Share Market Today: Sensex Slips 638 Points; Nifty Below 24,800. Adani Ports Down 4%
Share Market Today: On the 30-share Sensex platform, Adani Ports, NTPC, SBI, PowerGrid, IndusInd Bank, Axis Bank emerged losers
Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on closed lower for the sixth straight session on Monday due to across sector sell off amid mixed global trends. The BSE Sensex plunged 638 points to end at 81,050. During intraday, the index plummeted 962 points to 80,726. On the other hand, the NSE Nifty50 dropped 219 points to settle at 24,796.
Stock update
On the 30-share Sensex platform, Adani Ports, NTPC, SBI, PowerGrid, IndusInd Bank, Axis Bank emerged losers. On the flip side, M&M, ITC, Airtel, Infosys, Bajaj Finance, TCS were among the gainers.
In the broader market, the Nifty Midcap 100 and Nifty Smallcap 100 indices ending down by 2.01 per cent and 2.75 per cent, respectively.
In the previous session on Friday, the Sensex dropped 808 points to 81,688, while the NSE Nifty50 shed 236 points to end at 25,015.
"The Indian markets have entered a consolidation phase with high risk of underperforming to Asian peers. This phase is marked by significant corrections in the broader market due to premium valuations. There is notable global arbitrage activity, with Chinese markets attracting substantial inflows driven by its attractive valuations and stimulus measures," Vinod Nair, Head of Research at Geojit Financial Services, said.
Global update
European markets were trading on a mixed note on Monday. In Asian markets, Tokyo, Shanghai, Hong Kong, and Seoul settled higher. Wall Street ended with gains on Friday.
Foreign Institutional Investors offloaded equities worth Rs 9,896.95 crore on Friday, while Domestic Institutional Investors bought equities worth Rs 8,905.08 crore, according to exchange data.
Global oil benchmark Brent crude surged 2.09 per cent to $79.68 a barrel.
Rupee ends flat
The rupee pared its initial gains and settled on a flat note at 83.99 against the US dollar on Monday on selling pressure from foreign funds and weak tone in the domestic markets. Forex traders said elevated crude oil prices and escalating tensions between Israel and Iran weighed on the local unit, while all-time high forex reserves boosted investor sentiments.
At the interbank foreign exchange, the rupee opened at 83.96 against the US dollar and touched an intra-day high of 83.95 and a low of 83.99. The domestic currency finally ended the day at 83.99 (provisional), unchanged from its previous closing level.
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