Stock Market Today: Sensex Sheds 260 Points, Nifty Around 19,500 On Mixed Trends. Bank, Financials Drag

Stock Market Today: On the 30-share Sensex platform, HCL, ICICI Bank, Maruti, TCS, HUL, Reliance emerged in red. On the flipside, M&M, JSW, Titan, Airtel, Tata Motors, TechM were among early gainers

In the broader markets, the BSE Midcap fell 0.03 per cent, while the Smallcap index rose 0.28 per cent. ( Image Source :Getty )

The two key equities benchmarks, Sensex and Nifty, were trading lower during early hours on Wednesday as investors remain on the edge amid mixed global trends ahead of the RBI monetary policy scheduled on August 10. At 9.45 am, the S&P BSE Sensex was down by 262 points to 65,684. On the other hand, the NSE Nifty was trading at 19,510, down 60 points.

On the 30-share Sensex platform, HCL, ICICI Bank, Maruti, TCS, HUL, Reliance emerged in the red. On the flipside, M&M, JSW, Titan, Airtel, Tata Motors, TechM were among early gainers. Among specific stocks, Adani Wilmar (down 3 per cent), Oil India and Prestige Estates (down 2 per cent each), and Gland Pharma (up 5 per cent) buzzing in trade.

#ABPLiveStockMarketWatch | Sensex and Nifty were trading lower amid mixed global trends, on Wednesday

At 10:50 AM, #Sensex fell by 336 points to 65,510 & #Nifty by 87 points to 19,484

Here's a look at the stocks in focus:#StockMarket #StockMarketPrices #Trading #Stock pic.twitter.com/BqMoc0c7Fz

— ABP LIVE (@abplive) August 9, 2023

In the broader markets, the BSE Midcap fell 0.03 per cent, while the Smallcap index rose 0.28 per cent.

Sectorally, the Nifty Pharma and Metals were the only gainers, rising up to 0.9 per cent, while Nifty Bank, Financial Services, Private Bank, and Realty indices dipped 0.3 per cent each.

In the previous session on Tuesday, the Sensex settled 107 points lower at 65,847. The NSE Nifty50 closed with a loss of 26 points at 19,571.

"While local markets have been range-bound in recent trades, FII selling in recent sessions have led to caution amongst the investors. Also, traders don't want to take any chances ahead of the RBI's credit policy on Thursday," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

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

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 711.34 crore on Tuesday, according to exchange data.

Global oil benchmark Brent crude declined 0.22 per cent to $85.98 a barrel.

Meanwhile, the rupee appreciated by 10 paise to 82.81 against the US dollar in early trade on Wednesday gaining ground from the 8-month low level amid weakening American currency against major rivals overseas. However, weak equity markets, outflow of foreign funds and crude prices breaching $85 per barrel weighed on the local unit, said analysts.

Participants were trading cautiously awaiting the US inflation data, the UK's GDP number and RBI's monetary policy decision to be announced on Thursday. At the interbank foreign exchange, the domestic unit opened stronger at 82.83 against the dollar and touched the peak of 82.80. The rupee later traded at 82.81, registering a gain of 10 paise over its previous close.