Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Wednesday are trading lower amid volatility, tracking weak Asian cues. At 9.36 am, the BSE Sensex dipped 94 points to 81,726. On the other hand, the NSE Nifty50 was trading at 25,042, down 15 points.
Stock update
On the 30-share Sensex platform, M&M, Nestle, TCS, Infosys, Kotak Bank, Maruti are trading in the red. On the other hand, HDFC Bank, Bajaj Finserv, Reliance, Sun Pharma, Airtel, Asian Paints emerged early gainers.
In the broader markets, the Nifty Midcap100 was trading flat while the Nifty Smallcap 100 was marginally higher by 0.03 per cent.
Sectoral update
Across sectors, the Auto index led the declines, down 0.68 per cent, followed by the FMCG and IT indices. Bank Nifty saw a slight gain, up 0.03 per cent, while Financial Services rose 0.28 per cent. The Consumer Durables, Pharma, Healthcare, and Media indices were in negative territory, while the Oil & Gas index edged up 0.57 per cent.
In the previous session on Tuesday, the BSE Sensex settled at 81,820.12, slipping more than 150 points, while the NSE Nifty50 closed the day at 25,057.35, dropping almost 71 points.
"Market sentiment remained cautious with foreign investors selling Rs 63,900 crore in October," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Global update
In Asian markets, Seoul and Tokyo traded lower, while Shanghai and Hong Kong quoted in the positive territory. The US markets ended lower on Tuesday. Japan’s Nikkei 225 was down 1.8 per cent, and the broad-based Topix was lower by 1.13 per cent. Hong Kong's Hang Seng index was marginally ahead by 0.08 per cent, while mainland China's Shanghai Composite and CSI 300 were down by 0.14 per cent and 0.86 per cent, respectively.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,748.71 crore on Tuesday, according to exchange data.
Global oil benchmark Brent crude climbed 0.23 per cent to $74.42 a barrel.
Rupee dips 3 paise
The rupee witnessed range-bound trade and depreciated 3 paise to 84.07 against the US dollar in initial deals on Wednesday, weighed down by significant foreign fund outflows and the strength of the American currency in the overseas market.
Forex traders said the rupee is likely to trade in a narrow range during the day as strong dollar and a muted tone in the domestic equities weighed on the local unit, while weak crude oil prices and any intervention by the Reserve Bank of India (RBI) may also support the local currency at lower levels.
At the interbank foreign exchange, the rupee opened at 84.03 against the greenback. In the initial trade, it touched 84.07, registering a fall of 3 paise over its previous close. On Tuesday, the rupee witnessed a range-bound trade and appreciated 1 paisa to 84.04 against the US dollar.