Share Market Today: Sensex Sinks 500 Points; Nifty Tests 25150. IT Drags. Know Why

Share market today: On the 30-share Sensex platform, M&M, Infosys, TCS, TechM, Axis Bank, L&T were among the main losers

Share Market Today: Sectorally, all 13 indices opened in the red, led by declines in IT and banking stocks, which weighed heavily on the Nifty.

Source : ABPLIVE AI

Share market today: The two key equity benchmark indices, Sensex and Nifty, on Wednesday plunged sharply during opening trade following sell-off in global markets. At 10.05 am, the BSE Sensex declined 466 points to 82,089. On the other hand, the NSE Nifty50 was trading at 25,127, down 153 points.

Stock update

On the 30-share Sensex platform, M&M, Infosys, TCS, TechM, Axis Bank, L&T were among the main losers. On the flip side, Asian Paints, HUL, UltraCemco, and HDFC Bank were the only four that emerged in the green.

Sectoral update

Sectorally, all 13 indices opened in the red, led by declines in IT and banking stocks, which weighed heavily on the Nifty.

In the previous session on Tuesday, the BSE Sensex dropped 4.40 points to end at 82,555, while the NSE Nifty50 got a slim gain of 1.15 points to settle at 25,280.

Global update

Wall Street experienced a sharp decline overnight as investor enthusiasm for artificial intelligence waned. The Dow Jones Industrial Average fell by 1.51 per cent, closing at 40,936.93; the S&P 500 dropped 2.12 per cent, ending at 5,528.93; and the Nasdaq Composite plunged 3.26 per cent to finish at 17,136.30. S&P 500 futures slipped by 0.1 per cent, while Nasdaq futures edged down 0.15 per cent.

Asian markets were also down on Wednesday, with Japan’s Nikkei 225 leading the regional losses, plummeting over 3 per cent, and the broader Topix index falling 2.74 per cent. South Korea’s Kospi declined by 2.61 per cent at the open, and the small-cap Kosdaq dropped 2.94 per cent.

Brent crude, the international oil benchmark, declined 0.62 per cent to 73.29 in futures trade.

Rupee gains 2 paise

The rupee rose 2 paise to 83.96 against the US dollar in early trade on Wednesday aided by a weakening dollar against major currencies overseas and a drop in crude oil prices.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.14 per cent to 101.67.

At the interbank foreign exchange market, the rupee opened at 83.96, higher by 2 paise from its previous close and stayed put. The unit had settled at 83.98 against the US dollar on Tuesday.