the flip side, L&T, Axis Bank, PowerGrid, Tata Steel, JSW Steel, Airtel were among gainers. Among specific stocks, shares of Anil Agarwal-led Vedanta were trading flat with a positive bias amid reports that the company is nearing a deal to spin off businesses into several listed entities in a broad restructuring.

#ABPStockMarketWatch | Sensex & Nifty were trading flat amid mixed Asian cues, on Thursday

At 10:27 AM, #Sensex dipped by 23 points to 66,142 & #Nifty by 2 points to 19,714

Here's a look at the stocks in focus:#ABPLive #MarketWatch pic.twitter.com/ClY5iiNpTt

— ABP LIVE (@abplive) September 28, 2023

In the broader markets, the BSE Midcap and Smallcap were hovering above the flat line, rising 0.08 per cent and 0.46 per cent, respectively.

Among sectors, the Nifty Metals and PSU Bank indices were the top gainers, up 0.8 per cent each. On the flipside, the Nifty IT index fell 0.5 per cent, followed by the Nifty FMCG index (down 0.5 per cent).

In the previous session on Wednesday, the BSE Sensex closed 173 points higher at 66,119, while the Nifty50 reclaimed 19,700-mark to shut shop at 19,716, up 52 points.

"Even though the market is showing resilience, the undercurrent is weak. The dollar index at 106.59, the US 10-year bond yield at 4.62 per cent and Brent crude above USD 97 are strong headwinds that can pull the market down," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

In Asian markets, Shanghai quoted in the green while Tokyo and Hong Kong traded lower. The US markets ended on a mixed note on Wednesday.

Global oil benchmark Brent crude climbed 0.71 per cent to $97.24 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 354.35 crore on Wednesday, according to exchange data.

Meanwhile, the rupee edged up 1 paisa to 83.21 against the US currency in a restricted trade on Thursday amid gains in domestic equities. The Indian currency was almost trading flat in the early session as gains from firm domestic stocks were offset by a rise in crude oil prices and the US dollar index remaining above the 106-mark against the leading currencies, forex dealers said.

The rupee opened flat at 83.22 against the US dollar and later moved in a range of 83.25 to 83.20 in morning deals. It was trading at 83.21 to US dollar at 9.35 am, up by 1 paisa over the previous close. The domestic unit settled at 83.22 on Wednesday after a listless trade.