Stock Market Erases Gains: Sensex Declines 168 Points, Nifty Trades Below 17,850

Stock update: On the 30-share Sensex platform, Asian Paint, Reliance, Axis Bank, ICICI Bank, Kotak Bank, Airtel, and others were trading in the negative zone

Sensex and Nifty, the two key equity benchmarks, erased their early morning gains and started trading in the red on Thursday.

At 10.05 am, the S&P BSE Sensex was down 168 points to 59,937, while the NSE Nifty50 was trading at 17,847, down 48 points.

On the 30-share Sensex platform, Asian Paint, Reliance, Axis Bank, ICICI Bank, Kotak Bank, Airtel, and others were trading in the negative zone. On the flip side, L&T, HCL, UltraCemco, NTPC, IndusInd Bank, Titan, and others emerged winners.

Among individual stocks, shares of RailTel Corporation gained 3 per cent amid reports that the government will invite Expression of Interest (EoI) for privatising Concor this month.

IIFL Wealth Management climbed 2.6 per cent as the Board is scheduled to consider stock split and issue of bonus shares in its board meeting on January 19, 2023. 

Eighteen companies, including Infosys, Cyient, and HCL Technologies will announce their December quarter results during the day.

In the broader markets, the BSE MidCap and Smallcap indices edged up to 0.2 per cent higher.

Sectorwise, the gains were largely across-the-board with only the Nifty Metal and Bank indices trading with mild cuts. The Nifty IT index, meanwhile, was the top gainer, up 0.7 per cent. 

The S&P BSE Sensex closed 10 points lower at 60,106 after recouping 300 points from the day's low. On the other hand, the NSE Nifty50 index ended 18 points down at 17,896 after recovering from the session's low of 17,824.

Meanwhile, the rupee gained 14 paise to 81.54 against the US dollar in early trade on Thursday supported by broad dollar weakness and a firm trend in domestic equities.

Forex traders said sustained foreign fund outflows weighed on investor sentiments and restricted the appreciation bias. At the interbank foreign exchange, the domestic unit opened at 81.54 against the dollar, registering a rise of 14 paise over its previous close.

In initial trade, the local unit also touched an early low of 81.66 against US dollar.

On Wednesday, the rupee settled at 81.68 against the US dollar.

Brent crude futures, the global oil benchmark, rose 0.06 per cent to $82.72 per barrel.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 3,208.15 crore, according to exchange data.