Stock Market: Sensex Slips 250 Points, Nifty Trades Below 18,600 On Weak Cues. SBI Top Drag

Stock update: On the 30-share Sensex platform, SBI, HDFC, Reliance, Bajaj Finserv, NTPC, Axis Bank were trading in losses

The two key equity benchmarks, Sensex and Nifty, on Wednesday started trade in the red tracking losses in Asian equities ahead of the key vote in the US Congress on raising the borrowing limit. At 9.40 am, the BSE Sensex declined 250 points to 62,718. On the other hand, the NSE Nifty50 was trading at 18,563, down 70 points. On the 30-share Sensex platform, SBI, HDFC, Reliance, Bajaj Finserv, NTPC, Axis Bank were trading in losses. On the flipside, Sun Pharma, HCL, TechM, Asian Paints, Nestle, Tata Motors emerged early winners.

Among specific stocks, Torrent Pharma zoomed 6 per cent on posting net profit of Rs 287 crore in Q4 versus a loss of Rs 118 crore a year ago. 

In the broader markets, the BSE MidCap was down 0.1 per cent, while the SmallCap indices was trading flat.

Sectorally, Nifty Metal, PSB, Oil & Gas and Financial indices slipped around 1 per cent each. IT and Pharma pockets bucked the trend and gained up to 0.5 per cent.

In the previous session on Tuesday, the S&P BSE Sensex settled 123 points higher at 62,969, while the NSE Nifty 50 ended with a gain of 35 points at 18,634.

"Markets may see a cautious opening with a slightly negative bias in Wednesday trade amid weak global cues," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd said in his pre-opening market comment. Investors will also keep an eye on the Q4 GDP numbers to be announced later on Wednesday, which will provide some sense on where the economy is headed in the near to medium term, he added.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading lower. The US markets ended on a mixed note on Tuesday.

Global oil benchmark Brent crude dipped 0.26 per cent to $73.37 a barrel.

Meanwhile, the rupee depreciated by 3 paise to 82.70 against the US dollar in early trade on Wednesday, tracking a strong American currency against major rivals overseas and subdued sentiments in domestic as well as global equities markets.

Forex traders said the crude oil trading below $75 per barrel and inflows of foreign funds failed to support the Indian currency.

At the interbank foreign exchange, the domestic unit opened weak at 82.71 against the dollar. The currency hit the lowest level of 82.73 and touched the peak of 82.68 before trading at 82.70, a fall of 3 paise over its previous close. On Tuesday, the rupee closed at 82.67 against the US currency.