Share Market Today: Sensex Dips 139 Points; Nifty Below 24,450. IT Shares Jump
Share Market Today: On the 30-share Sensex platform, M&M, Sun Pharma, PowerGrid, NTPC, Adani Ports, L&T emerged losers
Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Wednesday closed in the red amid volatility. The BSE Sensex dropped 139 points to end at 80,081. On the other hand, the NSE Nifty50 fell 37 points to settle at 24,435.
Stock update
On the 30-share Sensex platform, M&M, Sun Pharma, PowerGrid, NTPC, Adani Ports, L&T emerged losers. On the flip side, Bajaj Finance, TechM, HCLTech, TCS, HDFC Bank, Infosys were among the gainers.
In the broader market, Nifty Smallcap 100 and Nifty Midcap 100 advanced 1.25 per cent and 0.64 per cent, respectively.
Sectoral update
Among the sectors, the IT index rose by over 2 per cent, while capital goods, power, and pharma each declined by 1 per cent.
In the previous session on Tuesday, the BSE Sensex plunged 930 points to 80,220, while the NSE Nifty 50 settled at 24,472, down 309 points.
"Investor mindset turned gloomy with the tepid earnings and a knee jerk reaction from FIIs, which dragged the market sentiment. However, mid and smallcaps are experiencing bargain hunting following the recent decline, though the sustainability of this momentum-driven buying remains uncertain. The US 10-year yield inched higher, signalling a slower tempo of rate cuts by the FED, which is poised for a risk-off sentiment towards EMs," said Vinod Nair, Head of Research, Geojit Financial Services.
Global update
In Asian markets, Seoul, Shanghai, and Hong Kong settled higher, while Tokyo ended lower. European markets were trading on a mixed note. The US markets ended flat on Tuesday.
Global oil benchmark Brent crude declined 0.97 per cent to $75.30 a barrel.
Rupee ends flat
The rupee settled flat at 84.08 (provisional) against the US dollar on Wednesday, facing pressure from a stronger American currency as well as relentless outflow of foreign funds. Forex traders said the lacklustre sentiment in domestic equity markets and volatile geopolitics ahead of the US Presidential election kept investors on the sidelines.
At the interbank foreign exchange market, the domestic unit opened at 84.07 against the greenback and traded in a narrow range throughout the session. The unit finally settled at the previous session's closing level of 84.08 (provisional) against the dollar. On Tuesday, the rupee had settled 1 paisa lower at 84.08 against the US dollar.
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