Share Market Today: The two key equity benchmarks, Sensex and Nifty, on Wednesday extended their fall for the fourth day in a row amid selling in financial and banking shares, just a day after the Union Budget. The 30-share BSE Sensex fell 280 points to close at 80,149. The benchmark tumbled 679 points to 79,750.51 during intraday trading. On the other hand, the NSE Nifty50 shed 66 points to 24,414.
Stock update
On the 30-share Sensex platform, Bajaj Finserv, Axis Bank, Bajaj Finance, HUL, Adani Ports, SBI emerged losers. On the flip side, TechM, NTPC, Tata Motors, Sun Pharma, PowerGrid, Asian Paints were among the gainers. On the Sensex platform, 19 of its components closed in the red and 11 with gains.
In the broader markets, the BSE Midcap index gained 0.68 per cent while the BSE Smallcap index jumped 2 per cent.
Sectoral update
Sectorwise, Nifty Media index climbed 2.5 per cent. Nifty Pharma and Realty gained 0.7 per cent each. Nifty Bank index, however, slipped 0.89 per cent.
"The Budget event has gone by leaving a mixed bias while reshuffling of capital gain tax is only a short-term negative surprise. The broad market seems to be losing momentum due to lack of further traction," Vinod Nair, Head of Research, Geojit Financial Services said.
In the previous session on Tuesday, the BSE benchmark closed lower by 73 points at 80,429, while the NSE Nifty50 dropped 30 points to 24,479.
Global update
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower. European markets were trading lower. The US markets ended marginally lower on Tuesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,975.31 crore on Tuesday, according to exchange data.
Global oil benchmark Brent crude jumped 0.75 per cent to $81.62 a barrel.
Rupee dips 1 paise
The rupee depreciated 1 paisa to revisit its all-time closing low of 83.70 (provisional) against the US dollar on Wednesday, weighed down by a strong dollar against major crosses overseas amid investors' weak appetite for riskier assets. Forex traders said the increase in capital gains tax and removal of indexation benefits announced in the FY25 Budget on Tuesday was the main reason for dollar buying as foreign investors sold stocks.
At the interbank foreign exchange market, the local unit opened at 83.69 and touched an intra-day high of 83.68 and a low of 83.72 against the dollar during the session. It finally settled at an all-time low level of 83.70 (provisional) against the American currency, registering a fall of 1 paisa from its previous close.