Stock Market: Sensex Tanks 350 Points; Nifty Around 19,550 On Weak Cues. Wipro Sheds 3 Per Cent

Stock update: On the 30-share Sensex platform, Wipro, PowerGrid, Tata Steel, Bajaj Finance, NTPC, JSW Steel emerged main losers

The two key equity benchmarks, Sensex and Nifty, on Thursday plunged into a sea of red following weak global sentiment amid escalating war in the Middle East. At 9.55 am, the BSE Sensex dived 351 points to 65,526. On the other hand, the NSE Nifty50 was trading at 19,572, down 99 points.

On the 30-share Sensex platform, Wipro, PowerGrid, Tata Steel, Bajaj Finance, NTPC, JSW Steel emerged main losers. On the flip side, only IndusInd Bank, HCLTech, and ITC were the gainers.

In the broader market, the BSE Midcap and Smallcap indices declined 0.7 per cent and 0.4 per cent, respectively.

Sectorally, the Nifty Metal index dropped 1.5 per cent, the Nifty Realty fell 1.24 per cent, while the Nifty Financial Services declined 0.8 per cent.

In the previous session on Wednesday, the S&P BSE Sensex tanked 551 points to end at 65,877, while the NSE Nifty50 shut shop at 19,671, down 141 points.

"Investors face various pressing concerns, including divestment by foreign institutional investors, the Israel-Palestine conflict, lacklustre corporate performance, rising US treasury yields, and an upcoming speech by Jerome Powell (Fed Chair)," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.

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

Global oil benchmark Brent crude declined 0.52 per cent to $91.02 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,831.84 crore on Wednesday, according to exchange data.

Meanwhile, the rupee was trading in a narrow range and appreciated 3 paise to 83.25 against the US dollar in early trade on Thursday, amid a negative trend in domestic equities. Forex traders said the rupee is trading in a narrow range as sustained foreign fund outflows and strength of the American currency in the overseas market weighed on investor sentiments.

At the interbank foreign exchange, the domestic unit opened at 83.26 against the dollar and then touched an early high of 83.25, registering a gain of 3 paise over its previous close. On Wednesday, the rupee settled at 83.28 against the US dollar.