Stock Market: Sensex Falls 200 Points, Nifty At 19,400 On Weak Global Trends. Adani Power Rises 2 Per Cent

Stock update today: On the 30-share Sensex platform, ITC, PowerGrid, Nestle, TCS, UltraCemco, Infosys, Wipro, were trading in the red

In the broader markets, the BSE Midcap and Smallcap indices up 0.5 per cent each.

The two key equity benchmarks, Sensex and Nifty, on Thursday were trading in the negative zone amid losses across global markets. At 10.05 am, the BSE Sensex declined 198 points to 65,341. On the other hand, the NSE Nifty50 slipped 64 points to 19,401.

On the 30-share Sensex platform, ITC, PowerGrid, Nestle, TCS, UltraCemco, Infosys, Wipro, were trading in the red. On the flipside, Titan, Axis Bank, SBI, Maruti, Bajaj Finserv, NTPC emerged early gainers. Among specific stocks, Adani Power rose over 2 per cent as GQG Partners on Wednesday bought 8.1 per cent stake in the company for Rs 9,000 crore through multiple block deals. IRFC dropped 4 per cent amid reports the government is looking to sell an 11.36 per cent stake in the company via an OFS.

#ABPStockMarketWatch | Sensex & Nifty were trading in the negative zone amid global losses, on Thursday

At 10:05 AM, #Sensex dipped by 230 points to 65,309 & #Nifty by 64 points to 19,401

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

— ABP LIVE (@abplive) August 17, 2023

In the broader markets, the BSE Midcap and Smallcap indices up 0.5 per cent each.

Sectorwise, FMCG and IT indices were trading down by 0.5 per cent each, while the PSU Bank index jumped 1 per cent. Nifty consumer durable index gained the most, while FMCG and oil & gas pockets declined.

In the previous session on Wednesday, the S&P BSE Sensex closed at 65,539, up 137 points, while the NSE Nifty50 index ended at 19,465, up 30 points.

"Global cues for markets continue to be weak. There are two negatives weighing on global stock markets now: One, the US Fed minutes indicate that one more rate hike may be needed in this rate hiking cycle to tame inflation.Two, Chinese macro data indicate that the economy is slowing more-than-feared earlier, and this will impact global economic growth. In this scenario the Indian market is unlikely to break out to newer highs on a sustained basis and decouple from the rest of the world. However, a sharp correction appears unlikely," said V K Vijayakumar, chief investment strategist, Geojit Financial Services.

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

Global oil benchmark Brent crude climbed 0.12 per cent to $83.55 a barrel.

Foreign Institutional Investors (FIIs) turned buyers on Wednesday as they bought equities worth Rs 722.76 crore, according to exchange data.

Meanwhile, the rupee recovered from its all-time low levels and appreciated by 9 paise to 82.99 against the US dollar in early trade on Thursday as crude oil price retracted from its elevated levels. However, a muted trend in domestic equities and strength of the American currency in the overseas market dented investor sentiments, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 83.10, then touched a high of 82.99 against the American currency, registering a rise of 9 paise over its last close. On Monday, the rupee depreciated 26 paise to settle at an all-time low of 83.08 against the US dollar.