Share Market Today: Sensex Plunges Below 79,950, Nifty Closes Over 100 Points Lower

On the 30-share Sensex platform, Maruti Suzuki, IndusInd Bank, Adani Ports, L&T, and ITC emerged gainers. On the flip side, Infosys, ICICI Bank, Kotak Bank, M&M, and SBI were among the losers

Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Wednesday settled in red after opening on a lower note. The BSE Sensex closed the session at 79,942.18, plunging more than 400 points, while the NSE Nifty50 ended trading at 24,340.85, falling 126 points. 

Stock update

On the 30-share Sensex platform, Maruti Suzuki, IndusInd Bank, Adani Ports, L&T, and ITC emerged gainers. On the flip side, Infosys, ICICI Bank, Kotak Mahindra Bank, M&M, and State Bank of India were among the losers.

In the broader markets, the Nifty Microcap 250 dominated in green and closed 1.95 per cent higher, followed by the Nifty Smallcap 250 and Smallcap 100 indices which settled up by 1.19 per cent and 1.05 per cent respectively. Meanwhile, the Nifty100 index closed in red by slipping 0.50 per cent.

Sectoral update

Sectorally, the Nifty Media index surged and ended 2.34 per cent higher. Meanwhile, the Nifty Financial Services 25/50 index emerged as the biggest laggard on the list and settled 1.45 per cent lower.

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.

Rupee closes flat

The rupee depreciated 4 paise to close at 84.09 (provisional) against the US dollar on Wednesday, due to weak domestic markets and dollar demand from importers.

At the interbank foreign exchange, the rupee opened at 84.06 against the greenback. It traded in a tight range and settled the day at 84.09 (provisional). On Tuesday, the domestic currency appreciated 2 paise to end at 84.05 against its American counterpart.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, noted, "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."