Stock Market: Sensex Down 379 Points, Nifty Trades Below 16,900 On Weak Cues. Tata Steel Slips 4 Per Cent

Stock update: On the 30-share Sensex platform, Tata Steel, IndusInd Bank, M&M, L&T, ICICI Bank, Reliance were trading in the red

The broader markets, too, fell in tandem as Nifty Midcap 100 and Nifty Smallcap 100 indices lowered up to 0.3 per cent.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Thursday opened lower tracking mixed global cues.

At 10.05 am, the S&P BSE Sensex was down 379 points to 57,177. On the other hand, the NSE Nifty50 was trading at 16,856, down 116 points.

On the 30-share Sensex platform, Tata Steel, IndusInd Bank, M&M, L&T, ICICI Bank, Reliance were trading in the red. On the flip side, Titan, Nestle, HUL, Asian Paints, Sun Pharma, Power Grid emerged early winners.

#ABPStockMarketWatch | Market Indices open flat on 16 March

At 10:30 AM, #Sensex dipped by 68 points to 57,488 & #Nifty by 22 points to 16,951

Here's a look at the stocks in focus:#ABPLive #MarketWatch pic.twitter.com/G2RPENyblB

— ABP LIVE (@abplive) March 16, 2023

Among individual stocks, shares of Future Retail surged over 4 per cent after Kishore Biyani withdrew his resignation. Besides, shares of Patanjali Foods slipped over 4 per cent after stock exchanges froze promoter holding in the company.

The broader markets, too, fell in tandem as Nifty Midcap 100 and Nifty Smallcap 100 indices lowered up to 0.3 per cent.

Volatility index, India VIX, climbed over 1 per cent.

Sectorwise, Nifty Pharma, and Nifty FMCG indices traded in positive territory, whereas the rest remained subdued in trade.

In the previous session on Wednesday, the S&P BSE Sensex, which jumped to a high of 58,474 tracking positive overseas cues, erased gains and plunged to a low of 57,556, down 344 points. On the other hand, the NSE Nifty50 declined 71 points to 16,972.

Asian markets, including Hong Koing and Japan, fell on Thursday amid negative global cues.

On Wednesday, European stocks suffered substantial losses in the wake of concerns over the financial health of Swiss lender Credit Suisse. The European Central Bank's decision on interest rate later on Thursday will also be closely watched by investors amid inflation remaining high.

Deepak Jasani, head of retail research, HDFC securities, said major US stock indices finished mostly lower on Wednesday after the slump in shares of Credit Suisse stoked fears of broader banking sector issues following the fallout of US banks Silicon Valley Bank and Signature Bank in the past week.

Foreign Institutional Investors (FIIs) have remained net sellers in the Indian equity market for the past five consecutive trading sessions. On Wednesday, they offloaded shares worth Rs 1,271.25 crore, BSE data showed.

Global oil benchmark Brent crude futures rose 0.61 per cent to $74.14 per barrel.

Meanwhile, the rupee depreciated by 10 paise to 82.75 against the US dollar in early trade on Thursday amid negative trends in the domestic as well as global equity markets and continued outflow of foreign funds.

At the interbank foreign exchange, the domestic unit opened weaker at 82.77 against the US dollar and traded in the range of 82.80 and 82.71. Later, the domestic unit was trading at 82.75 against the greenback, registering a fall of 10 paise.

On Wednesday, the rupee settled at 82.65 against the US dollar.