Stock Market: Sensex Slips Over 500 Points, Nifty Ends Below 16,900. Metal, Bank Stocks Fall 2 Per Cent

Stock update: ITC, Axis Bank, Reliance Industries, Tata Steel, IndusInd Bank, State Bank of India, HDFC, and HDFC Bank were the major losers on the Sensex platform

In the broader markets, the BSE MidCap, and SmallCap indices lost 0.4 per cent each. ( Image Source :Getty )

Sensex and Nifty, the two key equity benchmarks, on Wednesday ended nearly 1 per cent lower due to a weak trend in global markets and continuous foreign fund outflows. The bearish trend, which started with the rate hike by US Federal Reserve, continued for the sixth straight day on the Indian stock exchanges.

The BSE Sensex sank 509 points (0.89 per cent) to settle at 56,598. During the day, it tanked 621 points (1.08 per cent) to 56,485. On the other hand, the broader NSE Nifty plunged 149 points (0.87 per cent) to end at 16,858.

#StockMarket | Indian equity benchmarks closed in red on Wednesday.

At 03:30 pm, #Sensex tanked 509 points to 56,598 & #Nifty dropped by 149 points to 16,858#ClosingBell pic.twitter.com/Aql7yhl7ID

— ABP LIVE (@abplive) September 28, 2022

On the 30-share Sensex platform, ITC, Axis Bank, Reliance Industries, Tata Steel, IndusInd Bank, State Bank of India, HDFC, and HDFC Bank were the major losers. On the flip side, Asian Paints, Sun Pharma, Dr Reddy's and Power Grid emerged winners.

In the broader markets, the BSE MidCap, and SmallCap indices lost 0.4 per cent each.

Among sectors, the Nifty Metal, and PSU Bank indices dipped 2 per cent each, while the Nifty Pharma index gained 0.6 per cent.

In the previous session on Tuesday, the 30-share BSE index had ended 38 points (0.07 per cent) lower at 57,107, while the NSE Nifty shed 8 points (0.05 per cent) to 17,007.

"Investors continue to be sceptical of the domestic market's higher premium amid the ongoing global deceleration while foreign investors are fleeing emerging economies in search of safer havens. Although the domestic economy is buoyed by solid fundamentals, the stock market’s appetite for risk has been hindered by the rising worries of a worldwide recession," Vinod Nair, head of research, Geojit Financial Services, said.

Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended sharply lower. Stock exchanges in Europe were trading lower in mid-session deals. The US markets ended on a mixed note on Tuesday.

The international oil benchmark Brent crude dipped 0.08 per cent to $86.20 per barrel.

Foreign institutional investors offloaded shares worth Rs 2,823.96 crore on Tuesday, according to data available with the BSE.

Meanwhile, the rupee plunged 37 paise to close at an all-time low of 81.90 (provisional) against the US dollar on Wednesday as the strengthening of the American currency overseas and risk-averse sentiment among investors weighed on the local unit.

At the interbank foreign exchange market, the local currency opened at 81.90, then fell further to close at an all-time low of 81.90 against the American currency, registering a decline of 37 paise over its previous close. On Tuesday, the rupee settled 14 paise higher at 81.53 against the dollar.