Stock Market: Sensex Sheds 372 Points, Nifty Closes Below 18,200. IT, Realty, Metal Stocks Hit

Stock update: On the 30-share Sensex platform, Kotak Bank, Asian Paints, HCL, TCS, Infosys, Tata Steel closed in the red

The two key equity benchmarks, Sensex and Nifty, extended their losses for the second straight day on Wednesday as sentiment turned cautious ahead of the looming US debt default on June 1.

The BSE Sensex plunged 372 points to 61,560, dragged by banks and metal shares. On the other hand, the NSE Nifty 50 hit a low of 18,115, and finally closed at 18,181, down 105 points.

On the 30-share Sensex platform, Kotak Bank, Asian Paints, HCL, TCS, Infosys, Tata Steel closed in the red. On the flipside, IndusInd Bank, ITC, Airtel, Maruti, UltraCemco, M&M, and SBI were the only winners.

In the broader markets, the BSE Midcap index ended marginally lower while the Smallcap index ended higher.

On the sectoral front, realty, metals, and information technology indices shed 1 per cent each, while bank, oil & gas and power indices fell 0.5 per cent each.

In the previous session on Tuesday, the S&P BSE Sensex ended 413 points lower at 61,932. The Nifty 50 dropped 112 points to 18,287.

"In response to weak global sentiments, domestic investors remained cautious as the US market grappled with recession concerns led by recent economic data indicating slowdown. The US retail sales figures for April reflected a decrease in demand, and ongoing debt ceiling negotiations further dampened market sentiment, Vinod Nair, Head of Research at Geojit Financial Services, said.

In Asia, Seoul, and Tokyo markets ended in the green, while Shanghai and Hong Kong settled lower. European markets were trading on a mixed note. The US market ended lower on Tuesday.

Foreign Institutional Investors (FIIs) were buyers on Tuesday as they bought equities worth Rs 1,406.86 crore, according to exchange data.

Global oil benchmark Brent crude dipped 0.12 per cent to $74.82 per barrel.

Meanwhile, the rupee fell 13 paise to close at 82.38 (provisional) against the US currency on Wednesday, weighed down by the strength of the American currency in the overseas market and a negative trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened at 82.29 against the dollar, also the intra-day high, and settled for the day at 82.38 (provisional), down 13 paise from its previous close.

During the day, the rupee touched a low of 82.45 against the greenback. On Tuesday, the rupee settled at 82.25 against the dollar.