Stock Market: Sensex Sinks 300 Points, Nifty Holds 18,200. Adani Transmission Down 5 Per Cent; Autos Gain

Stock update: On the 30-share Sensex platform, L&T, PowerGrid, Tata Steel, NTPC, Infosys, ITC, RIL were trading in the red. Titan, M&M, SBI, Axis Bank, Maruti, Tata Motors, and HUL emerged winners

The two key equity benchmarks, Sensex and Nifty, on Friday started in losses ahead of the April consumer inflation and March IIP data. At 9.45 am, the BSE Sensex was down 290 points to 61,614. On the other hand, the NSE Nifty was trading at 18,204, down 92 points.

On the 30-share Sensex platform, L&T, PowerGrid, Tata Steel, NTPC, Infosys, ITC, Reliance were trading in the red. On the flip side, Titan, M&M, SBI, Axis Bank, Maruti, Tata Motors, and HUL emerged winners.   

Among specific stocks, Max Healthcare and Sona BLW surged 5 per cent and 3 per cent, respectively, on being included in the MSCI Standard India Index. Adani Transmission and Adani Total Gas hit their 5 per cent lower circuits as their exclusion from the MSCI index could lead to outflows of about Rs 3,200 crore. 

In the broader markets, the BSE Midcap index was flat, while the Smallcap pocket outperformed the benchmarks and rose 0.25 per cent.

Among sectors, auto stocks register gain during trade.

The BSE Sensex dipped marginally by 36 points to close at 61,905 after hitting the crucial 62,000 mark in opening deals. On the other hand, NSE Nifty, dropped 18 points to settle at 18,297.

In Asia, Seoul, Shanghai, and Hong Kong markets were trading lower, while Tokyo quoted in the green. The US market ended mostly in the negative territory on Thursday.

"Markets may falter in early trade on the back of weakness in other Asian indices after the US markets shed ground overnight. Profit-booking is likely to be the preferred theme, as the advantage of softer US CPI and PPI optimism is seen fading, with Chinese growth concerns also weighing on the sentiment," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Global oil benchmark Brent crude declined 0.45 per cent to $74.59 per barrel.

Foreign Institutional Investors (FIIs) were net buyers on Thursday as they bought equities worth Rs 837.21 crore, according to exchange data.

Meanwhile, the rupee declined 3 paise to 82.12 against the US dollar in early trade on Friday, weighed down by a negative trend in domestic equities. However, a weak greenback against major rivals overseas and persistent foreign capital inflows supported the domestic currency and restricted the loss, traders said.

At the interbank foreign exchange, the local unit opened weak at 82.11 against the dollar and slipped further to 82.12, registering a fall of 3 paise over its previous close. On Thursday, the rupee closed at 82.09 against the US currency.