Stock Market: Sensex Sheds 311 Points, Nifty Settles Below 18,700. Pharma Gains; Banks, IT Drag

Stock update: On the 30-share Sensex platform, Wipro, IndusInd Bank, SBI, Kotak Bank, ICICI Bank, HDFC Bank, Infosys were among the losers

In the broader market, the BSE Midcap index was up 0.3 per cent and the Smallcap 0.1 per cent.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Thursday closed in the red as the indices succumbed to selling pressure in the latter half of the trading day. The BSE Sensex, which started trading on a tentative note, later slipped into the negative zone and eventually closed at 62,918, down 311 points. On the other hand, the NSE Nifty dipped to a low of 18,669 and eventually ended 68 points lower at 18,688.

On the 30-share Sensex platform, Wipro, IndusInd Bank, SBI, Kotak Bank, ICICI Bank, HDFC Bank, Infosys were among the losers. On the flip side, Nestle, M&M, ITC, Asian Paints, HCL, Maruti emerged gainers.

#ABPLiveStockMarketWatch | Indian equity benchmarks on Thursday closed in the red succumbing to selling pressure

At 03:30 PM, #Sensex sheds 311 points to 62,918 & #Nifty down 68 points to close at 18,688

Here's a look at the stocks in focus#ClosingBell #ABPLive #MarketWatch pic.twitter.com/2KTqdt4kku

— ABP LIVE (@abplive) June 15, 2023

In the broader market, the BSE Midcap index was up 0.3 per cent and the Smallcap 0.1 per cent.

Among sectors, the bank index was down 1 per cent, the realty index fell nearly 1 per cent. The Information Technology index shed 0.5 per cent, while the pharma index rose 1 per cent and the FMCG index added 0.5 per cent.

In the previous session on Wednesday, the Sensex settled 85 points higher at 63,229. On the other hand, the NSE Nifty 50 ended with a gain of 40 points at 18,756.

"The domestic market is responding to the Fed's hawkish commentary, which suggests the possibility of 2 more rate hikes in the future this year, although they have currently opted for a halt," said Vinod Nair, Head of Research at Geojit Financial Services.

In Asian markets, Seoul and Tokyo ended lower, while Shanghai and Hong Kong settled in the green. Equity markets in Europe were trading on a mixed note. The US markets ended mixed in the overnight trade on Wednesday. The US Federal Reserve kept its key interest rate unchanged Wednesday after having raised it 10 straight times to combat high inflation. But in a surprise move, the Fed signalled that it may raise rates twice more this year, beginning as soon as next month.

Global oil benchmark Brent crude climbed 0.97 per cent to $73.91 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,714.72 crore on Wednesday, according to exchange data.

Meanwhile, the rupee fell 14 paise to close at 82.19 (provisional) against the US dollar on Thursday, pulled down by a strong greenback overseas and a negative trend in domestic equities.

Forex traders said the rupee depreciated slightly on recovery in the US dollar after the US Fed left key interest rate unchanged, but hinted more rate hikes this year. However, FII inflows and weak crude oil prices supported the rupee at lower levels, they added.

At the interbank foreign exchange, the domestic unit opened at 82.16 against the dollar, and finally settled at 82.19 (provisional), down 14 paise from its previous close.

During the day, the rupee touched a high of 82.02 and a low of 82.25 against the greenback. On Wednesday, the rupee had settled at 82.05 against the dollar.