Share Market Today: Sensex Slips 500 Points; Nifty Below 23,400. IT Stocks Drag
Share market today: On the 30-share Sensex platform, Infosys, TechM, HCLTech, TCS, NTPC, Axis Bank emerged losers
Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Monday are trading lower, tracking mixed global cues. At 9.40 am, the BSE Sensex dropped 472 points to 77,108. On the other hand, the NSE Nifty50 was trading at 23,393, down 140 points.
Stock update
On the 30-share Sensex platform, Infosys, TechM, HCLTech, TCS, NTPC, Axis Bank emerged losers. On the flip side, HDFC Bank, Asian Paints, Tata Steel, Bajaj Finance, Titan, Adani Ports were among the gainers.
In the broader markets, the Nifty Midcap 100 gained marginally higher by 0.08 per cent, while the Nifty Smallcap 100 declined by 0.09 per cent.
India VIX index was 8.17 per cent higher on Monday.
Sectoral update
Among sectoral indices, Nifty IT emerged as the biggest loser, dropping 0.8 per cent, followed closely by BSE Media and Oil & Gas, which also declined by 0.8 per cent. On the positive side, Nifty Metal and Realty led the gains with a 1.3 per cent rise each, while Nifty Consumer Durables added 0.8 per cent and Nifty Financial rose 0.3 per cent.
Equity markets were closed on Friday for Guru Nanak Jayanti. In the previous session on Thursday, the BSE benchmark Sensex dropped 110 points to settle at 77,580, while the NSE Nifty50 declined by 26 points to 23,532.
"Even though Nifty has corrected 10.4 per cent from the peak there are no signs of a sustained recovery in the market. Relentless FII selling, earnings downgrades for majority of stocks for FY25, and the consequences of the Trump trade are weighing on the market," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
Global stock markets
In Asian markets, Seoul, Shanghai, and Hong Kong traded higher while Tokyo quoted lower. The US markets ended lower on Friday.
Global oil benchmark Brent crude climbed 0.51 per cent to $71.40 a barrel.
Rupee rises 8 paise
The rupee recovered from its lowest level and appreciated by 8 paise to 84.38 against the US dollar in early trade on Monday despite a stronger American currency and sustained outflow of foreign funds. Lower level of crude oil prices in the international market supported the recovery of local unit, forex traders said.
At the interbank foreign exchange, the rupee opened at 84.42 and strengthened further to 84.38 against the greenback, trading 8 paise higher from its previous close. On Thursday, the rupee fell 7 paise to settle at its all-time low of 84.46 against the US dollar.
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