Stock Market At Day's Low: Sensex Slips 450 Points; Nifty Tests 21,900. Telecom, PSU Banks Drag
Stock update: On the 30-share Sensex platform, Airtel, PowerGrid, UltraCemco, HDFC Bank, Kotak Bank, HUL were among the losers. HCLTech, Axis Bank, ITC, Wipro, TechM, Tata Steel emerged gainers
The two key equity benchmarks, Sensex and Nifty, on Thursday are trading in the red despite strong global sentiment. At 10.15 am, the S&P BSE Sensex dropped 445 points to 72,178. On the other hand, the NSE Nifty50 was trading at 21,913, down 141 points.
On the 30-share Sensex platform, Airtel, PowerGrid, UltraCemco, HDFC Bank, Kotak Bank, HUL were among the losers. On the flip side, HCLTech, Axis Bank, ITC, Wipro, TechM, Tata Steel emerged gainers.
In the broader markets, the BSE Midcap and the BSE Smallcap indices fell almost 0.5 per cent.
Sectorally, telecom, PSU bank, oil & gas declined 0.5 per cent each, while Nifty Metal index gained 0.7 per cent.
In the previous session, the S&P BSE Sensex declined 434 points to end at 72,623, while the Nifty50 closed shop at 22,055, down 142 points.
Asian markets surged on Thursday following Nvidia Corp's robust revenue forecast, as highlighted by Deepak Jasani, Head of Retail Research at HDFC Securities.
Reflecting on the previous day's market performance, US stocks predominantly closed higher, contrasting with a mixed outcome for European shares. Insights from the US Federal Reserve's January meeting underscored policymakers' concerns regarding the risks associated with premature interest rate cuts.
Foreign Institutional Investors (FIIs) emerged as net buyers on Wednesday, injecting confidence into the market with securities purchases amounting to Rs 284.66 crore.
Meanwhile, the Indian rupee maintained its resilience for the fourth consecutive session, strengthening by 4 paise to 82.92 against the US dollar in early trading on Thursday. This upward trend was attributed to the weakness of the US dollar against major international currencies. However, forex traders noted that the Indian currency faced pressure due to subdued sentiments in the equity market and the persistent elevation of crude oil prices.
At the interbank foreign exchange, the domestic currency commenced trading at 82.94 and further appreciated to 82.92 against the US dollar in initial transactions, marking a 4-paise gain from the previous day's close. The rupee had concluded Wednesday's trading session at 82.96 against the greenback, recording a marginal increase of 1 paisa, following a cumulative gain of 8 paise over the preceding two sessions.
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