Stock Market: Sensex Sheds 200 Points; Nifty Trades Below 19,400. Bank And Realty Drag

Stock update: On the 30-share Sensex platform, ICICI Bank, PowerGrid, Kotak Bank, HDFC Bank, Asian Paints, Reliance emerged early losers

In the broader markets, the BSE Midcap and Smallcap indices gained 0.18 per cent and 0.16 per cent, respectively.

The two key equity benchmarks, Sensex and Nifty, on Tuesday pared gains and were trading in the red. At 10.15 am, the S&P BSE Sensex was down 191 points to 64,766. On the other hand, the NSE Nifty50 was trading at 19,366, down 45 points.

On the 30-share Sensex platform, ICICI Bank, PowerGrid, Kotak Bank, HDFC Bank, Asian Paints, Reliance emerged early losers. On the flip side, Sun Pharma, HCL, SBI, TCS, Bajaj Finserv, Titan were among the gainers. Among specific stocks, Nykaa shares gained 3.5 per cent after the e-retailer clocked a 50 per cent YoY rise in net profit at Rs 7.8 crore for Q2FY24.

#ABPStockMarketWatch | Sensex and Nifty erased gains and were trading in the red, on Tuesday

At 9:50 AM, #Sensex dipped by 197 points to 64,762 & #Nifty by 49 points to 19,363

Here's a look at the stocks in focus:#ABPLive #MarketWatch pic.twitter.com/40psohX5SN

— ABP LIVE (@abplive) November 7, 2023

In the broader markets, the BSE Midcap and Smallcap indices gained 0.18 per cent and 0.16 per cent, respectively.

Sectorally, most indices were trading in the negative zone, with the Nifty Realty index and the Nifty Bank indices were down. The Nifty IT and Pharma indices, however, were trading in the green.

In the previous session on Monday, the S&P BSE Sensex gained 595 points to 64,959, while the NSE Nifty50 settled at 19,412, up 181 points.

Asian markets were also down, as Seoul, Tokyo, Shanghai, and Hong Kong were trading in the negative territory. However, the US markets ended with marginal gains on Monday.

Global oil benchmark Brent crude declined 0.49 per cent to $84.76 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 549.37 crore on Monday, according to exchange data.

Meanwhile, Indian rupee fell 5 paise to 83.26 against the US dollar in the morning session on Tuesday, tracking a strong American currency overseas and sustained foreign fund outflows. Forex traders said a negative trend in domestic equities also weighed on the local unit.

At the interbank foreign exchange, the rupee opened at 83.23 then touched 83.26 against the American currency, registering a decline of 5 paise over its previous close. On Monday, the rupee had settled at 83.21 against the US dollar.