Stock Market: Sensex Plunges 250 Points, Nifty Holds 15,750 Amid Negative Global Cues

Stock update: On the 30-share BSE platform, only four constituents were trading in the green. RIL was the top gainer

In the broader markets, Midcap and Smallcap shares were trading on a weak note as Nifty Midcap 100 tumbled 0.92 per cent and Smallcap plunged 1.14 per cent.

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The two key equity benchmarks, Sensex and Nifty, on Wednesday, opened sharply lower as their global peers slumped on growing fears of recession, rising inflation, and surging crude prices.

During early trade, the BSE Sensex decline over 500 points, later it recouped some of the losses.

At 10.30 am, the BSE Sensex was down 246 points to 52,931, while the broader NSE Nifty was trading at 15,775, down 75 points.

On the 30-share BSE platform, only four constituents were trading in the green. RIL was the top gainer. Barring SBI Life and Tata Consumer, all Nifty constituents suffered cuts. Hindalco and Apollo Hospitals were the additional drags on the index.

In the broader markets, Midcap and Smallcap shares were trading on a weak note as Nifty Midcap 100 tumbled 0.92 per cent and Smallcap plunged 1.14 per cent.

On NSE, all 15 sector gauge were trading in the red. Sectorwise, all pockets sat lower. Nifty bank, IT, metals, PSBs, financials were all down 1 per cent each. While, pharma and oil & gas indices held the least losses.

In their previous session on Tuesday, the BSE Sensex rose 16 points (0.03 per cent) to close at 53,177, while the broader NSE Nifty moved 18 points (0.11 per cent) up to settle at 15,850.

Asian stocks declined in early trade today, tracking a poor Wall Street session overnight as the U.S. consumer confidence data dampened investor optimism and fuelled worries over a recession.

Trends on the Nifty Futures on Singapore Exchange (SGX Nifty) indicated a gap-down start for the domestic indices.

The rupee depreciated 11 paise to a record low of 78.96 against the US dollar in opening trade on Wednesday, weighed down by persistent foreign capital outflows.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.08 per cent lower at 104.42.

On Tuesday, the rupee plunged by 48 paise to close at record low of 78.85 against the US dollar.

Global oil benchmark Brent crude futures fell 0.88 per cent to $116.94 per barrel.

Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 1,244.44 crore, as per stock exchange data.