Stock Market Ends Lower For 3rd Straight Day: Sensex Sheds 129 Points, Nifty Ends Below 18,150. SBI Slips 2%

Stock update: On the 30-share Sensex platform, SBI, ITC, Titan, M&M, PowerGrid, L&T, Tata Motors ended in the red

In the broader markets, the BSE Midcap index shed 0.67 per cent and Smallcap index declined 0.26 per cent.

The key equity benchmarks, Sensex and Nifty, on Thursday pared their opening gains extending their losses for the third-straight trading session. The selling intensified during late deals after SBI and ITC announced Q4 results.

The BSE Sensex, which, rallied to a high of 61,956, eventually settled the day with a loss of 129 points at 61,432. The 30-share index has dropped 914 points in the past three straight days. On the other hand, the NSE Nifty 50 closed the day at 18,130, down 52 points.

On the 30-share Sensex platform, SBI, ITC, Titan, M&M, PowerGrid, L&T, Tata Motors ended in the red. On the flipside, Bajaj Finance, Kotak Bank, Airtel, ICICI Bank, Asian Paints, HCL emerged winners.

#ABPLiveStockMarketWatch | Indian equity benchmarks extended losses for the third straight session on Thursday

At 03:30 PM, #Sensex sheds 129 points to 61,432 & #Nifty down 52 points to close at 18,130

Here's a look at the stocks in focus:#ClosingBell #ABPLive #MarketWatch pic.twitter.com/a5nXIqiEXu

— ABP LIVE (@abplive) May 18, 2023

Among specific stocks, SBI was the major loser on the Sensex 30 as it slipped over 2 per cent even as the PSU Bank reported a strong 83.2 per cent YoY growth in Q4FY23 net profit at Rs 16,695 crore. ITC was down nearly 2 per cent after posting 21 per cent YoY growth in Q4 standalone net profit at Rs 5,086.90 crore.

In the broader markets, the BSE Midcap index shed 0.67 per cent and Smallcap index declined 0.26 per cent.

All sectoral indices ended in the red. Realty, oil and gas, PSU bank, power, pharma, FMCG and capital goods were up to 2 per cent each.

In the previous session on Wednesday, the BSE Sensex plunged 372 points to 61,560, dragged by banks and metal shares. On the other hand, the NSE Nifty 50 hit a low of 18,115, and finally closed at 18,181, down 105 points.

In Asia, Seoul, Tokyo, Shanghai, and Hong Kong markets ended in the green. European markets were also trading higher. The US market had ended with significant gains on Wednesday.

"Markets traded volatile on the weekly expiry day and ended marginally lower. Firm global cues triggered a gap up start, however profit-taking in the select index majors trimmed the gains as the day progressed. It is a healthy consolidation so far, however, volatility across sectors is keeping traders on their toes," said Ajit Mishra, VP - Technical Research, Religare Broking Ltd.

Foreign Institutional Investors (FIIs) continued their buying activity as they bought equities worth Rs 149.33 crore on Wednesday, according to exchange data.

Global oil benchmark Brent crude declined 0.61 per cent to $76.49 per barrel.

Meanwhile, the rupee fell 22 paise to close at 82.59 (provisional) against the US currency on Thursday, weighed down by a strong greenback in the overseas market and a negative trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 82.36 against the dollar, and finally settled at 82.59 (provisional), down 22 paise from its previous close.

During the day, the rupee touched a high of 82.35 and a low of 82.66 against the greenback. On Wednesday, the rupee had settled at 82.37 against the dollar.