Stock Market: Sensex Sheds 208 Points, Nifty Settles Below 18,300. Metal, Financial Drag, Pharma Gains

Stock update: On the 30-share Sensex platform, Tata Motors, ICICI Bank, HDFC twins, Bajaj Finserv, Reliance, HUL settled in the negative zone

The two key equity benchmarks, Sensex and Nifty, on Wednesday closed in the red amid volatility at the penultimate day before the monthly F&O expiry. The two domestic indices ended with decent cuts as investors sold metal, financial, and Adani Group shares.

The S&P BSE Sensex declined 208 points to 61,774, on the other hand the Nifty50 shut shop at 18,285 , down 62 points.

On the 30-share Sensex platform, Tata Motors, ICICI Bank, HDFC twins, Bajaj Finserv, Reliance, HUL settled in the negative zone. On the upside, Sun Pharma, Titan, ITC, IndusInd Bank, TechM, PowerGrid emerged winners. Among specific stocks, Adani Enterprises fell over 6 per cent.

In the broader markets, the BSE MidCap and SmallCap indices gained up to 0.13 per cent.

Sectorally, the Nifty Metal index declined 1.58 per cent, followed by the Nifty Financial Services index (0.8 per cent) and the Nifty Bank index (0.66 per cent). On the upside, the Nifty Pharma index added 1 per cent.

In the previous session on Tuesday, the S&P BSE Sensex closed 18 points higher at 61,982. On the other hand, the Nifty50, settled at 18,348, up 34 points.

"The domestic market experienced a short-lived rally that was overshadowed by subdued global market sentiment. US Treasury yields rose due to concerns over stalled US debt ceiling talks and hawkish comments from US Fed officials, which reduced the chances of a rate pause," said Vinod Nair, Head of Research at Geojit Financial Services

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong ended lower. Equity markets in Europe were trading in the red. The US market ended in the negative territory on Tuesday.

Global oil benchmark Brent crude climbed 1.89 per cent to $78.29 a barrel.

Foreign Institutional Investors (FIIs) were buyers on Tuesday as they bought equities worth Rs 182.51 crore, according to exchange data.

Meanwhile, the rupee appreciated by 15 paise to 82.70 against the US dollar on Wednesday, supported by foreign capital inflows. A strong dollar against major rivals overseas and weak domestic equities weighed on the local unit and capped the appreciating bias, forex traders said.

At the interbank foreign exchange market, the local unit opened at 82.83 against the US dollar and settled at 82.70, higher by 15 paise over its previous close.

During the day, the domestic unit witnessed an intra-day high of 82.64 and a low of 82.84 in the day trade. On Tuesday, the rupee closed at 82.85 against the US currency.