Stock Market: Sensex Slips 150 Points, Nifty Holds 17,700 Amid Weak Cues. Metals Under Pressure

Stock update: On the 30-share Sensex platform, Kotak Bank, Tata Steel, SBI, Reliance, Bajaj twins, NTPC were among the early losers

The two key equity benchmarks, Sensex and Nifty, began flat on the penultimate day of the expiry of the F&O contracts for April amid weak global cues. The Sensex slipped below the 60,000-mark in early trade.

At 9.50 am, the BSE Sensex was trading at 59,978, down 152 points. On the other hand, the Nifty was trading at 17,717, down 51 points.

On the 30-share Sensex platform, Kotak Bank, Tata Steel, SBI, Reliance, Bajaj twins, NTPC were among the early losers. On the upside, PowerGrid, L&T, TCS, IndusInd, Tata Motors, Nestle emerged winners.

Among specific shares, Bajaj Auto dipped 1.37 per cent as the two-wheeler major posted a 2 per cent drop in profit after tax (PAT) to Rs 1,433 crore in Q4FY23, despite 12 per cent year-on-year (YoY) growth in revenue to Rs 8,905 crore.

AU Small Finance Bank shares also fell 2.6 per cent. The lender reported 23 per cent YoY growth in its net profit to Rs 425 crore in Q4FY23, on the back of healthy growth in net interest income. Net interest income (NII), too, saw 30 per cent YoY rise to Rs 1,213 crore in the March quarter.

In the broader markets, BSE Midcap and Smallcap indices are trading flat.

In the previous session on Tuesday, the BSE Sensex closed at 60,130, up 75 points, while the NSE Nifty ended at 17,769, up 26 points.

In Asian markets, Seoul and Hong Kong were quoting in the green while Japan and Shanghai were trading lower.

The US markets had ended sharply lower on Tuesday.

"Markets could decline sharply in early Wednesday trade after the key US gauges faltered overnight as renewed banking woes came to the fore amid a 41 per cent plunge in the shares of First Republic.Volatility will continue to be the hallmark for next two trading days given the expiry of April futures & options contracts on Thursday," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said in his pre-market open note.

Global oil benchmark Brent crude climbed 0.42 per cent to $81.11 per barrel.

Foreign Portfolio Investors (FPIs) offloaded equities worth Rs 407.35 crore on Tuesday, according to exchange data.

Meanwhile, the rupee depreciated 6 paise to 82.01 against the US dollar in early trade on Wednesday, weighed down by foreign fund outflows and a negative trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened weak at 82.00 against the dollar, then fell to 82.01, registering a decline of 6 paise over its last close. On Tuesday, the rupee settled at 81.95 against the dollar.