Share Market Today: Sensex Slips Nearly 500 Points, Nifty Tests 24,600

IndusInd Bank, PowerGrid, Bajaj Finance, and Maruti emerged as the only gainers on the Sensex. On the other hand, Titan, JSW Steel, UltraTech Cement, Adani Ports, and Tech M stood among the laggards

On the other hand, the Metal and IT indices dominated in red and dipped 1.13 per cent and 0.80 per cent respectively. 

Source : ABPLIVE AI

Stock Market Today: The Sensex and Nifty began trading on Monday on a weaker note. Weak global indicators and worries regarding the upcoming WPI inflation data set to be revealed in the day weighed down the key benchmark indices.

As the session progressed, the indices continued to decline. Around 11:44 AM, the BSE Sensex plunged 431 points to touch 81,702.24, while the NSE Nifty50 took a hit of more than 100 points and stood at 24,643.80.

IndusInd Bank, PowerGrid, Bajaj Finance, and Maruti emerged as the only gainers on the Sensex. On the other hand, Titan, JSW Steel, UltraTech Cement, Adani Ports, and Tech M stood among the laggards.

Ameya Ranadive Chartered Market Technician, CFTe, Sr Technical Analyst, StoxBox, noted, “Stock markets in India are expected to remain cautious amid mixed global cues, as investors await the US Federal Reserve's policy rate decision later this week.”

Foreign Institutional Investors (FIIs) purchased equities worth Rs 2,335.32 crore on Friday, according to exchange data. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, noted, "The excessive volatility witnessed on Friday is a reflection of the sharp differences in perceptions about the near-term market trend. While FIIs turning buyers in December, so far, after the relentless selling in the previous two months is positive, investors should not assume that the FIIs will continue to buy. Strong dollar and high bond yields in the US are headwinds for capital flows."

Asian markets saw Seoul, Hong Kong, and Tokyo trading lower, while Shanghai remained in green. The global oil benchmark Brent crude slipped 0.31 per cent to touch $74.26 a barrel. 

In broader markets, VIX, the volatility index soared over 10 per cent. Among sectors, the Nifty Realty rallied ahead and stood up by 2.49 per cent. On the other hand, the Metal and IT indices dominated in red and dipped 1.13 per cent and 0.80 per cent respectively.