Stock Market: Sensex Down 277 Points, Nifty Trades Below 17,800 Amid Weak Cues. HCL Dips 2 Per Cent

Stock update: On the 30-share Sensex platform, HCL, L&T, Wipro, Reliance, Sun Pharma, TechM, and some others were trading in the red

The two key equity benchmarks, Sensex and Nifty, which started weak on Friday tracking muted sentiments extended their fall. At 9.55 am, the S&P BSE Sensex was down 277 points 59,680, while the NSE Nifty50 was trading at 17,785, down 72 points.

The benchmarks were bogged down by HCL Tech shares which fell 2 per cent. It reported a net profit of Rs 4,096 crore for Q3FY23, an increase of 18.8 per cent year-on-year. However, the company brought down its higher end of revenue guidance for the 2023 fiscal year. Infosys share also dipped 0.15 per cent post their December quarter performance.

On the 30-share Sensex platform, HCL, L&T, Wipro, Reliance, Sun Pharma, TechM, and some others were trading in the red. On the flipside, Tata Steel, M&M, UltraCemco, NTPC, IndusInd Bank, Airtel, and others emerged early winners.

Other buzzing stocks on the Nifty50 were Ultratech Cement, AdTata Steel, Hindalco, JSW Steel, Power Grid, IndusInd Bank, and UPL on the upside, and L&T, Eicher Motors, Tech M, Sun Pharma, Apollo Hospitals, and RIL on the downside.

In the broader markets, the Nifty MidCap fell 0.12 per cent, and the SmallCap edged 0.13 per cent higher.

In the previous session on Thursday, the S&P BSE Sensex closed at 59,958, down 147 points. On the other hand, Nifty50 closed at 17,858 levels, down 37 points.

Meanwhile, the rupee depreciated 13 paise to 81.43 against the US dollar in early trade on Friday weighed down by firm crude oil prices and a muted trend in domestic equities. Sustained foreign fund outflows further dented investor sentiments, forex traders said.

At the interbank foreign exchange, the domestic unit opened weak at 81.32 against the dollar, then fell to 81.43, registering a decline of 13 paise over its last close. In the previous session on Thursday, the rupee gained 38 paise to close at 81.30 against the US dollar.

Brent crude futures, the global oil benchmark, declined 0.36 per cent to $ 83.73 per barrel.

Foreign institutional investors (FIIs) turned net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,662.63 crore, according to exchange data.