Stock Market: Sensex Slips 122 Points, Nifty Trades Below 17,300 Tracking Mixed Global Cues

Stock update: On the BSE, Kotak Mahindra Bank, Mahindra & Mahindra, Maruti Suzuki, ITC, and Nestle were among the main losers in early deals

Sensex and Nifty, the two key equity benchmarks which opened trade on a positive note, eventually slipped into the red on Wednesday amid mixed global cues.  

At 10.15 am, the BSE Sensex benchmark declined 122 points to 58,013, while the broader NSE Nifty sank 58 points to 17,287.

On the 30-share Sensex platform, Kotak Mahindra Bank, Mahindra & Mahindra, Maruti Suzuki, ITC, and Nestle were among the main losers in early deals. On flip side, Infosys, HCL Technologies, Tech Mahindra, Hindustan Unilever, Bajaj Finserv, Bharti Airtel, and Axis Bank were the major gainers.

In the broader markets, Nifty Midcap 100 was down 0.1 per cent, whereas Nifty Smallcap 100 surged 0.3 per cent.

On NSE, Nifty Metal and Nifty Pharma opened with marginal gains. However, Nifty Auto and Nifty Media indices were bogged down in trade.

During the previous session on Tuesday, the BSE benchmark had ended 20.86 points (0.04 per cent) higher at 58,136.36, while the Nifty ended at 17,345, up 5.40 points (0.03 per cent).

"Strong Asian market cues are expected to help key benchmarks advance further in early trade Wednesday, despite a fall in the US markets in overnight trades. Nifty is likely to trade on the front foot amidst renewed optimism in the backdrop of the return of foreign investors in Indian equities, with FIIs buying equities to the tune of Rs 825 crore on Tuesday," said Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd.

In Asian markets, Seoul, Shanghai, Tokyo, and Hong Kong were trading higher. The US markets had ended lower on Tuesday.

International oil benchmark Brent crude dipped 0.30 per cent to $100.24 per barrel.

Foreign institutional investors remained net buyers in the capital markets as they bought shares worth Rs 825.18 crore on Tuesday, as per exchange data.

Meanwhile, the rupee depreciated 27 paise to 78.80 against the US dollar in opening trade on Wednesday, tracking a muted trend in domestic equities. At the interbank foreign exchange, the rupee opened at 78.70 against the US dollar, then fell to 78.80 against the greenback, registering a decline of 27 paise over the last close.

On Tuesday, the rupee rallied 53 paise, its best single-day gain in over 11 months, to close at an over one-month high of 78.53 against the US dollar.