Stock Market: Sensex Declines 400 Points, Nifty Tests 18,000 Tracking Weak Global Trends

Stock update: Axis Bank was the top loser, shedding 2.84 per cent, followed by Bajaj twins, Tech Mahindra, M&M, Tata Steel, RIL, HDFC, TCS, Maruti, and Infosys on the Sensex platform

Sensex and Nifty, the two key domestic indices, opened lower on Thursday in early morning trade, tracking heavy losses in auto, IT, and banking stocks amid a negative trend in global markets. Besides, a weak rupee against the dollar also impacted domestic equities, traders said.

At 10.40 am, the BSE Sensex was down 400 points to 60,633, while the broader NSE Nifty was trading at 18,042, down 115 points.

On the 30-share Sensex platform, Axis Bank was the top loser, shedding 2.84 per cent, followed by Bajaj twins, Tech Mahindra, M&M, Tata Steel, RIL, HDFC, TCS, Maruti, and Infosys. On the flip side, Dr Reddy's, HUL, Bharti Airtel, HCL, Kotak Bank, and Sun Pharma were among the gainers.

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 indices slipped up to 0.5 per cent. Volatility gauge, India VIX, meanwhile, gained over 2 per cent.

Apart from Nifty Pharma index, all sectors plunged in negative territory, with Nifty Auto index declining the most, over 1 per cent.

In the previous session on Wednesday, Sensex ended 151.60 points or 0.25 per cent lower at 61,033.55. The NSE Nifty fell 45.80 points or 0.25 per cent to end at 18,157.

Foreign institutional investors (FIIs) remained net buyers in the Indian capital market on Wednesday, as they bought shares worth Rs 386.83 crore, as per exchange data.

International oil benchmark Brent crude was trading 0.06 per cent lower at $92.71 per barrel.

In Asian markets, bourses in Tokyo, Shanghai, Seoul and Hong Kong were trading with significant losses. Equities on Wall Street ended lower in the overnight session on Wednesday.

Meanwhile, the rupee fell 17 paise to 81.64 against the US dollar in early trade on Thursday. Forex traders said the focus will be on the US October CPI print scheduled to be released later on Thursday.

At the interbank foreign exchange, the domestic unit opened at 81.61 against the dollar, then lost further ground to quote at 81.64, registering a loss of 17 paise over its previous close. On Wednesday, the rupee appreciated by 45 paise to close at 81.47 against the US dollar.