Stock Market Crash: Bloodbath Continues. Sensex Tanks 700 Points; Nifty Below 19,000 Mark. Axis Bank Up 1%

Stock update: On the 30-share Sensex platform, all the indices were trading in the red, with TechM, Bajaj twins, M&M, Nestle, Asian Paints emerged main losers. Axis Bank was the sole gainer, up 1.10%

In the broader markets, the BSE Midcap and Smallcap indices dropped 1 per cent each.

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The two key equity benchmarks, Sensex and Nifty, on Thursday crashed for straight sixth session on weak global cues. At 10.40 am, the BSE Sensex plunged 704 points to 63,345. On the other hand, the NSE Nifty50 was trading at 18,905, down 217 points. The global equities have been trading in the negative zone due to concerns over US Treasury yields and the conflict in West Asia, where the war between Israel and Hamas entered its third week.

On the 30-share Sensex platform, all the indices were trading in the red, with TechM, Bajaj twins, M&M, Nestle, Asian Paints emerged prime losers. On the flip side, Axis Bank was the sole gainer, up 1.10 per cent. Among specific stock, shares of Jubilant FoodWorks declined 5 per cent. The fast-food chains operator saw a 39.5 per cent year-on-year (YoY) drop in its September quarter profit at Rs 72.1 crore.

Top losers on the Nifty are Tech Mahindra, Adani Enterprises, M&M, Bajaj Finserv and Bajaj Finance. The stocks of Axis Bank, HCL Tech and IndusInd Bank opened higher. 

In the broader markets, the BSE Midcap and Smallcap indices dropped 1 per cent each.

Sectorally, all the indices were trading in the red, with auto, capital goods, pharma, IT, metal, realty, and power down 1-2 per cent each.

"There is risk-off in global equity markets triggered by a combination of economics and geopolitics. The Israel-Hamas conflict continues to be a major headwind for markets. If the conflict lingers for long it has the potential to impact global growth,too, when the global economy is already in the midst of a slowdown. In the near-term, however, the strongest headwind for the market is the stubbornly high US bond yields. With the 10-year bond yield at near 5 per cent FPIs are likely to be in the sell mode," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were quoting lower. The US markets ended in the negative territory on Wednesday.

Global oil benchmark Brent crude declined 0.29 per cent to $89.87 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,236.60 crore on Wednesday, according to exchange data.

Rupee Slides 6 Paise To 83.23 Against US Dollar

Meanwhile, the rupee stayed on downward track for the third consecutive session and depreciated by 6 paise to 83.23 against the US dollar in early trade on Thursday, tracking a firm American currency and negative equity market sentiment. Forex traders said the Indian currency was also pressured due to massive selling of equities by foreign investors even as the crude oil prices hovered close to $90 a barrel amid geopolitical tensions in the Middle East.

At the interbank foreign exchange market, the local unit opened weak at 83.19 and then touched the lowest level of 83.23 against the greenback, registering a loss of 6 paise from its previous close. This is the third day of fall in the rupee. It dropped 4 paise on Monday, followed by a dip of 1 paisa on Wednesday. Forex markets were closed on Tuesday on account of Dussehra. On Wednesday, the rupee closed at 83.17 against the US dollar.