Stock Market: Sensex Tanks 635 Points, Nifty Closes Below 18,200 Amid Weak Global Cues, Covid Scare

Stock update: On the 30-share Sensex platform, IndusInd Bank, UltraCemco, Maruti, Bajaj twins, ICICI Bank, Tata Motors, Axis Bank, and others ended up on the losing side

In the broader markets as the BSE MidCap and SmallCap indices dropped 1.4 per cent and 2.18 per cent, respectively.

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Sensex and Nifty, the two key equity benchmarks, on Wednesday plunged more than 1 per cent due to weak global sentiment amid fresh Covid-19 scare continued to haunt domestic equities. The domestic indices saw a broad-based sell-off on the bourses across sectors.

The S&P BSE Sensex tanked 635 points (1.03 per cent) to close at 61,067. On the other hand, the Nifty50 settled at 18,199, down 186 points (1.01 per cent).

The two the indices hit their respective intra-day low of 60,938 and 18,163.

While India VIX, the volatility gauge, jumped over 12 per cent.

On the 30-share Sensex platform, IndusInd Bank, UltraCemco, Maruti, Bajaj twins, ICICI Bank, Tata Motors, Axis Bank, and others ended up on the losing side. On the flip side, Sun Pharma, HCL Tech, TechM, TCS, Nestle, Wipro, and Infosys emerged winners.

Pharma and IT stocks were the only gainers on the bourses today led by Divis Labs, Apollo Hospitals, Cipla, Sun Pharma, HCL Tech, and Dr Reddy's Labs. Given this, the Pharma index advanced over 2 per cent today, followed by the IT index, up 0.7 per cent. On the downside, the PSU Bank and Metal indices fell over 2 per cent each.

In the broader markets as the BSE MidCap and SmallCap indices dropped 1.4 per cent and 2.18 per cent, respectively.

In the previous session on Tuesday, the S&P BSE Sensex losses 104 points (0.17 per cent) to end at 61,702. On the other hand, the broader NSE Nifty50 closed at 18,385, down 35 points (0.19 per cent).

Meanwhile, the rupee declined 10 paise to settle at 82.80 (provisional) against the US dollar on Wednesday as a massive sell-off in domestic equities and risk aversion in global markets dented investor sentiment. However, a weak greenback against major rivals overseas and fresh foreign fund inflows supported the domestic unit and capped the losses, forex traders said.

At the interbank forex market, the local unit opened weak at 82.76 against the greenback and witnessed an intra-day high of 82.66 and a low of 82.83. It finally ended at 82.80, a decline of 10 paise over its previous close of 82.70.

Brent crude futures, the global oil benchmark, advanced 0.90 per cent to $80.71 per barrel.

Foreign institutional investors (FIIs) turned net buyers in the capital markets on Tuesday as they purchased shares worth Rs 455.94 crore, according to exchange data.