Stock Market: Sensex Sheds 345 Points, Nifty Trades Below 18,000. PSU Bank, Pharma Drag

Stock update: On the 30-share Sensex platform, barring Tata Steel, Maruti, and HUL, the rest 27 scrips were trading in losses

In the broader markets, the BSE MidCap and SmallCap indices dropped 0.3 per cent and 0.14 per cent, respectively. ( Image Source :Getty )

The two key equity benchmarks, Sensex and Nifty, on Wednesday started trade lower as investors brace for the monthly F&O expiry later today.

At 10 am, the S&P BSE Sensex was down 345 points to 60,583, while the NSE Nifty50 was trading at 17,986, down 132 points.

On the 30-share Sensex platform, barring Tata Steel, Maruti, and HUL, the rest 27 scrips were trading in losses.

Among specific stocks, Maruti Suzuki gained 1 after the auto major on Tuesday reported a 129.7 per cent YoY surge in consolidated net profit for Q3FY23 to Rs 2,391 crore, primarily due to price hikes, better demand for its top-end models, and declining raw material costs.

TVS Motor Company shares climbed 3 after the company posted a 28 per cent YoY rise in net profit for Q3FY23 at Rs 303.60 crore from Rs 236.56 crore in Q3FY22.

On the other hand, shares of Coffee Day Enterprises shed 2 per cent after Sebi imposed a penalty of Rs 26 crore on the company for alleged violation of securities laws.

SBI Card shares declined 1 per cent as the company's Q3 results missed estimates. The company reported a 32 per cent YoY jump in net profit at Rs 509 crore for Q3FY23, aided by healthy interest income and drop in impairment losses and bad debts.

In the broader markets, the BSE MidCap and SmallCap indices dropped 0.3 per cent and 0.14 per cent, respectively.

Sectorwise, Nifty Auto and Metal indices were trading in the green, up 0.09 per cent and 0.14 per cent, respectively. On the flip side, Nifty PSU bank index fell 1.15 per cent, followd by the Nifty Bank and Pharma indices (down 0.75 per cent each).

The S&P BSE Sensex closed marginally higher by 37 points to 60.979. On the other hand, NSE Nifty50 settled at 18,118, up 0.25 points.

Meanwhile, the rupee rose by 20 paise to 81.50 against the US currency in morning trade on Wednesday following a weak dollar in the global markets. Early losses in domestic stock markets and a rebound in oil prices, however, restricted the rupee's gains.

At the interbank foreign exchange, the rupee opened higher at 81.62 and rose further to a high of 81.49 in morning trade. The rupee was trading at 81.50 to a dollar at 0950 hrs. The local currency had closed lower at 81.70 on Tuesday.

The US dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.04 per cent to 101.88.

The Brent crude was trading 0.43 per cent lower at $86.48 per barrel while the oil for the Indian basket traded down 2.69 per cent at $79.98 per barrel.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Tuesday as they sold shares worth Rs 760.51 crore, according to exchange data.