Share Market Today: Sensex Falls 200 Points; Nifty Around 24200. Bank, Pharma Stocks Down
Share Market Today: On the 30-share Sensex platform, ICICI Bank, Sun Pharma, Axis Bank, Bajaj Finserv, Kotak Bank, Infosys emerged early losers
Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Wednesday are trading lower, tracking mixed global cues. At 11.05 am, the BSE Sensex dropped 194 points to 80,175. On the other hand, the NSE Nifty50 was trading at 24,422, down 45 points.
Stock update
On the 30-share Sensex platform, ICICI Bank, Sun Pharma, Axis Bank, Bajaj Finserv, Kotak Bank, Infosys emerged early losers. On the flip side, Adani Ports, Maruti, Nestle, PowerGrid, L&T, JSW Steel were among the gainers.
In the broader markets, the Nifty Midcap 100 gained by 0.01 per cent, while the Nifty Smallcap 100 rose by 0.30 per cent.
Sectoral update
Except bank and pharma, all other sectoral indices are trading in the green.
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In the previous session on Tuesday, the BSE Sensex gained 364 points to end at 80,369, while the NSE Nifty50 closed at 24,467, rising 128 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 548.69 crore, according to exchange data.
"In the near term the market will be influenced by two factors - one positive and the other negative. The positive is the sharp decline in FII selling to just Rs 548 crore on Tuesday. This is an indication that the FII tactical trade of ‘Sell India, Buy China’ is coming to an end. With more Domestic Institutional Investors (DII) and retail money coming to the market and FII selling tapering off, the market may get a near-term boost, aided by the festive mood. But the uptrend is unlikely to sustain since the Q2 earnings numbers indicate softness in earnings for FY25," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
Global update
In Asian markets, Seoul, Shanghai and Hong Kong traded lower, while Tokyo quoted in the positive territory. The US markets ended on a mixed note on Tuesday.
Global oil benchmark Brent crude climbed 0.48 per cent to $71.46 a barrel.
Rupee dips 2 paise
The rupee opened on a flat note and depreciated 2 paise to 84.07 against the US dollar in initial deals on Wednesday, weighed down by persistent foreign fund outflows and muted domestic equities. Forex traders said the strength of the American currency in overseas markets dented investor sentiments, while easing crude oil prices and any intervention by the Reserve Bank of India (RBI) may support the local currency at lower levels.
At the interbank foreign exchange, the rupee opened at 84.06 against the greenback. In the initial trade, it touched 84.07, down 2 paise from its previous closing. On Tuesday, the rupee gained 2 paise to settle at 84.05 against the US dollar. The local currency has been hovering around its all-time low level. Rupee touched its lowest closing level of 84.10 against the dollar on October 11.
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