Stock Market: Sensex Sheds 502 Points, Nifty Ends Around 17,300. IT Stocks Worst Hit, Realty Gains

Stock update: On the 30-share Sensex platform, Maruti, Axis Bank, TCS, Nestle, Infosys, M&M were the prime laggards. On the flip side, PowerGrid, Sun Pharma, HCL, L&T, UltraCemco emerged winners

In the broader markets, the BSE Midcap and Smallcap indices slipped into red, and were down around 0.2 per cent each.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Thursday again settled in the red after Wednesday’s gains. The domestic indices on Thursday weighed by losses in index heavy weights such as Tata Consultancy Services, Bharti Airtel, Infosys, Axis Bank, Hindustan Unilever, among many others.

The BSE Sensex plunged 502 points to 58,909. On the other hand, the NSE Nifty closed trade at 17,322, down 129 points.

On the 30-share Sensex platform, Maruti, Axis Bank, TCS, Nestle, Infosys, M&M were the prime laggards. On the flip side, PowerGrid, Sun Pharma, HCL, L&T, UltraCemco emerged winners.

#ABPLiveStockMarketWatch | Indian equity benchmarks on Thursday again settled in the red

At 03:30 PM, #Sensex sheds 502 points to 59,909 & #Nifty down 129 points to close at 17,322

Here's a look at the stocks in focus:#ClosingBell #ABPLive #MarketWatch pic.twitter.com/MPTNQVmF8r

— ABP LIVE (@abplive) March 2, 2023

Among individual stocks, shares of RVNL soared 10 per cent after it emerged as the lowest bidder to manufacture 200 Vande Bharat trains. Besides, shares of Sonata Software rallied 5 per cent to hit a new high of Rs 809 on strong dollar revenue growth outlook.

In the broader markets, the BSE Midcap and Smallcap indices slipped into red, and were down around 0.2 per cent each.

Sectorwise, Nifty Realty index gained the most, nearly 1 per cent, whereas Nifty IT index was the worst hit as it dropped over 1 per cent.

In the previous session on Wednesday, the S&P BSE Sensex closed with a gain of 449 points at 59,411, while the NSE Nifty ended 147 points higher at 17,451.

In Asian markets, Japan, China and Hong Kong ended lower, while Seoul settled in the green.

Stock markets in Europe were trading lower during the afternoon trade. The US markets had ended mostly lower on Wednesday.

"Global markets turned back to selling mode with the US 10-year bond yield crossing 4 per cent as a fresh set of US data suggested that inflation will remain elevated for a longer period. Rising bond yields are driving foreign money out of emerging markets, and as a result, FIIs were net sellers in the domestic market for the sixth consecutive day," said Vinod Nair, Head of Research at Geojit Financial Services.

International oil benchmark Brent crude advanced 0.51 per cent to $84.74 per barrel.

Foreign Portfolio Investors (FPIs) again offloaded shares worth Rs 424.88 crore on Wednesday, according to exchange data.

Meanwhile, the rupee depreciated by 11 paise to close at 82.60 (provisional) against the US currency on Thursday as a stronger dollar in the overseas market and a muted trend in domestic equities weighed on investor sentiments. Sustained foreign fund outflows further weighed on the local unit, according to forex traders.

At the interbank foreign exchange market, the rupee opened at 82.57 against the greenback and closed at 82.60 (provisional), registering a fall of 11 paise over its previous close of 82.49. During the session, the domestic unit witnessed an intra-day high of 82.54 and a low of 82.61 against the American dollar.