Stock Market: Sensex Slides 150 Points, Nifty Holds 17,700 Amid Mixed Cues. Metals Gain
Stock update: On the 30-share Sensex platform, Reliance, M&M, ITC, ICICI Bank, TCS, TechM were trading in the red
Sensex and Nifty, the two key equity benchmarks, on Thursday began trading flat tracking mixed global cues and concerns of a larger rate hike by the US Fed next week.
At 9.35 am, the S&P BSE Sensex was down 152 points to 60,195. On the other hand, the NSE Nifty50 was trading at 17,718, down 36 points.
On the 30-share Sensex platform, Reliance, M&M, ITC, ICICI Bank, TCS, TechM were trading in the red. On the flip side, Tata Steel, Axis Bank, Airtel, Bajaj Finance, NTPC, PowerGrid emerged early winners. Hindalco and JSW Steel were the additional winners on the Nifty.
#ABPStockMarketWatch | Sensex and Nifty on Thursday began trading flat
— ABP LIVE (@abplive) March 9, 2023
At 10:15 AM, #Sensex drop by 276 points to 60,072 & #Nifty by 81 points to 17,673
Here's a look at the stocks in focus:#ABPLive #MarketWatch pic.twitter.com/LqiXdLAo5W
Among stocks, SeQuent Scientific zoomed 12 per cent on terminating its agreement to acquire Tineta Pharma.
Meanwhile, the broader markets opened with stable gains. The BSE MidCap and SmallCap indices edged up to 0.5 per cent higher.
Sectorwise, Nifty IT, Auto and FMCG indices were weak, while Metal index rose over 1 per cent leading gains.
The S&P BSE Sensex, which hit an early morning low of 59,845, ended at 60,348, up 124 points or 0.21 per cent. On the other hand, the Nifty50 recouped from a low of 17,602, to end at 17,754, up 43 points or 0.24 per cent.
Mixed trends were witnessed in the Asian markets, with Japan trading higher, while China declining.
On Wednesday, the US market also witnessed mixed trends as the US Federal Reserve Chair Jerome Powell said the central bank was yet to make a decision on the size of a potential interest rate hike later this month, despite strong labour market data and a rise in inflation.
In a pre-market note, Deepak Jasani, Head of Retail Research at HDFC securities, said Asian equities were muted on Thursday after a choppy US session saw major benchmarks post modest gains as investors weighed the outlook for interest rates, he noted.
Foreign Institutional Investors (FIIs) were net buyers in the capital market on Wednesday as they purchased shares worth Rs 3,671.56 crore, according to exchange data.
Brent crude futures, the global oil benchmark, advanced 0.02 per cent to $82.66 per barrel on Thursday.
Meanwhile, the rupee gained 13 paise to 81.82 against the US dollar in early trade on Thursday, boosted by foreign fund inflows.
At the interbank foreign exchange, the domestic unit opened at 81.93 against the dollar, then climbed to 81.82, registering a rise of 13 paise over its previous close. On Wednesday, the rupee closed at 81.95 against the US currency. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 105.63.
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