Share Market Today: Sensex Sheds 700 Points; Nifty Below 24,100. IT, Auto Drag

Share Market Today: On the 30-share Sensex platform, barring SBI all the constituents are trading in the red. Infosys, M&M, TechM, HCLTech, PowerGrid, TCS emerged main losers

In the broader markets, the BSE Smallcap index logged 0.6 per cent gain, while the BSE Midcap index rose 0.2 per cent.

Source : PTI

Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Thursday are trading lower amid mixed trends from the Asian markets. At 10.45 am, the BSE Sensex declined 701 points to 79,533. On the other hand, the NSE Nifty50 was trading at 24,083, down 191 points.

Stock update

On the 30-share Sensex platform, barring SBI all the constituents are trading in the red. Infosys, M&M, TechM, HCLTech, PowerGrid, TCS emerged main losers.

In the broader markets, the BSE Smallcap index logged 0.6 per cent gain, while the BSE Midcap index rose 0.2 per cent.

Sectoral update

Sectorally, Nifty Media and Realty indices surged over 1 per cent each, with notable gains also seen in the PSU Bank, FMCG, and Metal indices. However, the Nifty IT index fell by 1 per cent.

 "The consolidation phase in the market is likely to continue in the near-term. A clear positive for the market is the cessation of relentless selling by Foreign Institutional Investors (FIIs). This will give confidence to retail investors to again start buying aggressively. But there is no room for such high optimism. Strong dollar is a negative for emerging markets and, therefore, FIIs are unlikely to turn aggressive buyers," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

Global update

In Asian markets, Seoul, and Tokyo were trading in the green, while Shanghai and Hong Kong quoted lower. The US markets ended lower on Wednesday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 7.78 crore on Wednesday, according to exchange data.

Global oil benchmark Brent crude dipped 0.21 per cent to $72.68 a barrel.

Rupee fell 7 paise

The rupee fell 7 paise to trade at 84.47 against the US dollar in early trade on Thursday weighed down by a muted trend in domestic equities and strength of the American currency in the overseas markets.

Forex traders said the latest Federal Open Market Committee (FOMC) minutes reveal a significant shift in the Federal Reserve's outlook. The Fed is likely to put downward pressure on short-term interest rates, reducing the appeal of dollar-denominated assets and contributing to the decline in the Dollar Index.

At the interbank foreign exchange, the rupee opened at 84.45 and moved in a tight range and touched 84.47 against the greenback, registering a fall of 7 paise over its previous close. On Wednesday, the rupee depreciated by 11 paise to close at 84.40 against the US dollar.