Stock Market: Sensex Tanks 347 Points. Nifty Holds 17,000 Tracking Weak Global Cues

Stock update: Wipro was the top loser, slipping 5.20 per cent, followed by HDFC twins, TCS, Bajaj Finserv, UltraTech Cement, and Kotak Bank on the Sensex platform

Sensex and Nifty, the two key equity benchmarks, on Thursday opened trade lower amid weak global cues and subdued foreign flows. The domestic indices were trading in the red tracking weakness in IT, banking, and financial stocks. According to traders, sustained foreign capital outflows and a sell-off in global equities also weighed on investor sentiments.

The BSE Sensex tanked 347 points to 57,278, while the broader NSE Nifty slipped 91 points to 17,032.

On the 30-share Sensex platform, Wipro was the top loser, slipping 5.20 per cent, followed by HDFC twins, TCS, Bajaj Finserv, UltraTech Cement, and Kotak Bank.

Wipro has clocked a 9.3 per cent drop in its September quarter net profit, weighed down by rising staff expenses and lower non-US earnings.

On the flip side, HCL Tech gained 3.50 per cent after it reported a 7 per cent year-on-year rise in consolidated net profit to Rs 3,489 crore for the September quarter. The other gainers were, M&M, Tata Steel, Dr Reddy's, IndusInd Bank, and NTPC.

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 declined up to 0.5 per cent. Volatility gauge, India VIX climbed over 1 per cent.

All sectors traded on a volatile note. Nifty Metal index gained the most, over 1 per cent. Nifty Bank, Nifty IT indices, meanwhile, declined up to 0.5 per cent.

In twin blows to Indian economic revival, higher food prices drove retail inflation to a five-month high of 7.4 per cent, while factory output declined for the first time in 18 months.

The second consecutive month of rise in consumer price index (CPI)-based inflation will add to the pressure on the Reserve Bank of India (RBI) to again raise interest rates to tame high prices.

In the previous session on Wednesday, the BSE Sensex climbed 478 points (0.84 per cent) to settle at 57,625. Likewise, the broader NSE Nifty reclaimed the 17,100 level by jumping 140.05 points (0.82 per cent) to close at 17,123.

Foreign institutional investors (FIIs) remained net sellers in the Indian capital market on Wednesday as they sold shares worth Rs 542.36 crore, as per exchange data.

International oil benchmark Brent crude was trading 0.04 per cent lower at $92.41 per barrel.

In Asian markets, bourses in Tokyo, Shanghai, Hong Kong, and Seoul were trading with losses in mid-session deals. Equities on Wall Street ended significantly lower in the overnight session.