Stock Market Recoups Early Losses: Sensex Rises Marginally By 45 Points, Nifty Holds 18,000

Stock update: Airtel, Titan Axis Bank, ITC, Tata Steel, Maruti were the major winners on the 30-share Sensex platform

Sensex and Nifty, the two key equity benchmarks, began trade on a negative note extending their previous day fall amid weak trend in global equity markets. The US Federal Reserve's 75 basis points (bps) rate action propelled the domestic indices lower. However, the two benchmarks recouped some of early losses and entered into the green zone.

At 10.30 am, the BSE Sensex was trading at 60,951, up 45 points, while the broader NSE Nifty was higher by 8 points to 18,090.

On the 30-share Sensex platform, Airtel, Titan Axis Bank, ITC, Tata Steel, Maruti were the major winners. On the flip side, Tech Mahindra, Wipro, Tata Consultancy Services, Infosys, Nestle, and Power Grid were the losers.

Broader markets, however, outperformed benchmark indices as Nifty MidCap 100 and Nifty SmallCap 100 indices climbed up to 0.5 per cent.

All sectors shifted between gains and losses. Nifty PSU Bank, Nifty Media, and Nifty FMCG indices were at the fore-front as they surged up to 1 per cent. Nifty IT, Nifty Realty, and Nifty Pharma indices, however, slipped up to 1 per cent.

Elsewhere in Asia, markets in Seoul, Shanghai and Hong Kong were trading lower. Wall Street had ended significantly lower on Wednesday.

"Going by the global cues, domestic equities are likely to see a downward trend in early trade on Thursday, after the US Federal Reserve overnight hiked interest rate on expected lines by 75 basis points but signalled that its tightening campaign is not over yet. However, investors can heave a sigh of relief after the Fed hinted at a slower pace of rate increase going ahead," said Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd.

In the previous session on Wednesday, the BSE benchmark ended 215 points (0.35 per cent) lower at 60,906, while the NSE Nifty fell 62 points (0.34 per cent) to settle at 18,082.

International oil benchmark Brent crude was trading 0.36 per cent lower at $95.81 per barrel.

Foreign Institutional Investors (FIIs) were net buyers on Wednesday as they bought shares worth Rs 1,436.30 crore, as per exchange data.

Meanwhile, the rupee depreciated 8 paise to 82.88 against the US dollar in morning trade on Thursday after the US Federal Reserve raised interest rates and maintained a hawkish stance. At the interbank foreign exchange, the domestic unit opened at 82.87 against the dollar, then lost further ground to quote at 82.88, registering a loss of 8 paise over its previous close.

In initial trade, the local unit also touched 82.84 against the American currency. On Wednesday, the rupee settled at 82.80 against the American currency.