Stock Market: Sensex Dives 104 Points, Nifty Holds 18,350 Tracking Weak Asian Trends

Stock update: On the 30-share Sensex platform, Tata Motors, HUL, M&M, Airtel, Maruti, L&T, and others were the major losers

Sensex and Nifty, the two key equity benchmarks, on Tuesday ended day’s trade in the red after tracking heavy losses in Asian peers. The two domestic indices, however, recouped a major part of their losses.

The S&P BSE Sensex crashed 703 points intra-day before recouping most of the losses to end 104 points (0.17 per cent) lower at 61,702. On the other hand, the broader NSE Nifty50 touched a low of 18,202 intra-day. It ended at 18,385, down 35 points (0.19 per cent).

On the 30-share Sensex platform, Tata Motors, HUL, M&M, Airtel, Maruti, L&T, and others were the major losers. On the flip side, TCS, RIL, UltraCemco, IndusInd Bank, Axis Bank, ICICI Bank, Sun Pharma, Nestle, and Asian Paint emerged winners.

In the broader markets, the BSE MidCap index ended 0.27 per cent lower, while the BSE SmallCap index dipped 0.02 per cent.

Sectorwise, the Nifty Auto, Media, and Realty indices closed 0.7 per cent to 1 per cent down, while the Nifty IT and Metal indices eked out gains of about 0.2 per cent.

Jefferies has rejigged its exposure to Indian stocks with changes to its model portfolio, where the global research and broking house has exited Zomato and Bharti Airtel.

European markets were lower Tuesday as investors assessed the interest rate outlook for 2023. The Stoxx 600 was down 0.4 per cent in early morning trade, with most sectors and major bourses trading in negative territory. Meanwhile, markets in the Asia-Pacific fell as the Bank of Japan modified its yield curve control tolerance range while holding its ultra-low benchmark interest rates steady. The Nikkei 225 fell 2.46 per cent, leading losses in the region, and the Topix fell 1.54 per cent. In South Korea, the Kospi fell 0.8 per cent, and the S&P/ASX 200 in Australia also traded 1.54 per cent lower. 

In the previous session on Monday, the BSE Sensex ended near the day's high at 61,806, up 468 points (0.76 per cent). On the other hand, the Nifty50 closed at 18,420, up 151 points (0.8 per cent).

Meanwhile, the rupee depreciated 13 paise to settle at 82.75 (provisional) against the US dollar on Tuesday as investors turned cautious in view of a negative trend in domestic equities and rising crude prices in the global markets.

Besides, renewed forex outflows and a waning appetite for riskier assets also dragged down the local unit, forex dealers said. However, a sharp decline in the greenback against major rivals overseas restricted the rupee's loss, they added.

At the interbank forex market, the local unit opened weak at 82.69 against the greenback and witnessed an intra-day high of 82.69 and a low of 82.88. It finally ended at 82.75 against the American currency, a decline of 13 paise over its previous close of 82.62.