Stock Market: Sensex Slips 77 Points, Nifty Tests 17,800 Amid Weak Cues. IT Drags

Stock update: On the 30-share Sensex platform, Infosys, TechM, HCL, TCS, IndusInd Bank, Wipro were trading in the red. PowerGrid, Nestle, HUL, Bajaj Finserv, ITC, Reliance were among the early winners

In the broader markets, the BSE MidCap and SmallCap indices rose up to 0.23 per cent.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Thursday early morning were trading lower with minor cuts tracking weakness across global peers. Investors worldwide remain apprehensive after the FOMC minutes showed that officials expect a mild recession in the US later this year. 

At 10.10 am, the BSE Sensex declined 77 points to 60,315. On the other hand, the NSE Nifty50 was trading at 17,790, down 21 points.

On the 30-share Sensex platform, Infosys, TechM, HCL, TCS, IndusInd Bank, Wipro were trading in the red. On the upside, PowerGrid, Nestle, HUL, Bajaj Finserv, ITC, Reliance were among the early winners.

#ABPStockMarketWatch | Sensex and Nifty on Thursday were trading lower after tracking weakness across global peers

At 10:00 AM, #Sensex fell by 160 points to 60,234 & #Nifty by 42 points to 17,770

Here's a look at the stocks in focus:#ABPLive #MarketWatch pic.twitter.com/2eDcfoJIfT

— ABP LIVE (@abplive) April 13, 2023

In the broader markets, the BSE MidCap and SmallCap indices rose up to 0.23 per cent.

Sectorwise, IT index dropped over 1 per cent as weak results of TCS dampened overall sentiment in the pack. Other indices held nominal gains.

In the previous session on Wednesday, the S&P BSE Sensex closed at 60,393, up 235 points (0.39 per cent). On the other hand, the Nifty50 index shut shop at 17,812, up 90 points (0.5 per cent).

In Asian markets, Seoul, Japan, and Shanghai were trading in the green, while Hong Kong quoted lower. The US markets had ended lower on Wednesday.

"Markets may drift lower in early Thursday trade after the key US indices ended lower overnight which resulted in Asian gauges trading mixed. While yesterday's key economic readings such as moderating inflation and improved IIP growth are positive developments, the markets could take a pause after witnessing continuous uptick over the past few sessions. Also, recession concerns grew after the US FOMC minutes showed that Fed expects banking turmoil to cause a recession, while reigniting inflation fears are a spike in oil prices to $83 a barrel," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said in his pre-market opening quote.

Global oil benchmark Brent crude dipped 0.23 per cent to $87.14 per barrel.

Foreign Portfolio Investors (FPIs) continued their buying activity as they further bought equities worth Rs 1,907.95 crore on Wednesday, according to exchange data.

Meanwhile, the rupee gained 18 paise to 81.93 against the US dollar in early trade on Thursday tracking the broad weakness of the American currency in the overseas market. Forex traders said foreign fund inflows also supported the local unit.

At the interbank foreign exchange, the domestic unit opened at 81.99 against the dollar, then climbed to 81.93, registering a rise of 18 paise over its previous close. On Wednesday, the rupee closed at 82.11 against the US currency.