Stock Market: Sensex Slides Over 130 Points, Nifty Below 18,000 On Weak Global Cues. IT, Pharma Drag

Stock update: On the 30-share Sensex platform, Nestle, IndusInd Bank, Wipro, TCS, TechM, HCL, Infosys were trading in the red. UltraCemco, Tata Steel, L&T, Asian Paints, RIL, Titan emerged winners

The two key equity benchmarks, Sensex and Nifty, on Friday opened lower in early morning trade, tracking negative global sentiments on rate hike concerns.

At 9.40 am, the two domestic indices slightly trimmed their losses. The S&P BSE Sensex was down 137 points to 61,182. On the other hand, NSE Nifty50 was trading at 17,999, down 36 points.

On the 30-share Sensex platform, Nestle, IndusInd Bank, Wipro, TCS, TechM, HCL, Infosys were trading in the red. On the flip side, UltraCemco, Tata Steel, L&T, Asian Paints, Reliance, Titan emerged early winners.

Among individual stocks, shares of RailTel Corporation gained over 2 per cent after the company bagged Rs 27.07 crore worth of order from Bangalore Metro Rail. Besides, shares of RPP Infra Projects soared over 9 per cent after the company secured a new order worth Rs 59.92 crore.

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 indices slipped up to 0.4 per cent.

Volatility gauge, India VIX, meanwhile, rose 1 per cent.

Sectorwise, barring Nifty Metal index, which help marginal gains in a bearish market, all other sectors plunged in the sea of red. Nifty IT, Nifty Pharma, and Nifty PSU Bank indices declined the most, up to 0.7 per cent.

In the previous session on Thursday, the indices closed flat. The BSE Sensex was ended marginally higher by 44 points to 61,319. On the other hand, NSE Nifty50 closed at 18,035, up 20 points.

Meanwhile, the rupee depreciated 8 paise to 82.78 against the US dollar in early trade on Friday, weighed down by a strong American currency and a muted trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened weak at 82.77 against the dollar, then fell further to 82.78, registering a decline of 8 paise over its last close. In the previous session on Thursday, the rupee settled at 82.70 against the dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.40 per cent to 104.27.

Brent crude futures, the global oil benchmark, declined 0.79 per cent to $84.47 per barrel.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday as they purchased shares worth Rs 1,570.62 crore, according to exchange data.