Stock Market: Sensex Falls 340 Points, Nifty Below 19650 On Weak Global Cues. Hero MotoCorp Slips 2%

Stock update: On the 30-share Sensex platform, barring Maruti, PowerGrid, and Asian Paints, all the constituents were trading in the negative zone

The two main equity benchmarks, Sensex and Nifty, on Wednesday started on a weak note amid subdued sentiments from global markets. At 9.40 am, the BSE Sensex declined 344 points to 66,115. The NSE Nifty50, on the other hand, was trading at 19,631, down 103 points.

On the 30-share Sensex platform, barring Maruti, PowerGrid, and Asian Paints, all the constituents were trading in the negative zone. Among individual stocks, Hero MotoCorp continued its downtrend for second consecutive day, dropping 2 per cent as ED conducted searches on premises of its Executive Chairperson Pawan Munjal.

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

Sectorwise, barring Nifty Media index (up 0.5 per cent), all other sectors plunged in the sea of red. Nifty Metal, Nifty Pharma, and Nifty Bank indices were the worst hit, down up to 1 per cent.

In the previous session on Tuesday, the S&P BSE Sensex closed at 66,459, down 68 points, while the NSE Nifty50 settled at 19,734, down 20 points.

"Markets may see a weak start in Wednesday trade amid fall in the Asian markets after the US indices edged lower in overnight trade. The rate hike by the US Fed last week and hinting at a further rate hike has spread uncertainty across the global markets, which has sparked volatility since then. On the domestic front, tepid earning reports and listless action from the FIIs are seen undermining the market mood," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, had said in a pre-opening market comment.

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

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 92.85 crore on Tuesday, according to exchange data.

Global oil benchmark Brent crude jumped 0.85 per cent to $85.63 a barrel.

Meanwhile, the rupee depreciated 19 paise to 82.41 against the US dollar in early trade on Wednesday as a negative trend in domestic equities and firm crude oil prices weighed on investor sentiments. Forex traders said the rupee is trading lower on strong dollar and foreign fund outflows over the past few days.

At the interbank foreign exchange, the domestic unit opened at 82.38, then touched 82.41, registering a decline of 19 paise over its last close. On Tuesday, the rupee had settled at 82.22 against the dollar.